SPENDING ACCOUNTS
Roux provides the opportunity to participate in several spending accounts. Since the funds are pre-tax, every dollar you contribute earns you more in tax savings!
The Health Savings Account (HSA) is paired with the HDHP Medical Plan option and is administered by CIGNA. The Healthcare Flexible Spending Account (FSA) and the Dependent Care Spending Account (DCA) are administered by CIGNA. The Commuter Spending Account is administered by FlexFacts.
YOUR SPENDING ACCOUNT OPTIONS
Health Savings Account (HSA)
A Health Savings Account is a tax-advantaged savings account that permits you to contribute funds on a pre-tax or tax-deductible basis. These funds may be used to pay for current and future eligible healthcare expenses. This includes eligible healthcare and prescription drug expenses that apply to your deductible, coinsurance amounts after you have met your deductible, or any eligible dental or vision expenses. Available HSA funds are based upon the HSA account balance. The combination of employer and employee funds may not exceed the IRS maximum limits. Please note, the HSA will be prorated based on hire date for new hires.
PLEASE NOTE: If you enroll in the HSA AND the FSA, your FSA will be limited purpose, meaning you can ONLY use FSA funds for Dental and Vision expenses.
HEALTHCARE FLEXIBLE SPENDING ACCOUNT (FSA)
This account may be used to pay for eligible healthcare expenses incurred by you or your family members that are not reimbursed by any other source. Eligible health care expenses include but are not limited to, plan deductibles, copays, coinsurance, vision, hearing, and orthodontia care expenses. The full FSA election amount (up to $3,200) is available as of the FSA effective date. You are also able to purchase eligible items online; please visit the FSA Store: https://fsastore.com.
PLEASE NOTE, ROUX's FSA account has a “use it, or lose it” rule where unused funds over the $640 max carryover limit will be forfeited when the next plan year begins on January 1, 2025.
PLEASE NOTE: If you enroll in the HSA AND the FSA, your FSA will be limited purpose, meaning you can ONLY use FSA funds for Dental and Vision expenses.
For the most recent update of eligible expenses, please click below.
DEPENDENT CARE ACCOUNT (DCA)
If you have a child (under the age of 13) or disabled loved one, you might rely on services like day care or home aide to be able to go to work. Lessen the financial burden by enrolling in this account. Eligible expenses include day care, babysitting, before and after school programs. You are able to elect up $5,000. Please note this is a use-it-or-lose-it election, which means you will forfeit any unused funds remaining in your account when the next plan year begins on January 1, 2025.
COMMUTER REIMBURSEMENT ACCOUNT
You have the option to enroll in the parking and/or transit commuter benefit. Dedicate up to $315 per month of your pre-tax salary per program for the purchase of transit or parking tickets, passes, and tokens. Please visit FlexFacts.com for additional information.
ADDITIONAL INFORMATION: HEALTH SAVINGS ACCOUNT (HSA)
- You are able to participate in the HSA only if you enroll in the HDHP HSA Medical Plan.
- An HSA is a personal bank account that is yours to keep.
- It’s portable. Even if you change jobs, you get to keep your HSA.
- You can use your HSA to pay for qualified healthcare expenses.
- It allows for an improved retirement account. Funds roll over at the end of each year and accumulate tax-free, as does the interest on the account.
- Once you reach the age of 55, you are allowed to make additional “catch-up” contributions of up to $1,000 to your HSA until age 65.
Please be aware that making contributions while ineligible can result in tax penalties. If you are approaching (or older than) age 65, you should make time to discuss your HSA contribution strategy with a tax advisor.
2024 ANNUAL CONTRIBUTION LIMITS $4,150 for Individual / $8,300 for Family Catch-Up Contributions: $1,000/year (HSA owners 55 and older)
PLEASE NOTE: ROUX provides $500 (single) /$1,000 (family) per year. The combination of employer and employee funds cannot exceed the IRS maximum limits. Employer contribution is prorated for new hires based on start date. Refer to HSA eligibility note on the Introduction page for further details.
HOW IT WORKS
Present your CIGNA Card
Complete your visit with provider.
Provider will submit claim for processing visit
CIGNA will adjust the claim and prepare the EOB (Explanation of Benefits)
You will receive an EOB and and invoice from your provider
Pay the patient responsibility from your HSA account
How does a Spending Account save you money?
Here’s an example of how a participant can increase their take-home pay by participating in a FSA:
Annual Income
Unreimbursed Expenses
Annual FSA Contribution
Taxable Salary
Tax Deduction (est. 35%)
Net Take-Home Pay
ANNUAL SAVINGS
WITHOUT FSA
$40,000
$2,000
$-
$40,000
$14,000
$24,000
$0
WITH FSA
$40,000
$-
$2,000
$38,000
($13,300)
$24,700
$700