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 Premier or Value 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 2023, you may contribute up to $2,850 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 2023 because there are restrictions on how much can be carried over each year. IRS rules allow for $570 to be carried over from 2023 to 2024.

If you are currently enrolled in the FSA and you’re considering enrolling in the HDHP for next year, you will need to spend down your FSA balance to $0.

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

Dependent Care Flexible Spending Account (Dependent Care FSA)

For 2023, 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 with HSA 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.

FAQs

Quick Answers to Common Questions

More questions on Flexible Spending Accounts (FSAs)?

Why am I receiving paperwork from UMR about my expense?

Because this is an IRS regulated account that provides pre-tax benefits to you, transactions need to be substantiated. This means that you may have to provide additional documentation to UMR to validate this was an eligible transaction.

If I don’t use my funds, can I get a refund at year end?

No, unfortunately this is an IRS regulated account that does not allow a balance to be refunded to you.

More questions on Health Savings Accounts (HSAs)?

How can I get a new debit card?

Since the HSA account is a bank account, you will need to contact Optum Bank directly at 866-234-8913.

More questions on Commuter Expense Reimbursement Accounts (CERA)?

If I don’t use my funds, can I get a refund at year end?

No, unfortunately this is an IRS regulated account that does not allow a balance to be refunded to you.

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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