2024 Spending Account Comparison Chart HSA

2024 Spending Account Comparison Chart

	Health Reimbursement Account	Health Savings Account	Health Care FSA	Limited Purpose FSA	Day Care Savings Account
Available if you don't participate in a CarMax Medical Plan	No	No	Yes	No	Yes
Available if you enroll in the HSA Plan	No	Yes	No	Yes	Yes
Available if you enroll in the HRA Plan	Yes	No	Yes	No	Yes
Available if you enroll in the PPO Plan	No	No	Yes	No	Yes
CarMax Contributions	$300 Associate Only $600 Associate + Dependent(s)/Family	$300 Associate Only $600 Associate + Dependent(s)/Family	None	None	None
You can contribute funds up to the IRS annual maximum	No	$4,150 Associate Only $8,300 Associate + Dependent(s) / Family Additional $1,000 contribution allowed if age 55 and over	$3,199, or maximum IRS allowable limit	$1,500	$4,999 or maximum IRS allowable limit
Your per-paycheck contributions reduce your taxable income	N/A	Yes	Yes	Yes	Yes
Contributions earn interest on a tax-deferred basis and can build long-term savings	No	Yes, may build long term savings	No	No	No
Contributions roll over year-after-year	Yes, as long as you continue to enroll in the HRA plan	Yes	Yes, up to $640 as long as you elect to continue to participate	Yes, up to $640 as long as you elect to continue to participate	No
You can change contribution elections anytime during the plan year	No	Yes	No	No	No
You can take your account with you if you leave CarMax	No	Yes	No	No	No
You can spend before available funds are deposited	No	No	Yes	Yes	No
Funds are available for eligible medical, dental, and vision expenses	Yes, money is automatically deducted for eligible medical expenses; you’ll get a debit card to use for eligible prescription drug, dental, and vision expenses	Yes	Yes	Dental and vision only	No
Funds are available for eligible child and elder day care expenses incurred to enable you to work	No	No	No	No	Yes