Flexible Spending Account (FSA)Options
A Flexible Spending Account (FSA) lets you set aside pre-tax dollars for eligible healthcare, dependent care, and commute/parking expenses, reducing your taxable income and increasing your take-home pay. By using an FSA, you can save money throughout the year, freeing up funds to invest, pay down debt, or build your savings.
Crunching the Numbers
Your contributions are pre-tax, so if you contribute $1,000 and are in the 22% tax bracket, you would save $220 that would have otherwise been deducted for taxes. You can then use that $1,000 on eligible out-of-pocket expenses throughout the year.
Chipotle provides you with the following FSA options:
Healthcare Flexible Spending Account
Pay for eligible health-related expenses such as copays, medications, and glasses.(Anthem CDHP with HSA participants are not eligible for this account.)
Limited Purpose Healthcare Flexible Spending Account
For Anthem CDHP withHSA participants, use this account to payfor eligible dental and vision costs.
Dependent Care Flexible Spending Account
Pay for eligible dependent care expenses, such as daycare and elder care, that are needed for you to work.
Adoption Assistance Flexible Spending Account
Pay for eligible adoption expenses.
Commuter, Transit, and/or Parking Spending Account
Pay for eligible commuter, transit, and parking expenses such as ride shares to and from work.
Important FSA Rules
Spending Account funds are considered “use-it-or-lose-it.” The Healthcare and Limited Purpose Healthcare FSAs allow you to roll over up to $680 of unused funds from year to year. Otherwise, funds that are not used by the end of the year are lost.
Health Savings Account (HSA)
When you enroll in the Anthem CDHP medical plan, you may choose if you want to open an HSA. An HSA is a powerful way to pay for eligible out-of-pocket costs while saving money. There are several reasons to consider enrolling in the Anthem CDHP with HSA
It’s Your Account
Your HSA is a personal bank account that you own. It’s up to you how much you contribute and when to use the money. HSA funds never expire and can even be used in retirement.
Get The Triple Tax Advantage
Your HSA pre-tax contributions, accrued interest, and qualified purchases are all tax-free, keeping more money in your pocket.
A Convenient Way To Pay
When you enroll in an HSA, you will receive a debit card providing you extra convenience when paying for eligible expenses.
