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Health
Savings Plans
Health Savings Accounts (HSA)
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is designed to work with a high
deductible health plan and allows you to make pre-tax contributions to a
savings account. These funds can be used to pay for many qualified
medical expenses.
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HSA’s offer you a triple tax benefit:
Pre-Tax Contribution
Tax free payments for qualified medical expenses
Tax free interest on investment earnings |
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Use your HSA savings account to pay for your deductible
co-payments and any other qualified medical expenses.
To view eligible expenses and other resources go to:
Wex Inc. |
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If you don’t use all your money
in your HSA savings account in a calendar year, the
remaining money automatically “rolls over” for use in
future years.
This money is always yours. |
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Think of an HSA like an Individual Retirement Account
(IRA) for medical expenses. |
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Once you have $1,000 in your HSA savings account, you
can decide how to invest and grow your money. Discovery
will provide you with many investment choices. |
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When you reach age 65, you can withdraw your money
without penalty and use your money for whatever you
want. |
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You can
manage your HSA account as simple as possible, by
downloading the Wex Inc. mobile app, available
on Apple or Android devices.
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With the Wex Inc. debit card, using your HSA
dollars has never been easier. You’ll receive your one
card when you enroll, and you can request additional
cards for your spouse and dependents 18 years or older. |
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If you are covering your domestic partner on your high
deductible health plan, remember only you can contribute
and use the HSA money for your own qualified medical
expenses. The IRS does not recognize a domestic partner
as a dependent. So they cannot take advantage of the
tax savings on your account. Your domestic partner can
set up his/her own HSA with Wex Inc and use post tax
dollars that can be claimed as a savings in tax
returns. |
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In 2023, if you participate in the high deductible plan
and open a HSA, Franklin Pierce University will
contribute to your savings. See chart below: |
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Limited Purpose Flexible
Spending Accounts
(LPFSA)
What is a Limited Purpose Flexible Spending
Account (LPFSA)?
Used in conjunction with both a High Deductible Health Plan and
an HSA, a LPFSA allows you to contribute additional pre-tax
dollars to use for dental and vision care expenses. This helps
you to maximize your pre-tax HSA contribution.
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If you participate in the high deductible health plan
and have a HSA, you are can open only a LPFSA, not a
Health Care FSA. |
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In 2023 you can contribute up to $3,050 in your Limited
Purpose Health Care FSA. |
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You can submit dental and vision documentation within
minutes by using the Wex Inc. Benefits mobile app,
available on Apple and Android devices. The app is the
quickest and easiest method for filing claims and
submitting dental and vision documentation because it
lets you use your phone’s camera to take pictures of
your dental and vision documents and upload them on the
spot.
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You can also submit dental and vision documentation
through your Wex Inc. website, by fax or regular mail.
To submit documentation through the Wex Inc website,
log in through the link below and follow the prompts.
You will see in the “Receipt(s) Needed menu under the
Home tab.
(866)451-3399
https://www.wexinc.com/discovery-benefits/
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