Flexible Spending and Health Savings Accounts

Flexible Spending Account Summary

The IRS has set the maximum limit that you can elect for the health care spending account at $3,200 for 2024. The dependent care maximum remains at $5,000 for 2024.

A Flexible Spending Account (FSA) allows employees to use before-tax dollars to pay for eligible out-of-pocket expenses. Hampshire College has established two types of flexible spending accounts through Voya.

  • Health Care Spending Account: Employees can contribute a maximum of $3,200 to pay for eligible health care expenses (including dental expenses).
  • Dependent Care Spending Account: Employees can contribute a maximum of $5,000 to pay for eligible dependent care expenses.

Access your flexible spending dollars using the Voya Health Account Solutions, Mastercard Debit Card. No waiting for reimbursement; simply use your card to pay for qualified medical, dental, and dependent care expenses.

Flexible Spending Account Forms and Information

Voya Contact Information

Voya Benefits Company, LLC
5780 Powers  Ferry Rd. NW
Atlanta, GA 30327

Phone: 833.232.4673
Website
Email: HASinfo@voya.com

This website is intended as a general overview of Hampshire College benefits plans only. Every effort has been made to summarize these programs accurately. In all cases, the actual provisions of each benefit plan will govern if there is any inconsistency between this site and Hampshire's formal plans or contracts.

Health Savings Account Summary

A Health Savings Account is designed to work alongside a High Deductible Health Plan, in which a personal healthcare bank account is created to pay out-of-pocket health care expenses with pre-tax dollars. Contributions made to your HSA are tax-free, and the money remains in the account for you to spend on eligible expenses, no matter where you work or how long it stays in the account.

You will be provided with a Health Equity Bank Debit Card to use when you have medical, dental, or vision expenses.

Eligibility: You are eligible to open and fund an HSA if:

  • You are enrolled in the BCBS Preferred PPO Blue Saver Plan
  • Not covered by another medical plan, spouse's health care flex spending account, or HRA
  • You are not eligible to be claimed as a dependent on someone else's tax return
  • Not enrolled in Medicare or TRICARE for Life
  • You are not receiving Social Security Benefits
  • You have not received Veterans Administration Benefits

The IRS maximum contributions/limits for 2024 are:

  • Employee only $4,150
  • All other tiers $8,300
  • HSA Catch-Up (age 55 or older) $1,000

Examples of Eligible Expenses:

  • Doctor's Office Visits
  • Eye Exams
  • Prescription Expenses/LASIK Surgery
  • For specific list of eligible expenses outlined by the IRS in Publication 502, click here

Health Savings Account Forms and Information

Health Equity Contact Information

Health Equity
15 W. Scenic Pointe Dr. Ste. 100
Draper, UT 84020

Phone: 866.346.5800
Website
Contact Member Services

This website is intended as a general overview of Hampshire College benefits plans only. Every effort has been made to summarize these programs accurately. In all cases, the actual provisions of each benefit plan will govern if there is any inconsistency between this site and Hampshire's formal plans or contracts.