Health Care Savings and Spending Accounts

Overview

WSP USA offers several tax-advantaged accounts through HealthEquity and encourages you to take full advantage of their money-saving potential. You can enroll on the bswift website.

Enjoy tax savings

In addition to paying less in income taxes from your paycheck, your money goes in tax-free* and comes out tax-free when it’s used for eligible health care expenses.

WSP USA makes it easy to contribute!

With convenient payroll deductions, you can contribute to your accounts easily and effortlessly.

Set aside money from each paycheck to

Plan for future medical expenses.

*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.

2024 tax-advantaged accounts

The IRS determines what expenses can be paid with money from an HSA or FSA. Learn more about the eligible expenses for each account from HealthEquity

Here’s an example. Let’s say Tom decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, he’d pay $480 in federal income tax, $100 in state income tax, and $153 in payroll tax. So, by contributing that $2,000 to his HSA or FSA, he’ll save $733 in taxes for the year.

Without an HSA or FSA, Tom would pay …	Savings
24% in federal income tax………………………………………………………..	$480
5% in state income tax*………………………………………………………….	$100
7.65% in payroll tax…………………………………………………………..…….	$153
His total tax savings for the year with an HSA or FSA …………...	$733

This hypothetical is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.

Compare HSA & FSA

	HSA	Limited Purpose FSA	Health Care FSA	Dependent Care FSA
Available with...	Aetna Choice POS II Basic HDHP Aetna Choice POS II Enhanced HDHP	Aetna Choice POS II Basic HDHP Aetna Choice POS II Enhanced HDHP	Aetna Choice POS II Plan Open Access Aetna Select Plan (closed to new enrollees) (or no WSP USA medical plan)	Any medical plan (or no WSP USA medical plan)
Automatic Company contribution to your account	Yes	No	No	No
Change your contribution amount anytime?	Yes	No	No	No
Access your entire annual contribution amount at the beginning of the plan year	No	Yes	Yes	No
Access only funds that have been deposited?	Yes	No	No	Yes
Use account money for…	All eligible health care expenses	Only dental and vision expenses	All eligible health care expenses	Eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders
“Use it or lose it” at year-end?	No	Yes (Carry over up to $640)	Yes (Carry over up to $640)	Yes
Money is always yours to keep?	Yes	No	No	No
Documentation required	For tax-filing and IRS audit purposes only	For submission with reimbursement request	For submission with reimbursement request	For submission with reimbursement request

*The IRS allows you to carry over a portion of unused account balance(s) in the Health Care and Limited Purpose FSA. Amounts above this carryover limit are forfeited under IRS "use it or lose it" rules.

Health Savings Account (HSA)

Take charge of your health care spending with a Health Savings Account (HSA). It’s only available when you enroll in WSP USA’s qualified high-deductible health plans, the Aetna Choice POS II Basic HDHP or the Aetna Choice POS II Enhanced HDHP. Contributions to an HSA are tax-free, and no matter what, the money in the account is yours. Use it to pay for eligible health care expenses at any time — HSAs allow you to save and roll over the full balance if you do not spend it in the calendar year. It’s a great way to save for post-retirement health care needs too.

Watch this one minute video about benefits of having an HSA

Get a triple tax advantage!

With an HSA, you can:

*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ.
Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.

Contribution Limits

The annual HSA maximum is outlined by the IRS each year and includes both the employee and employer contributions. If you are enrolled in WSP USA's Aetna Choice POS II Basic HDHP or the Aetna Choice POS II Enhanced HDHP in 2024, the maximum contributions are as follows:

	Individual – Basic HDHP	Family – Basic HDHP	Individual – Enhanced HDHP	Family – Enhanced HDHP
Maximum Employee Contribution	$3,900	$7,800	$3,650	$7,300
WSP USA Contribution	$250	$500	$500	$1,000
HSA Maximum	$4,150	$8,300	$4,150	$8,300

Employees who are age 55 or older during the coming year may make additional annual catch-up contributions up to $1,000, above the annual HSA maximum.

How to Use Your HSA

Your HSA can be used for qualified health care expenses for you, your spouse and/or dependent(s),* even if they are not covered by your plan.

Eligible expenses include doctor’s office visits, eye exams, prescription expenses and LASIK surgery. IRS Publication 502 provides a complete list of eligible expenses and can be found on www.irs.gov.** Visit HealthEquity for more information on how HSA accounts work.

* To use your HSA for your children, they must be a “tax dependent" for the reimbursement to be non-taxable. The rule that permits a health plan to cover health care expenses for a nondependent child up to age 26 does not apply to HSAs.

**You will pay ordinary income tax plus a 20% penalty if you use HSA money for ineligible expenses. However, if you are age 65 or older, the penalty does not apply.

You are eligible to open and fund an HSA if:

You are enrolled in WSP USA's Aetna Choice POS II Basic HDHP or Aetna Choice POS II Enhanced HDHP.
You are not covered by your spouse/domestic partner’s health plan, health care flexible spending account or health reimbursement account.
You are not eligible to be claimed as a dependent on someone else’s tax return.
You are age 65 or older and not enrolled in Medicare* (Parts A, B, C, or D), Medicaid or TRICARE for Life.
You have not received Department of Veterans Affairs Medical benefits in the past 90 days.
If you make a change to or newly enroll in a medical plan as a result of a Qualifying Life Event, you may not change from a general purpose FSA to an HSA or vice versa if already enrolled in one or the other during Open Enrollment.

* If you are enrolled in Medicare and wish to participate in an HSA you must opt out of your Medicare coverage. Contact your local Social Security office for details. You will need to provide documentation that Medicare was dropped.

If you elect WSP USA’s Aetna Choice POS II Basic HDHP or Aetna Choice POS II Enhanced HDHP, you’ll have the opportunity to choose a contribution amount for your HSA. WSP USA contributions cannot be deposited into your HSA, until you’ve opened an account with HealthEquity. The bswift website has a link to enroll directly with HealthEquity online.

You can change your HSA contribution amount at any time throughout the year. Visit https://wspusa.bswift.com to update your contribution. Once logged in, click on ‘Change HSA Contribution’ on the home screen and walk through the steps. Be sure to click submit for the changes to apply. Updates take 1-2 pay cycles to reflect in your paycheck.

Health Care Flexible Spending Account (HCFSA)

Health Care Flexible Spending Accounts (HCFSAs) allow you to set aside pretax payroll deductions to pay for out-of-pocket health care expenses, such as deductibles, copays and coinsurance, as well as your dependent’s health care expenses. You can easily pay for eligible expenses with an HCFSA debit card, allowing you to avoid waiting for reimbursement.

Health Care FSA

This account is available to you if you enroll in the Aetna Choice POS II Plan, Open Access Aetna Select Plan (closed to new enrollees), HMSA PPO, Kaiser Permanente HMO or if you do not enroll in a WSP USA medical plan. You can contribute up to $3,200 on a pretax basis for qualified medical, dental and vision expenses with pretax dollars, which will reduce the amount of your taxable income and save you money.

How to Use Your HCFSA

Once you incur an eligible expense, you can pay with your HCFSA debit card or submit a claim form along with the required documentation to HealthEquity.
If you have a question about a reimbursement, contact HealthEquity at 1-866-735-8195.
Should you need to submit a receipt, you will receive an email or be mailed a receipt notification from HealthEquity. You should always retain a receipt for your records.

Limited Purpose Flexible Spending Account (LPFSA)

Limited Purpose LPFSA

This account is available to you if you enroll in a qualified high-deductible plan, such as the Aetna Choice POS II Basic HDHP or Aetna Choice POS II Enhanced HDHP. You can contribute up to $3,200. This account is designed to complement an HSA and can only be used for dental and vision expenses (not medical).

How to Use Your LPFSA

Once you incur an eligible expense, you can pay with your FSA debit card or submit a claim form along with the required documentation to HealthEquity.
If you have a question about a reimbursement, contact HealthEquity at 1-866-735-8195.
Should you need to submit a receipt, you will receive an email or be mailed a receipt notification from HealthEquity. You should always retain a receipt for your records.

Dependent Care Flexible Spending Account (DCFSA)

This account is available to all benefit-eligible WSP USA employees, regardless of your medical plan enrollment.

You can contribute up to $5,000 on a pretax basis to pay for childcare or elder care expenses that are necessary for you and your spouse to work or attend school full time.
Eligible dependents include children younger than age 13 who are claimed as a dependent on your federal income tax, and dependents of any age who are incapable of caring for themselves and spend at least eight hours a day in your home.
Expenses are reimbursable as long as the provider is not anyone considered your dependent for income tax purposes.
In order to be reimbursed, you must provide the tax identification number or Social Security number of the caregiver.
Reimbursement from your Dependent Care FSA is limited to the total amount that is deposited in your account at that time.

The money in your Dependent Care FSA does not carry over to the next plan year; you must “use it or lose it.” Request reimbursement or manage your account on the HealthEquity website.

Confused about which account works best for you? Check out this video on HealthEquity that might help you better understand the tax savings accounts better.

Filing for Reimbursement

You will have until April 30 of the following year to file for reimbursement of health care or dependent care expenses incurred during the calendar year you were enrolled in the account.

Due to federal regulations, expenses for your domestic partner and your domestic partner’s children may not be reimbursed under the FSA programs. Please check with your tax advisor to determine if any exceptions apply to you.