Tax Advantage Accounts (HSA, FSA, DCFSA)
Tax advantage accounts are an opportunity for employees to set aside pre-tax dollars to help cover the cost of out-of-pocket medical, dental, and vision expenses and/or dependent care expenses. Xavier offers four tax advantage accounts: Health Savings Account (HSA), Healthcare Flexible Spending Account (FSA), Limited Purpose Flexible Spending Account and Dependent Care Flexible Spending Account (DCFSA).
Both the HSA and Healthcare FSA can be used for medical, dental, and vision out-of-pocket expenses for the employee and/or their spouse and tax-dependent children, even if they are not covered on the employee’s medical plan. An employee cannot contribute to both an HSA and Healthcare FSA. The Limited Purpose FSA can only be used towards dental and vision out-of-pocket expenses and this can be paired with an HSA and/or FSA. The DCFSA can only be used towards dependent care expenses. This can be paired with any of the other tax advantage accounts or elected on its own.
Each of these accounts are subject to contribution limits as set by the IRS. The 2024 limits are:
- HSA - $4,150 (single) / $8,300 (family)
- Age 55 and older can contribute an additional $1,000 "catch-up" contribution
- FSA - $3,200
- Limited Purpose FSA - $3,200
- DCFSA - $5,000
Health Savings Account (HSA)
Health Equity is the carrier for Xavier's HSA. Employees who elect an HSA receive a debit card to use for qualified expenses. Employees can also submit for reimbursement if they've paid for qualified expenses with a different method of payment. The HealthEquity Mobile App is available for download on iOS and Android. The app allows employees to:
- check balances
- manage debit card transactions
- send payments and reimbursements
- upload photo documentation
- initiate claims and view their status
Additional Health Equity Resources
Health Equity Contact Information
HSA Customer Support
Phone: 866-346-5800
healthequity.com
Healthcare Flexible Spending Account (FSA)
Chard Snyder is Xavier's carrier for the FSA, Limited Purpose FSA, and DCFSA. Employees who elect one of these accounts receive a debit card to use for qualified expenses. Employees can also submit for reimbursement if they've paid for qualified expenses with a different method of payment. The Chard Snyder Mobile App is available for download on iOS and Android. The app allows employees to:
- check balances
- submit claims for reimbursement
- upload receipts
- enter bank account info for seamless transfers
Additional Chard Snyder Resources
- Health Flexible Spending Account Information
- Limited Purpose Flexible Spending Account Information
- Dependent Care FSA Information
- FSA SPD
- FSA Amended SPD
- FSA Reference Guide
- Account Access - Online
- Account Access - Chard Snyder Mobile App
- How to File a Claim (Online or in the App)
- Claim Reimbursement Request Form
- FSA Eligible Expenses
- FSA Expenses Worksheet
- FSA - Orthodontia Expenses
Chard Snyder Contact Information
For claims and general correspondence:
P.O. Box 2924
Fargo, ND 58108-2924
Phone: 513-459-9997
Fax: 513-459-9947
Email: askpenny@chard-snyder.com