TAX-ADVANTAGED ACCOUNTS
Health Savings Account
Contact information
netbenefits.com
1-800-544-3716
Group #: 09596
Flexible Savings Account
Contact information
myuhc.com
1-800-842-5658
Group #: 743055
Transit Savings Account
Contact information
wageworks.com
1-877-924-3967
Group #: 29379
Health Savings Account
The Health Savings Account (HSA) is a special, tax-advantaged savings account that allows you to use tax-free dollars to pay for eligible health care costs during the year, or you can save and invest it for the future.
Eligible expenses include things like deductibles, coinsurance, copays, prescribed medications, and more. View a full list of eligible HSA expenses from the IRS.
If you’re enrolled in the CDHP 90 or CDHP 80 medical plan and are eligible to contribute to an HSA, AMCN will contribute to your HSA twice a year (generally in February and May). New hires receive a pro-rated contribution from AMCN based on the date they were hired.
You can contribute to an HSA if you’re enrolled in the CDHP 70 plan, but there is no contribution from AMCN.
Eligibility
To be eligible to open an HSA you must:
- Be enrolled in a CDHP medical plan.
- Not have other health coverage (e.g., from a parent or spouse) that is not considered a high deductible health plan.
- Not have an active Health Care Flexible Spending Account (FSA).
- Not be enrolled in Medicare.
You are responsible for confirming your eligibility to open an HSA. For more information, refer to IRS Publication 969.
2024 contribution limits
You’ll contribute pre-tax to your HSA through payroll deductions. The IRS limits for 2024 are:
- $4,150 if just yourself
- $8,300 if you cover dependents
If you’re age 55 or older by the end of 2024, you can contribute an additional $1,000 in catch-up contributions.
If you’re enrolled in the CDHP 90 or CDHP 80 medical plan, AMCN’s contributions to your HSA count toward the IRS limit. View the chart below to see how much you can contribute. AMCN does not contribute to the HSA in the CDHP 70 plan.
2025 Health Savings Account (HSA) contribution limits
The amount you can contribute to an HSA is increasing in 2025. AMCN’s contribution to your HSA will also increase. Visit 2025 Benefits Changes for details.
| Coverage level | You | AMCN (CDHP 90 & 80 only) | Total |
|---|---|---|---|
| Employee only | $3,650 | $500 | $4,150 |
| Employee + dependents | $7,300 | $1,000 | $8,300 |
Key features
Triple tax advantage
HSA money is contributed tax-free, earns interest tax-free when invested, and remains tax-free when it is withdrawn, as long as you use it to pay eligible health care expenses. Once you reach age 65, you can use the money in your HSA however you like, but you’ll be subject to taxes if it’s used for something other than eligible health care expenses.
Investment options
You can choose to invest in more than 10,000 mutual funds, individual stocks and bonds, ETFs, and CDs available on Fidelity’s brokerage platform. And there’s no required minimum, so you can start investing at any time. The HSA Investment Recommendation tool on Fidelity’s website can help you decide how to invest your HSA savings.
Portable and hassle-free
If you change plans, retire, or leave AMCN for any reason, you can keep your account balance, and any unused amount at the end of a plan year rolls over to the next year. Have an HSA from a prior employer? You can roll it over into this account.
Convenience
You can use your personal HSA Debit Card to easily pay for eligible medical, dental, and vision services directly, or you can reimburse yourself later. You don’t have to file a claim for reimbursement (but you should keep all receipts for tax purposes).
Flexibility
You can stop, increase, or change your contributions anytime during the year.
Flexible Spending Accounts
Flexible Spending Accounts (FSAs) allow you to use tax-free dollars to pay for eligible health and dependent care expenses, which reduces your taxable income and the amount of taxes withheld from your paycheck.
You can choose to participate in two FSAs: the Health Care FSA and the Dependent Care FSA.
Important things to know about FSAs
- FSAs are “use it or lose it,” which means any money you don’t use by the deadline is forfeited and cannot be carried over to the next year.
- Enrollment is not automatic — if you don’t enroll in an FSA as a new hire or during Open Enrollment each year, you can’t contribute to an FSA unless you experience a qualifying life event during the year.
Open Enrollment for 2025 benefits is Nov. 4-22
If you want a Health Care FSA or Dependent Care FSA in 2025, you must enroll in one during Open Enrollment – these don’t automatically carry over to the next year. Visit Open Enrollment for details.
Health Care FSA
This account allows you to use tax-free dollars to pay for eligible medical, dental, and vision expenses, such as deductibles, copayments, prescription drugs, and more. View a full list of eligible expenses from the IRS.
In 2024, you can contribute up to $3,200. In 2025, you can contribute up to $3,300. The amount you contribute will be deducted from your paycheck in equal installments throughout the calendar year.
Note: Under IRS rules, you cannot participate in the Health Care FSA if you or your covered spouse has an active HSA.
How to pay for expenses
You can pay for eligible expenses directly using your Health Care FSA debit card, or you can submit claims to be reimbursed later. You’ll be reimbursed up to the amount you elected to contribute for the plan year.
Important deadlines
You can use 2024 funds to pay for eligible expenses incurred through March 15, 2025. You have until June 15, 2025, to submit claims for reimbursement.
After June 15 each year, any unused funds in your account are forfeited.
Dependent Care FSA
Pay for eligible dependent care services while you’re at work or school, such as day care or individuals who care for your eligible dependents inside or outside your home. View a full list of eligible expenses from the IRS.
Eligible dependents include:
- Your children under age 13, whom you claim as exemptions for income tax purposes.
- Children 13 or older and adult dependents who spend at least eight hours in your home each day and are unable to care for themselves because of mental or physical disability.
In 2024 and 2025, you can contribute up to $5,000, or $2,500 if you’re married and file separately. Highly compensated employees may be subject to reduced contribution limits or receive refunds during the year to comply with IRS requirements.
How to pay for expenses
You’ll pay out-of-pocket and then submit a claim to be reimbursed with the money in your account. You’ll be reimbursed up to the amount you’ve contributed to the account at the time you submit the request.
Important deadlines
You can use 2024 funds for eligible expenses incurred through December 31, 2024. You have until June 15, 2025, to submit claims for reimbursement.
After June 15 each year, any unused funds in your account are forfeited.
Important IRS Guidelines for FSAs
- You cannot transfer money from one account to the other to pay for eligible expenses. You must keep the funds in each account separate.
- You cannot claim expenses on your federal income tax return if you’ve already been reimbursed for them through an FSA.
- Your FSAs are not available for reimbursement of expenses relating to your domestic partner or his or her eligible dependents (unless they meet the definition of a tax-qualified eligible dependent).
- You may not change the amount you elect to contribute to an FSA during the year, unless you experience a qualifying life event and the change is consistent with that event.
- If you leave AMCN, you can continue to contribute to the Health Care FSA account through COBRA on an after-tax basis and reimburse yourself for claims incurred during the same tax year after your employment ends. If you do not continue your Health Care FSA coverage through COBRA, any funds remaining in your account after you leave the company will be forfeited.
Get reimbursements deposited directly in your checking account. You can enroll at myuhc.com after your first paycheck of the year.
Transit Savings Account
Whether you take transit or drive to work, the Transit Savings Account allows you to use pre-tax dollars to pay for work-related commuting expenses.
In 2024, you can contribute up to:
- $315 for transit expenses, including trains, buses, subways, ferries, and vanpools.
- $315 for parking expenses.
In 2025, the amount you can contribute for transit and parking expenses is increasing to $325.
Transit passes can be delivered directly to your home each month, or you can sign up for a Commuter Card, which you use like a debit card to buy tickets for the train, bus, and subway. Parking costs are automatically paid to the parking provider.
How to enroll
Go to wageworks.com or call 1-877-924-3967 to enroll at any time.
Your transit order must be placed by the fourth of each month to be effective the following month. For example, if you order a transit pass on January 3, it will go into effect on February 1.