Health Savings Account (HSA)
If you enroll in the High-Deductible PPO with HSA, you are eligible to contribute to a Health Savings Account (HSA). This is your own personal savings account where you can put money aside to use to pay for eligible medical, pharmacy, dental and vision expenses. This includes costs that apply to your deductible and coinsurance maximum.
Please note that if you are enrolled in Medicare or any health plan that is not HSA-qualified, you will not be eligible to enroll in the HSA.
If you have earned Wellness Rewards during the previous plan year, your rewards will be deposited into your HSA account. You may also elect to make additional contributions on a pre-tax basis to your HSA. Below are the 2023 IRS limits, inclusive of both the Company’s and your contribution amounts:
- Single Coverage (Employee Only): $3,850
- Family Coverage (Employee Plus): $7,750
- If you are age 55 or older, you can contribute up to an additional $1,000 over the limits noted above.
Briggs & Stratton has partnered with Optum Bank to administer HSA accounts for eligible employees.
Flexible Spending Accounts (FSA)
Briggs & Stratton has partnered with Optum to provide you with two types of Flexible Spending Accounts (FSAs). FSAs are designed to help you save money when you contribute pre-tax dollars from your paycheck to help pay for eligible health care or dependent daycare expenses.
It is important to note that FSAs have a “use it or lose it” feature – you need to plan your annual contribution amount carefully as you will lose any unspent money at the end of the year.
Health Care Flexible Spending Account (HCFSA)
You can use funds in this account to pay for or reimburse yourself for qualified medical, pharmacy, dental and vision expenses that you and your dependents may incur. Your full annual election will be available to you on the first day of the plan year or, for newly eligible employees, on your date of eligibility. The current IRS limit for an HCFSA is $2,850.
If you elect the medical plan with the HSA, you can choose to contribute to an HCFSA, but IRS regulations require that it be a Limited Purpose Health Care Flexible Spending Account (LPHCFSA). A Limited Purpose Health Care Flexible Spending Account may be used to help offset the cost of eligible dental and vision expenses. You may use your Limited Purpose FSA funds for eligible medical expenses only after your medical plan deductible is met.
Dependent Care Flexible Spending Account (DCFSA)
You can use funds in this account to pay for or reimburse yourself for eligible day care expenses for your children or elderly family members while you work.
Health Account Comparison
|Account Feature||Health Savings Account|
|Health Care Flexible Spending Account (FSA)|
|You may contribute pre-tax contributions:||Yes||Yes|
|Briggs & Stratton Wellness Rewards will be deposited into the account||Yes||No|
|Maximum Annual Contribution||$3,850 Individual/$7,750 Family|
(wellness rewards and your contributions combined)
|$2,850 per taxpayer|
|Money in your account can earn tax-free interest and dividends||Yes||No|
|Unused balances will carry over in the next year||Yes||No|
(you can take it with you if you leave)
(Briggs & Stratton’s sponsorship will end and you may be responsible to pay maintenance fees)
(Only if you elect COBRA and you continue to make after-tax contributions)