Tax Advantage Savings Plans

Tax Advantage Savings Plans

OneOncology offers a variety of ways to save money now and for your future. See below to better understand what is available to you.

Health Care Flexible Spending Account (Health Care FSA)

A Health Care FSA is designed to help you pay for qualified expenses with pre-tax dollars if you are enrolled in the PPO or EPO plans. There are no employer contributions to this account. Any contributions you make to this account can be used to pay for medical, dental or vision expenses.

For 2022, you may contribute up to $2,750 to cover qualified healthcare expenses incurred by you, your spouse, or qualifying child. It is important to make a best estimate on the amount of funds you need for 2022 because there are restrictions on how much can be carried over each year. IRS rules allow for $550 to be carried over from 2022 to 2023.

Visit Optum Bank for a full list of qualified healthcare expenses.

Dependent Care Flexible Spending Account (Dependent Care FSA)

For 2022, you may contribute up to $5,000 (per family) to cover eligible dependent care expenses ($2,500 if you and your spouse file separate tax returns).

Some eligible expenses include:

  • Care of a dependent child under the age of 13 by babysitters, nursery schools, pre-school or daycare centers
  • Care of a household member who is physically or mentally incapable of caring for him/herself and qualifies as your federal tax dependent

For a complete list of eligible expenses, visit IRS Website.

Health Savings Account (HSA)

A HSA is designed to help you pay for qualified healthcare expenses with pre-tax dollars if you are enrolled in the HDHP Buy-Up or HDHP Base plan. OneOncology makes an annual contribution that varies based on your plan election. You can also make contributions. All contributions are subject to IRS limits.

Your HSA funds are your money. Unused funds can be carried over each year and invested for the future. Once your HSA balance reaches $2,000, you will have investment options for your money. Any interest or earnings on this balance grow tax-free. If you do not use these funds on healthcare, you can save these funds to use in retirement or take the account with you if you leave OneOncology.

Visit Optum Bank for a full list of qualified healthcare expenses.

Commuter Expense Reimbursement Account (CERA)

This account allows you to pay for parking and commuting expenses pre-tax and is typically used by employees living in major metropolitan cities. Talk to your HR representative if you have questions about whether this benefit may be applicable for your location.

Links & Resources

Browse additional resources below

My HSA

My HSA

My FSA

My FSA

My CERA

My CERA

Employee Benefits Help

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