Tax Advantaged Accounts
You have options to set aside pre-tax money for health care and dependent care costs. You don’t have to pay taxes on these funds, which lowers your taxable income.
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| Comparing Your Employer Based Tax-advantaged Account Options | |||
|---|---|---|---|
| Features | Health Care FSA | Limited Purpose FSA | HSA |
| Use the funds to pay for | Eligible medical, dental and vision expenses | Expenses for dental and vision care, and post-deductible medical costs | Eligible medical, dental and vision expenses |
| At the end of the plan year and claims submission period | Leftover funds are forfeited | Leftover funds are forfeited | Funds are yours to keep regardless of employment status |
| Compatible medical plans | Anthem HMO Anthem PPO Kaiser HMO |
Anthem HDHP PPO Kaiser HDHP HMO |
Anthem HDHP PPO Kaiser HDHP HMO |
| Do I have to be enrolled in a Santen medical plan? | No | No | Yes, must be enrolled in our company HDHP plan |
| Annual IRS contribution maximum (IRS limit includes Santen’s contributions) | $3,050 | $3,050 | $3,850 for employee only, $7,750 for employee + family For 55 or older, you can make a catch-up contribution of up to $1,000 |
| Employer annual contribution | N/A | $1,050 for employee only, $2,100 for employee + family | |
| Changes to elections | During Open Enrollment or following a qualifying life event | At any time for any reason | |