Health Savings and Spending Accounts
Give your employees a powerful way to prepare for upcoming expenses — and get tax benefits at the same time — with Health Savings and Spending Accounts.
Health Savings Accounts help employees prepare for the future by enabling them to set aside pre-tax dollars to pay for medical expenses today and into retirement. The balance rolls over year after year, and can be invested once it reaches a certain threshold.
Flexible Spending Accounts help employees manage current healthcare costs by enabling them to set aside pre-tax dollars to pay for health or dependent care throughout the year. The balance does not roll over; it must be spent before the end of the year.
Commuter Benefit Accounts help employees manage their transit and parking expenses by setting aside pre-tax dollars each month. The unused balance can be carried over month to month.
Health Savings and Spending Accounts, including Health Savings Accounts, Flexible Spending Accounts, Commuter Benefits, Health Reimbursement Arrangements, and COBRA Administration offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Administration services provided by WEX Health, Inc., and Benefit Strategies, LLC.
This highlights some of the benefits of these accounts. If there is a discrepancy between this material and the plan documents, the plan documents will govern. WEX Health, Inc. reserves the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.