SAVINGS AND SPENDING ACCOUNTS
Allied Beverage Group will continue to offer a Health Savings Account (HSA) alongside medical plan Option 1, the HSA Plan. Employees also have the opportunity to enroll in Flexible Spending Accounts (FSA).
Allied Beverage Group provides the opportunity to participate in several savings and spending accounts. The Health Savings Account (HSA), Healthcare Flexible Spending Account (HCFSA), Dependent Care Flexible Spending Account (DCFSA), and Transit and Parking Spending Accounts are administered by Sentinel Benefits. Since the funds are pre-tax, every dollar you contribute earns you more in tax savings!
HEALTH SAVINGS ACCOUNT (HSA)
What is a Health Savings Account (HSA) and why might I choose to contribute to it?
- An HSA is a personal bank account that is yours to keep.
- It’s portable. Even if you change jobs, you get to keep your HSA.
- You can use your HSA to pay for qualified medical expenses.
- It allows for an improved retirement account. Funds roll over at the end of each year and accumulate tax-free, as does the interest on the account.
- Once you reach the age of 55, you are allowed to make additional “catch-up” contributions up to $1,000 to your HSA until age 65.
2025 ANNUAL CONTRIBUTION LIMITS
$4,300 for Individual / $8,550 for Family
Catch-Up Contributions: $1,000/year (HSA owners 55 and older)
2026 ANNUAL CONTRIBUTION LIMITS
$4,400 for Individual / $8,750 for Family
Upon initial enrollment into the HSA plan, New Hires will receive a lump sum Employer contributions pro-rated for the remainder of the plan year.
HOW IT WORKS
Present your Meritain ID Card
Complete your visit with provider.
Provider will submit claim for processing visit
Meritain will adjust the claim and prepare the EOB (Explanation of Benefits)
You will receive an EOB and and invoice from your provider
Pay the patient responsibilty from your HSA account
SPENDING ACCOUNTS
All Spending Accounts listed below follow a regular calendar year schedule (January through December). Open enrollment for Spending Accounts will be announced towards the end of the calendar year.
FLEXIBLE SPENDING ACCOUNT
Eligible expenses include medical, dental and vision expenses and some over the counter items. You are able to purchase eligible items online, visit the FSA Store: https://fsastore.com.
You can elect up to $3,300 for 2025. Your annual election is subject to the use-it-or-lose-it rule, which means you will forfeit any unused funds remaining in your account when the next plan year begins on January 1.
DEPENDENT CARE ACCOUNT
If you have a child (under the age of 13) or disabled loved one, you might rely on services like day care or home aide to be able to go to work. Lessen the financial burden by enrolling in this account.6 Eligible expenses include day care, babysitting, before and after school programs. You are able to elect up $5,000. Please note this is a use-it-or-lose-it election, which means you will forfeit any unused funds remaining in your account when the next plan year begins on January 1.
TRANSIT AND PARKING ACCOUNT
The Transit & Parking Account reduces your commuting expenses by allowing you to set aside pre-tax money for qualified transit and parking expenses you incur while getting to and from work.
The maximum amount you can contribute is $325 per month for 2025.
Eligible expenses include:
- Transit Expenses
- Parking Expenses
- Commuter Highway (Vanpool) Expenses
