Benefits Buzz – February 2021

Provo City School District offers both a Health Savings Account (HSA) and a Flexible Spending Account (FSA) as a way for you to set aside funds on a pre-tax basis to help pay for your family’s healthcare expenses, plus lowers your taxable income and will help with taxes. Below is some helpful information regarding each account as well as some timeframes to keep in mind so you can get the most out of your spending accounts.

Flexible Spending (FSA)

• Compatible with Traditional medical plan, use for medical dental, and vision expenses
• Deduction comes out of your check before taxes
• An election made at open enrollment, can not change unless you experience a life event
• Money is available on the 1st day of the effective date
• Use or lose, if money isn’t spent with 90 days after the plan year, you lose the balance

Health Savings Account (HSA)

• Compatible with the Health Save Medical – High Deductible, used for medical, dental, and vision expenses
• Deduction comes out of your check before taxes
• Employer match
• The account is portable, no time limit to use the money in the account
• May change deductions monthly on the benefits portal

Medical Spending Flyer