Why High Deductible Health Plan (HDHP) & Health Savings plans (HSA)?

• Lower premiums out of your check
  • Non-Tobacco, Family using 2024 Rates
    • ChoicePlus PPO vs Choice Plus HDHP = $3197.22 Savings
• Health Savings Plan (HSA):
  • Save money on taxes by contributing to an HSA
  • Example: $2500 at a 30% tax rate = $750 savings
  • Follows you if you ever leave Duke or Retire
  • Accumulates from year to year (NO use-it-or-lose-it)
  • Duke contributes yearly to your account.
    • REMINDER: You must create an account with OPTUM bank before we can put money in your account!
  • Your biweekly contributions can be changed AT ANY TIME!
  • Can be invested!
  • Helps prepare for medical expenses in retirement!
• Invest your HSA dollars
• Update your HSA Questionnaire each year
• You may not be ready to retire, but chances are you’re already planning for it. Use HSA to prepare for medical expenses in retirement.

Medical Flexible Spending Account (FSA): Wageworks/Heath Equity

Considering an FSA? FSAs are tax-advantaged accounts that let you use pre-tax dollars to pay for eligible medical expenses. You can use an FSA to save on average 30 percent on healthcare costs

Here are 8 things you need to know

1. Take advantage of your “day-one” available balance
2. Contributions are tax-free. “Click here” to view contribution limits.
3. Your entire annual balance is available on day one
4. After annual enrollment, you can only change elections with a “qualifying life event”
5. An FSA lets you pay for more than you think. “Click here” to view the THOUSANDS of qualifying products and services.
6. You can pay for eligible expenses directly, or get reimbursed later
7. FSAs let you pay for your spouse and eligible dependents too
8. FSAs are ‘use it or lose it’ accounts
9. Duke offers a grace period for the first 2 ½ months of the following year.

Dependent Care Flexible Spending Account – WageWorks/Health Equity

5 Rules (Click to view article)

1. Contribution limits apply (Click to view limits)
2. Account funds are available only as you make contributions – Click to view Eligible Expenses
3. Unused funds return to the plan – “use-it-or-lose-it rules” but have a 2 ½ month grace period into the following year
4. Election amounts can only be made during annual enrollment, unless you have a qualifying life event
   • Change to employment status for you or your spouse
   • The birth or adoption of a child
   • Marriage or divorce
   • Daycare closure
5. Documentation from a babysitter is usually required