Flexible Spending Accounts

Premium Credits

When the North Alabama Conference became a Plan Sponsor of Healthflex Exchange in January 2016, participants with INDIVIDUAL ONLY coverage received a monthly Premium Credit into an HRA or HSA (Health Reimbursement Account or Health Savings Account) to use to pay for eligible medical expenses such as co-pays and prescriptions.

And beginning in January 2017, the excess Premium Credit was extended to include ALL TIERS. That means that beginning in 2017 and through 2020, whether you have Individual only OR Family coverage you receive a monthly amount deposited into an HRA or HSA! (depending on medical plan election)

How do you check your balance?
Log in to your HealthFlex/WebMD account, click "My Healthflex Benefits", then click "Health Accounts - WageWorks". This opens your WageWorks account where you can view balances and claims, and request a replacement or dependent debit card.

Reminder:
Plan elections do not impact local church billing; however, plan elections do affect what remains of the Premium Credit to fund your HRA or HSA. Click here for more information.

 

Comparison

 

HSAs (Health Savings Accounts)


 

  • HSA Saves (Triple Tax Advantage!)
  • Understanding HSAs
  • 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 $3,550 / Family $7,100 (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.

 

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