Important but often missed!
PRO TIP!
Use one or more of the Voya Voluntary Benefits with the High Deductible Plan to ensure you have a safety net for unforeseen big expenses!
![hdhp-box](https://dukemfg.com/employee-information/wp-content/uploads/2024/01/hdhp-box.png)
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
- Non-Tobacco, Family using 2024 Rates
- 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-box4](https://dukemfg.com/employee-information/wp-content/uploads/2023/11/medical-box4.png)
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
- Take advantage of your “day-one” available balance
- Contributions are tax-free. “Click here” to view contribution limits.
- Your entire annual balance is available on day one
- After annual enrollment, you can only change elections with a “qualifying life event”
- An FSA lets you pay for more than you think. “Click here” to view the THOUSANDS of qualifying products and services.
- You can pay for eligible expenses directly, or get reimbursed later
- FSAs let you pay for your spouse and eligible dependents too
- FSAs are ‘use it or lose it’ accounts
- Duke offers a grace period for the first 2 ½ months of the following year.
![dependent-box2](https://dukemfg.com/employee-information/wp-content/uploads/2023/12/dependent-box2-1.png)
Dependent Care Flexible Spending Account – WageWorks/Health Equity
5 Rules (Click to view article)
- Contribution limits apply (Click to view limits)
- Account funds are available only as you make contributions – Click to view Eligible Expenses
- Unused funds return to the plan – “use-it-or-lose-it rules” but have a 2 ½ month grace period into the following year
- 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
- Documentation from a babysitter is usually required