Lurie Children’s offers you the following accounts and encourages you to take full advantage of their money-saving potential.
Administered by: HSA Bank through Cigna Healthcare
Pre-tax savings account to cover eligible healthcare – medical, dental and vision – expenses or save for those you have in the future. Available if you enroll in the Open Access HSA. Automatic hospital contributions are given.
Administered by: HealthEquity / WageWorks
Pre-tax spending account to cover eligible medical, dental and vision expenses. Available to benefits-eligible employees.
Note: If you enroll in the Open Access HSA, you’re eligible for a limited purpose healthcare FSA that can be used for eligible dental and vision expenses only.
Administered by: HealthEquity / WageWorks
Pre-tax spending account to cover eligible child or elderly dependent care expenses. Available to benefits-eligible employees.
Here’s an example. Let’s say Tom decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, he’d pay $480 in federal income tax, $100 in state income tax, and $153 in payroll tax. So, by contributing that $2,000 to his HSA or FSA, he’ll get $733 in tax savings for the year.
| Without an HSA or FSA, Tom would pay … | Savings |
|---|---|
| 24% in federal income tax | $480 |
| 5% in state income tax | $100 |
| 7.65% in payroll tax | $153 |
| His total tax savings for the year with an HSA or FSA | $733 |
This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.
With the Open Access HSA, you’re eligible to open and contribute money to a Health Savings Account (HSA) through HSA Bank through Cigna Healthcare. The HSA is a tax-free savings account that you own. You can use it to pay for eligible health expenses anytime, even in retirement. And, if you are enrolled in an HSA, you will automatically receive hospital contributions to use for eligible medical, pharmacy, dental and vision expenses. Contact Cigna customer service at 800.244.6224 to speak with an HSA Bank Representative.
The HSA has a triple-tax advantage that trumps even a 401(k) or Roth IRA. And, Lurie Children’s will contribute to your account, too!
Put money in tax-free.
You contribute to your HSA through pre-tax payroll deductions.
If you need to, you can change your contribution amount anytime.
Get company contributions.
Lurie Children’s will contribute up to $400 per year if you have employee-only medical plan coverage through a high deductible health plan, or up to $800 if you cover dependents. You will automatically receive hospital contributions to an HSA to use for eligible medical expenses.
Pay for care tax-free.*
Pay for eligible medical, dental, and vision expenses for you and your family using your HSA debit card (provided sufficient funds are in your account).
Track your spending, check your balance, reimburse yourself, and more on the HSA Bank through Cigna Healthcare website.
Grow money for the future tax-free.
All the money in your HSA is yours to keep, year after year.
You can build up savings through tax-free interest and even invest your money once it reaches a minimum balance, which gives you the potential for tax-free earnings growth and a way to plan ahead.
Keep in mind, the maximum amount you and Lurie Children’s can contribute to your HSA is determined by annual limits that the IRS sets. In 2024, the total contribution limits are:
Add $1,000 to these limits if you’re between age 55 ‒ 65 as a catch-up contribution.
*IRS limits are subject to change per calendar year.
In order to establish and contribute to an HSA, you:
You should review IRS rules for making HSA contributions if you will turn age 65 during the year. For more information, see IRS Publication 969.
To contribute to an HSA, you must enroll in the Open Access HSA medical plan. You will elect your HSA contribution amount during enrollment. You can then manage your account through the HSA Bank through Cigna Healthcare website or by contacting Cigna customer service at 800.244.6224 to speak with an HSA Bank Representative.
As you start using your account, keep in mind that you can only spend money that has actually been deposited into your account — your entire annual contribution amount is not available to you from the beginning of the plan year. Your HSA balance will grow as deposits are made from each paycheck.
Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. There are separate FSAs for health care and dependent care. Our FSAs are managed by HealthEquity / WageWorks. Explore their website or contact customer service at 877.924.3967.
With FSA money, you “use it or lose it.” If you have a balance left in your FSA as year-end approaches, try to spend as much of it as you can on eligible expenses. Request reimbursement or manage your account on the HealthEquity / WageWorks website.
However, through the FSA carry over benefit, you are allowed to carry over up to $640 in unused FSA funds to the following year. This will help you avoid losing some unused money at the end of the year.
You can contribute up to $3,200 for the year through pre-tax payroll deductions to help cover eligible medical, dental, and vision expenses.
You can contribute up to $3,200 for the year through pre-tax payroll deductions to help cover only eligible dental and vision expenses. A Limited Purpose Healthcare FSA is available only to employees who enroll in the Open Access HSA, or if enrolled in an HDHP through any entity.
Choose
Choose your contribution amount when you enroll. You can only change it during the year if your personal situation changes, so estimate carefully.
Contribute
Your annual contribution will be divided into equal payroll deductions, but the entire amount is available to you from the beginning of the plan year.
Spend
Spend your money by using your FSA debit card, or log in to the HealthEquity / WageWorks website or call 877.924.3967 to request reimbursement for payments you’ve made.
Use It Up
Up to $640 of unused money may be carried over to the next year; any remaining funds will be forfeited, so be sure to use it up!
A Dependent Care FSA is available to all benefit eligible employees. You can contribute up to $2,500 per person for the year through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
Choose
Choose your contribution amount when you enroll. You can only change it during the year if your personal situation changes, so estimate carefully.
Contribute
Your annual contribution will be divided into equal payroll deductions. You can only use money that has been deposited into your account.
Spend
Log in to the HealthEquity / WageWorks website or call 877.924.3967 to request reimbursement for payments you’ve made.
Use It Up
Unused money does not carry over at the end of each year — use it or lose it! Be sure to use it up.
Lurie Children’s offers four different types of Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSA) that allow you to contribute money before taxes are withheld to help you cover the cost of caring for you and your dependents. The table below summarizes the key features of the accounts:
| Health Savings Account (HSA) | Healthcare FSA | Limited Purpose Healthcare FSA | Dependent Care FSA | |
|---|---|---|---|---|
| Who Is Eligible | Employees enrolled in the Open Access HSA | All employees except those enrolled in the Open Access HSA | Employees enrolled in the Open Access HSA | All employees |
| Lurie Children’s Contribution | Lurie Children’s will contribute $400 (EE only coverage); $800 (all other coverage levels) | N/A | N/A | N/A |
| Annual Contribution Limits | Your total contribution, including the amount Lurie Children's contributes is:
Up to an additional $1,000 annually if you are age 55 or older | Up to $3,200 |
Up to $5,000
($2,500 per person, if married and filing separate income tax returns)
|
|
| Change Your Contributions | You may make changes at any time throughout the year | Changes are only allowed during Open Enrollment or due to a qualified event | ||
| Covered Expenses | You and your eligible family members’ qualified medical, prescription drug, dental and vision expenses | You and your eligible family members’ qualified expenses: | Eligible child and/or adult day care expenses (preschool, before and after school care, summer camps) | |
| Covered Expenses | You and your eligible family members’ qualified medical, prescription drug, dental and vision expenses |
|
Eligible child and/or adult day care expenses (preschool, before and after school care, summer camps) | |
| Covered Expenses | You and your eligible family members’ qualified medical, prescription drug, dental and vision expenses |
|
|
Eligible child and/or adult day care expenses (preschool, before and after school care, summer camps) |
| Earns Interest | Yes, subject to minimum balance requirements | No | ||
| “Use It or Lose It” at Year-End | No. Funds are always yours and can be taken with you when you retire or leave Lurie Children’s | Carry over up to $640, any remaining funds are forfeited | Yes | |
| Key Dates | The HSA is managed by HSA Bank through Cigna Healthcare. Contact Cigna customer service at 800.244.6224 to speak with an HSA Bank representative. | May be used for expenses incurred January 1, 2023 through December 31, 2023 and must submit claim reimbursement by March 31, 2024 | ||
| For More Information | Visit the HSAstore®.com, the only one-stop-shop stocked exclusively with HSA eligible items. Refer to irs.gov/publications/p969 for information on health savings accounts. | Visit the FSAstore.com for the latest information on eligible expenses. You can find information about eligible expenses at irs.gov/publications/p502/index.html (healthcare expenses) and irs.gov/publications/p503/index.html (dependent care expenses). | ||
