Tax-Advantaged Savings Accounts
Save smart by maximizing your healthcare savings with accounts that work as hard as you do. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars to cover eligible medical, dental, vision, and dependent care expenses—reducing your tax burden while planning for healthcare costs throughout the year. Account options vary based on your medical plan choice.
Health Savings Account (HSA)
You can only contribute to an HSA if you are enrolled in our Anthem HDHP plan.
An HSA is a tax-advantaged savings account that lets you cover today's eligible medical, dental, and vision expenses while building savings for future healthcare needs.
Awesome Aspects of an HSA
Employer Contributions- Specialized contributes $750 (individual) or $1,500 (family) annually.
Triple Tax Advantage - Contributions are pre-tax, growth is tax-free, and withdrawals for qualified expenses are tax-free.
Funds Roll Over Indefinitely: No “use it or lose it” rule; your money carries over year after year.
You Own Your Account: The HSA belongs to you even if you change jobs or retire.
Investment Opportunity: You can invest HSA funds in mutual funds for higher potential growth.
Lowers Your Taxable Income - Contributions reduce your taxable income for the year.
Retirement Healthcare Savings- Can serve as a supplemental retirement account for medical expenses.
HealthEquity Administers our Health Savings Accounts in Partnership with Collective Health.
Flexible Spending Accounts (FSAs)
FSAs are tax advantaged savings accounts that allow you to set aside pre-tax dollars for eligible healthcare or dependent care costs throughout the year.
We offer three FSA options to meet your different needs.
Healthcare FSA: Covers all eligible medical, dental and vision expenses.
Limited Purpose FSA: Covers all eligible dental and vision expenses only. Only those enrolled in a high deducible health plan can enroll.
Dependent Care FSA: Covers eligible childcare and eldercare costs.
Take Advantage of:
Tax Savings- Contributions are pre-tax, reducing your taxable income
Immediate Full Balance Available: Your entire annual election amount is available from day one, even though you contribute over time
Helps with Planned Expenses- Great for anticipated medical procedures, orthodontics, or regular prescriptions
But Keep in Mind:
Requires Annual Re-Enrollment- Elections don’t automatically continue; you must re-elect each year during Open Enrollment
Use-It-Or-Lose-It- Forfeit unused funds over the rollover limit ($680 in 2026) at year-end
Limited Flexibility- You can’t change your contribution amount mid-year unless you have a Qualifying Life Event
Difficult to Predict Needs- Hard to estimate exact annual healthcare expenses
Navia Administers our Flexible Spending Accounts.
Company code: BCI
Check out the FSA & HSA store for guaranteed eligibility on 2,500+ products!
FAQs
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Read this article from HealthEquity to understand the key differences.
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If you choose to enroll in the FSA plan(s), make your election in your benefits enrollment in Workday upon hire and annually during open enrollment.
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Both HealthEquity, our HSA administrator, and Navia, our FSA administrator, will send you a welcome email when your enrollment has been processed.
Follow the instructions in that email to register for an online account.
You will also be mailed debit cards as an added convenience for using your HSA & FSA funds.
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You will receive debit cards in the mail from HealthEquity, our HSA administrator, and/or Navia, our FSA administrator.
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HSA funds rollover indefinitely with no “use it or lose it” rule. Your balance continues to grow year after year.
Healthcare and Limited Purpose FSA funds call roll over up to $680 from one year to the next. Any amount above $680 that isn’t spent by year-end is forfeited.
Dependent Care FSA funds do not roll over at all.
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For eligible dependent care expenses, you can contribute up to $5,000 maximum annually (in 2025) if you are single or file your tax return jointly; $2,500 (in 2025) if you are married and filing your tax return separately.