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Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)

Flexible Spending Accounts

Your Healthcare and Dependent Care flexible spending accounts are both administered by MarketLink. Please note that MarketLink is required by the IRS to substantiate 100% of transactions. Many are auto-substantiated, however many transactions will still require receipts. Please be prepared to submit a copy of your receipt when using your Flex card.

A Healthcare Flexible Spending Account is an account that allows you to set aside pre-tax money to pay for eligible medical, dental and vision expenses for you and any dependents that you can claim on your federal tax return. The 2021 annual limit is currently $2,750. Will update to the annual limit once announced by the IRS. The amount you elect during the annual enrollment process will be available to you on Jan. 1, 2021, on your blue MasterCard (you can use last year’s card). You can carry over balances of $550 or less into the next year. This account can be used by those in the Choice Plan, the Focus Plan and the Save Plan (if you are age 65 or older and enrolled in Medicare Part A, which makes you ineligible for the Health Savings Account).

Using a Limited Flexible Spending Account with the Save Plan

Remember you can also use this account on a limited basis (only for dental and vision expenses) when enrolled in the Save Plan/Health Savings Account. Once you meet your deductible in the Save Plan, you should notify MarketLink by submitting a form along with a copy of your Explanation of Benefits (EOB) that shows you have met your deductible and they can remove the “limited” designation from this account and it becomes “general purpose”. You can then use flex money to cover your medical, dental and vision expenses – preserving the balance in your Health Savings Account for future use.

Dependent Care Flexible Spending Account

A Dependent Care Flexible Spending Account is an account that allows you to set aside pre-tax money to pay for your child’s day care (if it is not a Cone Health child care center). Child is described as less than 13 years of age and claimed as a dependent on your federal tax return. Employees who earn less than $130,000 per year can contribute up to $5,000 per year. If you earn more than $130,000 a year, you will have a $3,000 annual limit in order for Cone Health to pass the Non-Discrimination testing required by the IRS each year.

Your dependent care flexible spending account is on the same blue MasterCard as the healthcare flexible spending account however, this account is not pre- funded. You must contribute thru payroll and the contributions must be posted to your card before you can use the card to pay for your day care expenses. There is no carry-over from year-to-year for dependent care flex accounts. However, there is a grace period.

You have until 3/15/2022 to spend your 2021 balance and 3/31/2022 to file claims. All 2021 money left in your account after 3/31/2022 will be forfeited.

Health Savings Accounts

Health Savings Accounts (HSA) are also administered by MarketLink and on the same blue MasterCard as flex accounts. HSA is an account that allows you to set aside pre-tax money for eligible medical, dental and vision expenses. This account is only available to those enrolled in the Save Plan. Your HSA is “portable,” which means you keep it if you retire or leave Cone Health.

Some facts about HSA:

  • You can only make pre-tax contributions through payroll deductions.
  • This plan is not pre-funded (like flex plans). Your payroll contributions must be posted on your blue MasterCard before the funds are available for you to use for expenses.
  • Cone Health will provide seed money to eligible employees the first pay period in January:
    • $12.00 - $17.50 per hour = $750
    • $17.51 - $31.00 per hour = $500
    • $31.01 - $62.49 per hour = $250

Employees who earn $130,000 or more per year are considered highly compensated and not eligible for seed money in 2021.

Your contributions and Cone Health’s contribution combined cannot exceed the annual maximum set by the IRS. In 2021, the maximum amounts are $3,600 for single coverage and $7,200 for family coverage. You can contribute an additional $1,000 if you are age 55 or older. Remember to consider your seed money when setting your 2021 annual contribution. You are responsible for making sure you maintain your eligibility for a Health Savings Account and that you spend your HSA on eligible expenses (visit IRS.gov and refer to Publication 502). MarketLink will not audit how you spend your HSA.

  • Save your receipts!! You will need them if you are audited by the IRS.
  • You can change your HSA amount at any time throughout the year by calling the Benefits Service Center at (336) 832-8777.

In accordance with the Patriot Act of 2008, MarketLink is required to complete identity verification checks for all HSA Participants. In the event that your account will require identifying documents, you will be contacted by mail. You will have 60 days to complete the verification process or your HSA account will be closed and you will lose the seed money contributed by Cone Health.