With the LiveWELL Health Plans, teammates have the opportunity to save pretax funds in savings and spending accounts per eligibility requirements.
Atrium Health savings accounts are administered by Bank of America.
Health Savings Account (HSA): The HSA is yours to save for current and future healthcare-related expenses, such as your deductible, coinsurance, and prescription medications. Your HSA is an important component of retirement savings. Teammates can make direct contributions to this account from their paycheck and one-time contributions. For participants of the Health Savings Plan, LiveWELL Incentives will be deposited into the HSA.
Limited Purpose Flexible Spending Account (LFSA): Allows teammates to set aside additional pretax dollars to help pay for planned qualified dental and vision expenses that occur during a 12-month period. This account is use it or lose it.
LiveWELL Health Plan participants should contact Medicare 6-12 months prior to turning age 65 to learn about options for healthcare coverage and rules for contributing to a Health Savings Account when Medicare eligible.
For help in understanding how Medicare and your healthcare costs may fit into your overall retirement goals, call the Seniors’ Health Insurance Information Program (SHIIP) at 855-408-1212. Teammates can also call the Social Security Administration at 888-383-1598.
Flexible Spending Account (FSA): Allows teammates to set aside pretax dollars to help pay for planned qualified medical, dental and vision expenses that occur during a 12-month period. This account is use it or lose it.
LiveWELL Incentive Account: For teammates that are enrolled in the Co-Pay Plan, Atrium Health will deposit earned LiveWELL Incentives into this account during the year. Funds can be used to help pay for qualified medical, dental and vision expenses. Unused funds rollover from year to year.
Using Your Health Savings Account (HSA), Flexible Spending Account (FSA), LiveWELL Incentive Account and Limited Purpose Flexible Spending Account (LPFSA)
Atrium Health partners with Bank of America to administer the Health Savings Account (HSA), Flexible Spending Account (FSA), LiveWELL Incentive Account and Limited Purpose Flexible Spending Account (LPFSA), making it easy to access your account information in one place. If you select the Co-Pay Plan or are enrolling in either health plan for the first time you will receive a new card for 2020.
If you enroll in the Co-Pay Plan and currently have a Health Savings account (HSA) you will have one card for all accounts. The funds will be accessed in the following order: Flexible Spending Account (FSA), LiveWELL Incentive Account then Health Savings Account (HSA).
2019 Flexible Spending Accounts (FSA) will be closed at 12:01 a.m., December 31, 2019 for teammates who enroll in either of the 2020 LiveWELL Health Plans.
The following provisions are included in the amended FSA plan:
These funds will be accessible on your new Bank of America card.
In addition to the Savings and Spending Accounts associated with the LiveWELL Health Plans, eligible teammates have the opportunity to participate in a Dependent Care Flexible Spending Account (DCFSA).
You can use the DCFSA to pay for any eligible, work-related dependent daycare expenses you incur – such as licensed daycare centers for your dependent children or adults, summer day camps, nursery schools or after-school care. Unlike the HCFSA, your funds must be in your DCFSA before they can be reimbursed. Eligible dependents include:
You can contribute up to $5,000 ($2,500 if married, filing separately) to your DCFSA. This limit may change if:
If you or your eligible dependents are not covered under the LiveWELL Health Plan or any other high-deductible plan, you are eligible to make contributions to the HCFSA.