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Health Savings Account & Flexible Spending Accounts
Health Savings Account
Health Savings Accounts (HSA) allow employees to set aside pre-tax money from their paychecks to pay for eligible out-of-pocket expenses for healthcare. By setting funds aside pre-tax into an HSA, you are better prepared if you do have medical expenses now, but are also able to roll these funds over for use in the future. HSA’s are portable, allowing you to take them with you if you retire or change a job. Ideally, a Health Savings Account is a savings vessel for your retirement.
Flexible Spending Accounts
Flexible Spending Accounts (FSA) allow employees to set aside pre-tax money from their paychecks to pay for eligible out-of-pocket expenses for healthcare and dependent care. Because the money put into these accounts is not considered taxable, employees save by paying less Federal, State and FICA taxes. Depending on personal circumstances, these plans can mean a significant tax savings.
City of Boulder
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This information, including any summaries or videos, is for our employees. These documents and videos contain only a partial description of the benefits, limitations, exclusions and other provisions of these plans mentioned. It is not a policy. It is a general overview only. It does not provide all the details of this coverage, including benefits, exclusions and policy limitations. In the event there are discrepancies between these documents and videos, the terms and conditions of the policy will govern.
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