A Health Savings Account (HSA) is a tax-free account that you can use to pay for current and future medical expenses.
If you're enrolled in a HSA Preferred PLan, you're eligible to contribute on a pre-tax basis to an HSA. Gossner Foods will match your contribution with double the amount you put in, up to $1,000 annually. You can use these funds to cover qualified medical, dental and vision expenses.
Money you don't spend rolls over from year to year. So, if you change jobs, switch to another medical plan, or even retire, your HSA and the money in it is still yours to keep. You can choose to save it for eligible healthcare expenses tax free in retirement. You can even invest this money so that it can grow over time like a 401k!
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HSA and FSA
Gossner Foods provides both an Health Savings Account (HSA) and a Flexible Spending Account (FSA) to help employees budget and save for qualified medical expenses incurred over the course of the plan year.
A Flexible Spending Account (FSA) is a plan that allows you to budget and save up to $3,050 in pre-tax dollars through payroll deductions to pay for qualified expenses (as defined by the IRS) incurred for the plan year.
Dollars invested in an FSA are tax-free and the entire amount is available on the first day of the plan year (January 1, 2023). However, any money not used by end of the plan year is forfeited. These funds do not roll over or accrue.
An FSA covers eligible out-of-pocket healthcare expenses such as medical copays, coinsurance, prescription drugs, dental, and vision costs. It's available to you and any eligible dependents including spouses, children, and any other person who is a qualified IRS dependent.