Budgeting for your health care
When you put money into a health savings account or flexible spending account, you can save about 20%* on your care. This is because you don’t pay taxes on your contributions.
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*Percentage varies based on your tax bracket.
Health savings account
If you are enrolled in the UMR HDHP, you may be eligible to open and fund a health savings account (HSA) through HSA Bank.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
2024 IRS HSA contribution maximums
Contributions to an HSA cannot exceed the IRS allowed annual maximums.
- Individuals: $4,150
- All other coverage levels: $8,300
If you are age 55+ by December 31, 2024, you may contribute an additional $1,000.
HSA eligibility
You are eligible to fund an HSA if:
- You are enrolled in the UMR HDHP.
You are NOT eligible to fund an HSA if:
- You are covered by a non-HSA eligible medical plan, health care FSA, or health reimbursement arrangement.
- You are eligible to be claimed as a dependent on someone else’s tax return.
- You are enrolled in Medicare, TRICARE, or TRICARE for Life.
Refer to IRS Publication 969 for additional eligibility details. If you are over age 65, please contact Human Resources.
Maximize your tax savings with an HSA
Flexible spending accounts
Rise Broadband offers three flexible spending account (FSA) options administered by Rocky Mountain Reserve.
Log into your account at rockymountainreserve.com or download the RMR Benefits Mobile app to: view your account balance(s), calculate tax savings, view eligible expenses, download forms, view transaction history, and more. Once you have entered your phone number into your profile, you can text "BAL" to 97487 to check your balance.
Health care FSA (not allowed if you fund an HSA)
Pay for eligible out-of-pocket medical, dental, and vision expenses with pre-tax dollars.
The health care FSA maximum contribution is $3,200 for the 2024 calendar year.
Limited purpose health care FSA (if you fund an HSA)
If you fund an HSA, you can also fund a limited purpose health care FSA. The limited purpose health care FSA can only be used for dental and vision expenses.
The limited purpose health care FSA maximum contribution is $3,050 for the 2024 calendar year.
Dependent care FSA
The dependent care FSA allows you to pay for eligible dependent day care expenses with pre-tax dollars. Eligible dependents are children under 13 years of age, or spouse, a child over 13, or elderly parent residing in your home who is physically or mentally unable to care for themselves.
You may contribute up to $5,000 to the dependent care FSA for the 2024 plan year if you are married and file a joint return or if you file a single or head of household return. If you are married and file separate returns, you can each elect $2,500 for the 2024 plan year.
