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Spending Accounts

Spending Accounts (HSA, HRA, and FSA Accounts)

Health plans offer hefty discounts and coverage for medical expenses. But what about the costs that you still have to pay out-of-pocket, like the deductible, or the coinsurance? Waters offers four special accounts you can use to save money to pay for those remaining medical expenses (Though the specific accounts you’re eligible for will depend on a few factors, including whether you enroll in a Waters medical plan, and – if you have a spouse or partner – the type of medical plan they are enrolled in, and what kind of spending account they contribute to, if any.)

The HSA is available with both of Waters High Deductible Medical Plans. However, if you are not eligible for the HSA, per IRS guidelines, you will still be able to have an Aetna HealthFund account with Waters, which is the name for the Health Reimbursement Account (HRA) . The Copay and Deductible Medical Plan is not eligible for either the HSA or HRA.

We’ll go over the full list of compatible account combinations below, after we run through the details of each account.

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  • Dependent Care FSA: This account can be used to pay for expenses related to child care-like day care and babysitters. Though it’s called an FSA, it is not related to health care costs.

The PayFlex Debit Card

The PayFlex debit card works just like a debit card for a checking account. You use it when paying for qualified health expenses, and the funds are directly withdrawn from your spending account (be it a General Purpose Health FSA or a Limited Purpose Health FSA).

You get one card at initial enrollment. (To get extras, call PayFlex at 844-729-3539 (TTY: 711). You can also call that number for other help, including details on when, where, and how you can use the card.)

If you’re a new FSA enrollee, in either the General Purpose or Limited Purpose Health Care FSA, you’ll receive a PayFlex Card activated with the balance you elected.

Plan Compatibility

Certain accounts can only be paired with certain medical plans, and with certain other savings accounts. Here’s how it all breaks down:

If you enroll in one of Waters medical plans and open an HSA account, you have the option to enroll in the following combination of spending accounts:

  • A Health Savings Account only

  • A Health Savings Account and a Limited Health FSA

If you do not enroll in an HSA Account, you have the option to enroll in the following combination of spending accounts:

  • A Health Reimbursement Account only

  • A Health Reimbursement Account and a General Purpose Health FSA

  • Health Reimbursement Account and a Limited Purpose Health FSA*

  • FYI: The new Copay and Deductible Plan is only eligible for an FSA, not an HSA or HRA.

*In most cases, you wouldn’t enroll in a Limited Purpose Health FSA unless you had to. A General Purpose Health FSA covers everything a Limited Purpose Health FSA covers, and more. HOWEVER, if your spouse or partner is enrolled in a High-Deductible Health Plan with a Health Savings Account (either through their own employer, or some other means), you cannot enroll in a General Purpose Health FSA. A Limited Purpose Health FSA is your only option at that point.

For further details, contact PayFlex at: www.payflex.com, or 844-729-3539 (TTY: 711).

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