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Flexible Spending and Savings Accounts

 

Full-time employees working 40 hours per week may participate in tax‑advantaged spending accounts. These accounts allow you to set aside pre‑tax dollars to pay for approved expenses—helping your money go further. Each account type has different rules and eligible expenses, so review the options below to choose what fits your needs.

 

You can view your benefit premiums in Workday during the enrollment event. Since costs vary based on the plan, your coverage level, and who you enroll, your premium will be tailored to your specific selections. For general rate information at any time, search “Employee Premiums” in the Workday search bar. Be sure to review your elections to see your exact cost.

Health Savings Account (HSA)

**Available only to employees enrolled in the MTM HDHP medical plan**

 

Who Can Enroll

To be eligible for an HSA, you must:

  • Be enrolled in MTM’s High Deductible Health Plan (HDHP)
  • Not be enrolled in any non‑HDHP medical plan
  • Not be covered by a general‑purpose FSA (your own or a spouse’s)
  • Not be enrolled in Medicare
  • Not be claimed as someone else’s tax dependent

 

What the HSA Covers

HSAs reimburse any IRS‑qualified medical expenses for you, your spouse, and your tax dependents, such as:

  • Medical, dental, and vision expenses
  • Prescriptions and approved OTC items
  • Copays, coinsurance, and deductibles
  • Long‑term care premiums
  • Certain medical equipment and supplies

 

Why the HSA Is Valuable

  • Triple Tax Advantage:
    • Contributions are pre‑tax
    • Money grows tax‑free
    • Withdrawals for eligible expenses are tax‑free
  • Your money stays with you: Funds roll over each year—there is no forfeiture.
  • Portable: Your HSA is yours to keep, even if you leave MTM.
  • Grow your savings: Once you reach a certain balance (varies by bank), you can invest your HSA dollars.

 

How It Works

You and MTM (if applicable) can contribute pre‑tax dollars up to the annual IRS limits. Spend now or save for future or retirement healthcare costs.

Health Care Flexible Spending Account (FSA)

Who Can Enroll

All employees eligible for MTM medical benefits (whether or not you enroll in a medical plan) may participate in the Health Care FSA.

 

What the Health Care FSA Covers

The Health Care FSA reimburses a wide range of IRS‑approved medical, dental, and vision expenses for you and your eligible dependents, including:

  • Copays, deductibles, and coinsurance
  • Prescription medications
  • Over‑the‑counter medications (no prescription required)
  • Dental treatments and orthodontia
  • Vision exams, glasses, and contacts
  • Menstrual products and other approved health items

 

How It Works

  • You choose an annual contribution amount, which is deducted pre‑tax from your pay.
  • Funds are available to use immediately at the start of the plan year.
  • You submit claims or use your FSA debit card to pay for eligible expenses.

 

Important Notes

  • This is a use‑it‑or‑lose‑it account—any unused balance after the plan’s grace period is forfeited.
  • You cannot participate in the Health Care FSA if you are contributing to an HSA. See “Limited Purpose FSA” below.

Limited Purpose FSA (LPFSA)

**Available only to employees enrolled in the MTM HDHP medical plan (typically paired with an HSA)**

 

Who Can Enroll

Employees who are eligible for medical coverage and enrolled in the HDHP with an HSA can enroll in the Limited Purpose FSA.

 

What the Limited Purpose FSA Covers

This account is designed to work alongside your HSA and can be used only for:

  • Dental expenses
  • Vision expenses
  • Orthodontia
  • Eye exams, glasses, contacts, and related supplies

 

Why Use a Limited Purpose FSA

  • Helps you save your HSA dollars for future medical expenses while still offering tax savings now.
  • Contributions are taken pre‑tax to lower your taxable income.
  • Funds are available immediately at the start of the plan year.

 

Key Rule

You cannot use a Limited Purpose FSA for general medical expenses—that’s what your HSA is for.

Dependent Care FSA

Who Can Enroll

Employees who are eligible for MTM medical benefits may enroll in the Dependent Care FSA. Enrollment is not dependent on which medical plan you choose.

 

What the Dependent Care FSA Covers

The Dependent Care FSA allows you to use pre‑tax dollars to pay for eligible day‑to‑day care expenses so you (and your spouse, if married) can work, look for work, or attend school full time.

 

Eligible expenses include care for:

  • Children under age 13
  • Dependents of any age who are physically or mentally incapable of self‑care and claimed as tax dependents

 

Examples of reimbursable expenses:

  • Daycare and child care centers
  • Preschool and nursery school
  • Before‑school and after‑school programs
  • Summer day camps (not overnight camps)
  • In‑home babysitting or nanny care (qualified providers)
  • Adult day care for an elderly or dependent adult

 

How It Works

  • You elect an annual contribution and fund the account through pre‑tax payroll deductions.
  • Funds become available as contributions are made throughout the year (not upfront).
  • You submit claims for reimbursement after care is provided.

 

Important Notes

  • This account is use‑it‑or‑lose‑it—unused funds are forfeited after the plan year or grace period.
  • Dependent Care FSA funds cannot be used for medical expenses.
  • You should compare Dependent Care FSA tax savings with the Child and Dependent Care Tax Credit to determine what’s best for your situation.

Commuter FSA

Who Can Enroll

All employees eligible for MTM medical benefits may participate in the Commuter FSA, regardless of the medical plan you choose.

 

What the Commuter FSA Covers

This account allows you to pay for certain commuting costs using pre‑tax dollars, including:

  • Eligible parking expenses
  • Transit passes, bus fares, rail fares
  • Vanpooling expenses

 

Why Use a Commuter FSA

  • Reduces your taxable income
  • Helps offset the cost of commuting to work
  • Contributions are available on a monthly basis as they are deducted

 

Important Notes

  • Funds do not carry over year to year (monthly limits apply per IRS rules)
  • Only work‑related commuting expenses can be reimbursed

Spending Account Comparison Chart

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