Tax-Advantaged Accounts

You can save money on health care and dependent care expenses by paying for them with tax-free accounts. Using these accounts effectively will help you take full advantage of their money-saving potential

Tax-advantaged accounts:

Key features at a glance:

Tax-free money

Money goes in tax-free and comes out tax-free when it’s used for eligible expenses.

Convenient payroll deductions

Contribute to your accounts easily and effortlessly.

Helpful budgeting tool

Plan for upcoming expenses by setting aside money each paycheck.

Compare the accounts

HSA vs. FSA

Access your account

• Manage your HSA
• Manage your FSA

What’s eligible?

• HSA expenses
• Health Care FSA expenses
• Dependent Care FSA expenses

Using a Health Care Flexible Spending Account (FSA) is like getting a discount on everyday health care expenses because you’re paying with tax-free money.

Health Care FSA

Available to all regular full-time employees, but if you enroll in the HDHP | Option 3, please note that you cannot enroll in both a Health Care FSA and an HSA

• Contribute up to $3,050 for the plan year to help cover eligible medical, dental, and vision expenses.
• Select your annual contribution as a new employee, during Open Enrollment, or within 31 days of a qualified life event. You can only change your contribution amount during the year if your personal situation changes.
• Spend your money by using your FSA debit card or request reimbursement for payments you’ve made.
• Your entire annual contribution amount is available to you from the beginning of the plan year.
• Balances between $100 and $610 of unused money may be carried over to the next plan year; balances below $100 or amounts that exceed $610 will be forfeited.
• Visit the FSA Store to easily purchase FSA-eligible items and pay with your debit card — this can be a great way to use up remaining funds before the end of the plan year.
• Note: FSAs require active enrollment during each annual open enrollment period if you want to participate the following year.

A Dependent Care Flexible Spending Account (DCFSA) can help you save money on child care or elder care costs because you use tax-free money to pay for your expenses. Eligible expenses for this account include the cost to provide care for children under age 13 or for adults who are unable to care for themselves.

Keep in mind, there are separate FSAs for health care and dependent care. You cannot use money in your Dependent Care FSA to pay for health care expenses for your dependents.

Dependent Care FSA

Available to all regular full-time employees

• Contribute up to $5,000 for the plan year to help cover your eligible dependent care expenses — your DCFSA funds can only be used to pay for care for children under age 13 or adults who cannot care for themselves.
• Use the Optum Financial website to request reimbursement for payments you’ve made. Keep in mind, you only have access to 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.
• Select your annual contribution as a new employee, during Open Enrollment, or within 31 days of a qualified life event. You can only change your contribution amount during the year if your personal situation changes.
• Unused money does not carry over at the end of each year — use it or lose it. The Dependent Care FSA Plan Year runs from July 1 ‒ June 30. Any funds not used within the 2 1/2 month grace period will be forfeited.
• Note: FSAs require active enrollment during each annual open enrollment period if you want to participate the following year.

Employees in the HDHP | Option 3 can open and contribute money to a Health Savings Account (HSA) administered by Optum Financial. The HSA is a tax-free savings account that you can use to pay for eligible health expenses anytime, even in retirement.

Put money in tax-free.

• Contribute to your HSA through pre-tax payroll deductions.
• Change your contribution amount anytime.

Get company contributions.

• Fanatics will contribute $500 (single coverage tier) or $1,000 (non-single coverage tier) to your HSA for the plan year.
• You must enroll in and open an HSA, even if you don’t plan to contribute, in order to receive Fanatics’ contribution.

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) or reimburse yourself later through the Optum Financial website.
• Keep in mind, you can only spend money that has actually been deposited into your account.

Carry unused money over.

• All the money in your HSA is yours to keep, year after year
• You can build up savings to pay for future health care expenses. You can even invest your money once it reaches a minimum balance, giving you the potential for tax-free earnings growth and a way to plan ahead for medical costs in retirement.

Keep in mind: 2024 plan year contribution limits

The total amount you and Fanatics can contribute to your HSA this year is:

• $4,150 for individual medical coverage.
• $8,300 for family medical coverage.
• Add $1,000 to these limits if you’re age 55 or older.

Getting started

An HSA is only offered to you if you enroll in the HDHP | Option 3. If you’re not currently enrolled in the HDHP | Option 3, you may enroll during Open Enrollment.

Once you’ve enrolled in the HDHP | Option 3, you will receive a welcome letter and payment card for your Optum Financial HSA as long as you’ve satisfied the identity verification process with the bank custodian. (This usually happens automatically when you elect to enroll in the HDHP | Option 3.) If the bank custodian is unable to verify your identity, they may contact you for additional information. You must have an active account with Optum Financial in order to receive Fanatics’ contribution, so make sure you complete the verification process if additional information is requested, regardless of whether you plan to contribute to your HSA yourself.