Take charge: Health accounts
When making health care choices, it’s nice to be able to have backup available to help with expected or unexpected health care expenses.
Asante offers three different types of health accounts that can help you with the cost of health care expenses.
Health savings account (HSA)
- Allows you to contribute pretax dollars from your paychecks into this account.
- Funds can be used to pay for eligible health care expenses such as deductibles, coinsurance, prescription medications, dental/vision, etc. Can also be used for expenses for eligible dependents.
- You can also pay using another method and then reimburse yourself from this account.
- As long as funds are used for eligible expenses, no tax is paid on the funds.
- Paycheck contribution amount can be changed throughout the year through myHR.
- Asante can contribute funds to this account based on participation in the Asante Wellness Program.
- Funds will roll over from year to year.
- The account is portable — funds will stay with you if you leave employment with Asante or change plan options.
- You must be enrolled in a high-deductible health plan option (HDHP), and can’t have any other coverage that is non-HDHP coverage.
- The IRS sets maximum annual contribution limits based on who is covered on the plan.
Health reimbursement account (HRA)
- You will be automatically enrolled in this plan if you choose a non-HDHP option through Asante.
- Funds can be used to reimburse yourself for eligible health care expenses, such as deductibles, coinsurance, prescription medications, dental/vision, etc. Can be used for expenses for eligible dependents that are covered on your medical insurance.
- Asante can contribute funds to this account based on participation in the Asante Wellness Program; however, you cannot contribute to this account.
- Funds will roll over from year to year as long as you stay employed with Asante.
- Funds do not go with you if you leave employment.
Flexible spending account (FSA)
- Asante offers three different types of FSAs:
- Health care FSA — for health care expenses (medical, prescription, dental, vision, etc). Can enroll if you choose a non-HDHP option through Asante, or even if you waive medical coverage through Asante altogether.
- Limited-purpose FSA — for dental/vision expenses only. Can enroll if you choose an HDHP option through Asante.
- Dependent care FSA — for child care expenses for children up to age 13. Can enroll regardless of which medical plan option is chosen or if you waive medical coverage through Asante altogether.
- All three FSAs allow you to contribute pre-tax dollars into an account to pay for or reimburse yourself for eligible expenses, based on the FSA.
- Any unused dollars do not roll over in the following year — you must use all the funds or forfeit what has not been used.
- FSAs must be elected every year during open enrollment.
- The IRS sets maximum annual contribution limits based on the FSA.
All of these options can help to alleviate the stress of health care expenses.
You can find more information on the Asante Health Plan options on myHR or Asante.org. If you have any questions, email the Asante Benefits department or call (541) 789-4551. You can also submit a case in the Ask HR section of myHR.
If you need answers for a personal work matter, please contact the author or department directly.