Health Savings Account (HSA)
An HSA helps you save for current and future health care expenses. It can be used for copays, deductibles, and other health-related purchases like eye exams and glasses. It is a "tax advantage" because you will not be taxed at the federal level on contributions, earnings, or withdrawals, and your balance rolls over year-to-year.
Watch this video to learn more.
HSA Basics
• It’s yours to keep, similar to a personal bank account. • There’s no “use it or lose it” rule. Your HSA balance rolls over and accumulates, year after year. • When your balance reaches $1,000, you can invest your HSA much like your 401(k) plan. • You get a triple-tax advantage. Contributions are pre-tax, your account grows tax-free, and you’re not taxed on the money you use to pay qualified medical expenses. • It’s easy to use. Pay for qualified expenses with your Optum Bank debit card (sent within 45 days after you first enroll). Or save your money and medical receipts and request reimbursement in the future.
HSA Eligibility
• You must be covered under one of the Consumer Choice medical plans. • You cannot be covered under any other health plan, including a spouse’s FSA. • You cannot be enrolled in Medicare, TRICARE® or VA benefits. • You cannot be claimed as a dependent on another person’s tax return. Questions about your eligibility or the HSA in general? Visit www.irs.gov or contact Optum Bank.
HSA FAQs
How an HSA Works
When you enroll in the Consumer Choice medical plan, we will open an HSA on your behalf through Optum Bank. Once the account is open, you can begin to save money to it. The government sets limits on the maximum amount of money you can save with your HSA each year. This amount depends on whether you have health care coverage for yourself or your family.
First: Decide the amount you want to save for the year. Good news, you can change this amount at any time!
Second: The money you choose to save is deducted directly from your paycheck and is not federally taxed.
Third: You can also get money for your HSA from your employer. The company contributes $650 for single or $1,000 for family coverage (depending on the HSA you choose) to the HSA of any team member enrolled in the Consumer Choice plan.
Flexible Spending Accounts (FSAs)
An FSA is a special account you put money into that you use to pay for certain out-of-pocket health care and dependent care costs. You won’t pay federal taxes on this money, so you effectively keep the amount you would have otherwise paid in federal taxes on the dollars you set aside.
Watch this video to learn more.
FSA Basics
- Each year during the Open Enrollment period, you decide how much to set aside for expenses.
- Your contributions are deducted from your paycheck on a federal before-tax basis in equal installments throughout the calendar year.
- You can use your FSA debit card to pay for eligible expenses at the point of sale, or you can pay out-of-pocket and submit a claim form for reimbursement.
• There are two different FSA plans meant to cover different types of expenses. • You must waive medical coverage or be enrolled in the Surest plan to qualify. • Any money left in your FSA will not carry over into the next plan year.
Using your FSA
• You must enroll in one or both FSAs during Open Enrollment or as a new hire. Otherwise, you’ll have to wait until Open Enrollment for the next year (unless you have a qualifying life event that allows you to change your coverage mid-year). • You must incur eligible expenses between January 1st and December 31st of the plan year. There is no grace period or carryover, although you can submit 2027 claims through March 31, 2028. • You will receive an FSA debit card to pay for eligible expenses where accepted. If enrolled in Plexus medical coverage, you can sign up at www.myuhc.com to automatically submit your medical out-of-pocket claims directly to your Health Care FSA for reimbursement. Other expenses may be submitted to UnitedHealthcare for reimbursement.
ABOUT THIS DIGITAL BENEFITS HUB: Actual plan provisions for PLEXUS (“the Company”) benefits are contained in the appropriate plan documents, including the Summary Plan Description (SPD) and incorporated benefit/carrier booklets. The Digital Benefits Hub is a summary only and does not describe each benefit option. This Digital Benefits Hub provides updates to your existing SPD as of the first day of the plan year, which describes your health and welfare benefits in greater detail. Until the Company provides you with an updated SPD, this Digital Benefits Hub is intended to be a Summary of Material Modification (SMM) and should be retained with your records along with your SPD. As always, the official plan documents determine what benefits are available to you. If any discrepancy exists between this Digital Benefits Hub and the official documents, the official documents will prevail. The Company reserves the right to amend or terminate any of its plans or policies, make changes to the benefits, costs, and other provisions relative to benefits at any time with or without notice, subject to applicable law.