Flexible Spending Accounts

Premium Credits

A Premium Credit is an amount provided for you to shop for your medical/dental/vision Plans. Regardless of Plan selection(s), there will be an excess/remainder that will fund either an HRA (Health Reimbursement Account, if enrolled in B1000 or CDHPs) or an HSA (Health Savings Account, if enrolled in HDHPs).

2021 Premium Credit Amounts: 

Individual: $792

Ind. + 1: $1,460

Family: $1,995

Important: 

Plan elections DO NOT impact local church billing. 

Individual: $782/m (church responsibility)

Dependent: $782/m (optional, pastor responsibility)

Family: $1,564/m total

Plan elections DO impact what remains of the Premium Credit to fund your HRA or HSA. See HERE for actual Plan costs to calculate your excess Premium Credit amount. 

How do you check your Health Account balance?

Log in to your HealthFlex/WebMD account, click "My Healthflex Benefits", then click "Health Accounts - Health Equity/WageWorks". This opens a new tab (no further sign-in required) to view balances & transaction history, and request a replacement or dependent debit card. 

Comparison

• Plan Comparison for 2021

HSAs (Health Savings Accounts)

• 5 Reasons to Use an HSA
• Important to know:
  • Must elect an HDHP (High Deductible Health Plan). H3000 has no plan sponsor HSA funding.
  • Deductible applies to medical, behavioral health, and pharmacy.
  • Full family deductible applies if any dependents are covered.
  • Both Employer and Employee contributions allowed. Maximum contribution amounts for 2020, from all sources: Individual $3,600 / Family $7,200(ages 55+ may contribute extra $1,000 annually).
  • Not eligible if you have other coverage that pays before the deductible (ex: Medicare, Medicaid, Tricare, spouse coverage, full-use HRA/FSA).

HRAs (Health Reimbursement Accounts)

• Included with CDHPs (Consumer Driven Health Plan) offerings.
• Funded by plan sponsor only. If you elect B1000, excess Premium Credit funds an HRA.

FSAs (Flexible Spending Accounts)

Two types: Medical FSA and Dependent Care FSA. Participant-funded.

Medical FSAs -used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. Important to remember: If you are in an HDHP with an HSA, it may be beneficial to fully fund the HSA first

Dependent Care FSAs - used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare.

• IRS Publication 502 - Eligible Expenses