Tax Advantaged Accounts
With a BankUnited Tax Advantaged Account you get to use some of the money that would normally go to taxes to help pay for qualified expenses. Eligible employees have the option to enroll in the following types of tax advantaged accounts:
Type A: For Healthcare expenses:
- Health Savings Account (HSA) OR
- Healthcare Flexible Spending Account (Healthcare FSA)
Type B: For Childcare and Elder Care Expenses:
- Dependent Care Flexible Spending Account (Dependent Care FSA)
Type C: For Public Parking and Transit:
- Commuter Flexible Spending Account (Commuter FSA)
Each Account has tax advantages but they have different ways of being funded and different ownership and usage terms.
There are two options to set aside pre-tax dollars for healthcare expenses for you and your family. However the IRS does not allow enrollment in both. There are considerable differences between both to explore.
| Topic | FAQ | (HSA) Health Savings Account | OR | (FSA) Healthcare Flexible Spending Account |
| Medical Plan Requirement | Will I be required to enroll in a medical plan? | Yes. You must be enrolled in the HSA medical plan to qualify. | No. You are not required to enroll in a medical plan. (HSA medical plan participants do not qualify.) | |
| Employer Contribution | Will BankUnited add any money in my account? | Yes. $1,000 for those joining the plan as of January 1st. Pro-rated for those who join mid-year. | No | |
| Account Limits | What is the most I can put into the account each year? | Based on medical plan selections: Self-only coverage: $4,150 Family Coverage: $8,300 Additional $1,000 for individuals age 55 and over | $3,200 | |
| Enrollment | How do I enroll and open my account? | Once enrolled in the HSA medical plan, you will receive instructions for opening your free HSA directly to you inbox prior to your benefit start date. They are also linked below. | You may enroll in the ADP Employee Self Service during an eligible timeframe. | |
| Elections | How do I select the pretax amounts to deduct from my paycheck? | You may start, stop or change your pretax contribution amount at any time during the year using your direct deposit feature in ADP. | You must select the amount you will contribute for the year at the time of enrollment and will not be allowed to change it unless you experience a qualifying life event. | |
| Rollover Rules | Will I lose any unused funds at the end of the year? | No. All unused funds rollover each year regardless of medical plan elections, or employment status. The funds are yours to keep. | Yes. Unused funds are forfeited at the end of each year. Unless you re-enroll in the following year then you may rollover up to $500 of unused funds in the following year. | |
| Funds Availability | When will my money be available to use in the account? | Your elected amount is available every pay day via direct deposit from paycheck. | The amount elected at the time of enrollment is fully available as of day 1 of your benefit start date. However, your contribution will be divided and deducted throughout the year on a per paycheck basis. | |
| Eligible Expenses | What am I allowed to use the money for? | Generally medical, dental and vision expenses. See the IRS website for a detailed breakdown of eligible expenses. | Generally medical, dental and vision expenses. See the IRS website for a detailed breakdown of eligible expenses. | |
| Managing Your Account | How do I access my money? | A debit card will be issued. | A debit card will be issued. | |
| Claims/Reimbursement | Will I be required to submit receipts when I use the funds? | No. Employee is the account owner and responsible for keeping records to substantiate proper use of the account (including self-reimbursement) in the event of an IRS audit. | Yes. Employee must submit documentation to plan administrator (Health Equity) for each expense within 30-60 days or to request reimbursement for qualified expense. | |
| Account Administration Vendor | What company will my account be held with? | BankUnited, N.A. | Health Equity (formerly WageWorks) |
Resources:
HSA
- HSA Instructions for New Participants– See instructions to open your HSA account. To fund your account with your own pre-tax dollars use the direct deposit feature in ADP Employee Self- Service Portal
- HSA Account Instructions 2024 for Current Participants- See instructions to learn about this year’s HSA contribution limits, how to update your HSA account, and information regarding HSA administration.
- Employee Account Application Form– To open your HSA account with BankUnited just complete this form and submit to the “Employee Accounts” mailbox.
- HSA Direct Deposit– See instructions to set up your pretax contributions to your HSA account directly from your paycheck.
- HSA Frequently Asked Questions– Get answers to the most common questions regarding Health Savings Accounts and the “rules”.
- HSA Eligible Expenses– A summarized list of what you can use your HSA dollars for.
- HSA and Medicare– Here are some important things to understand if you are enrolled in Medicare or considering Medicare while enrolled in our HSA plan.
FSA
- Quick Start Guide Managing FSA Accounts – This guide provides an overview on account access, support and claims submission process.
- FSA Eligible Expense Guide– A summarized list of eligible expenses for your Health and Dependent Care FSA dollars.
- Card Use and Verification Checklist & the FSA HealthCare Card Verification Document– Anytime you use your FSA card you must validate the expense with HealthEquity/WageWorks. This guide will show you what you can expect to happen when you swipe your card.
- Your Healthcare FSA Debit Card– A guide to understanding how your FSA debit card will work, your responsibilities, and some helpful tips.
- Health and Dependent Care FSA SPD– A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.
With Dependent Care FSA you can set aside pre-tax money from every paycheck to help pay for dependent care expenses. As of 1/1/2022 All FSA (flexible spending accounts) offered at BankUnited will be administered in partnership with Health Equity (formerly WageWorks).
| FAQs | HealthEquity |
| Who is considered a qualifying 'dependent'? | A qualifying dependent may be a child under age 13, a disabled spouse or an older parent in elder care. |
| What can I use the account dollars for? | Eligible dependent care expenses include: Daycare, Nursery school, Preschool, Summer Day Camp, Before or After School Programs and Elder Daycare. It is intended to pay for care needed to attend work. |
| When do I enroll and pay? | During an eligible timeframe (i.e. Open Enrollment, New Hire or qualifying life event). You will select and be locked into an annual dollar amount of your choice up to $5,000 ($2,500 if married filing separate). The amount you select will be divided evenly and paid by way of payroll deductions (pretax of course) each paycheck until the end of the year when the amount you selected would be paid in full. |
| How do I access the pretax dollars in this account? | Once you have incurred and paid for an eligible expense you will sign into your Health Equity account to request reimbursement using those pretax dollars you have set aside. Note: Unused dollars will be forfeited after the end of the year. |
| Why is this beneficial? | The benefit can lower your taxable income during the year and still does not take away your ability to claim a child care tax credit for expenses above your elected annual amount. |
Resources for Dependent Care FSA:
- Dependent Care Claim Form - If you are unable to file for claim reimbursement online you may also complete this form and submit via email or fax indicated on the form.
- Dependent Care FSA Information – Understand what a Dependent Care FSA is and what it has to offer.
- Dependent Care FSA Account Use and Eligibility - Maximize your Dependent Care FSA funds when you enroll, spend and identify eligible dependents.
- Dependent Care FSA Eligible Expense Guide – A summarized list of eligible expenses for Dependent Care FSA dollars.
- Health and Dependent Care FSA SPD – A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.
- Commuter benefit allows you to set aside up to $315* pretax dollars per month for public transportation to work and/or $300 for public parking.
- You can enroll anytime but must make your elections by the 10th of each month for funds to be available on your commuter debit card by the 1st of the following month.
- You can enroll and make your elections, purchase transit passes and tickets, request parking reimbursements, and manage your funds all from the Health Equity website. See the quick start guide.
- Use your debit card to pay for transportation directly or purchase a pass online at the health equity site or for parking you can pay out of pocket and request reimbursement later.
- Eligible transportation expenses includes Bus Services, Rail Services, Water Shuttles, and Vanpool Services.
Resources:
- Commuter FSA SPD – A Summary Plan Description provides a deeper dive into all covered and excluded benefits as required by law.
- Commuter Quick Start Guide – This guide provides an overview on account access, support and claims submission process.
* Limits are estimated as of the date the information has been updated.