TreeHouse offers employees several saving and spending accounts that allow you to elect how much you'd like to contribute. Funds are deducted from your paycheck pretax, which lowers your taxable income. The money you withdraw is also tax-free when used for eligible expenses.
TreeHouse offers the following accounts:
You must re-enroll in these plans every year if you want to participate—elections do not carry over from one year to the next.
Want to learn more? How is the Health Care FSA different from the Health Savings Account? Compare the Accounts.
HSA | HEALTH CARE FSA | |
---|---|---|
Who can participate?* |
|
|
What happens to unused contributions? |
|
|
How are contributions made? |
|
|
Who can contribute to the account? |
|
|
How much can you contribute? |
|
|
Can you change your contribution amount outside of Open Enrollment? |
|
|
What expenses are eligible? |
|
|
What are the deadlines for reimbursement? |
|
|
Who administers this benefit? |
|
|
*Keep in mind you cannot have a Health Care FSA and HSA at the same time (this is a tax law). If you currently have a Health Care FSA and plan on enrolling in the Consumer 2250 or Consumer 3000 Plan, be sure to spend down and get reimbursed for all expenses from your FSA first.
Here's an example. Let's say Jennifer decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, she'd pay $560 in federal income tax, $100 in state income tax, and $153 in FICA tax. So, by contributing that $2,000 to her HSA or FSA, she'll get an $813 tax savings for the year.
Without an HSA or FSA, Jennifer would pay … | Savings |
---|---|
28% in federal income tax | $560 |
5% in state income tax | $100 |
7.65% in Federal Insurance Contributions Act (FICA) tax | $153 |
Her total tax savings for the year with an HSA or FSA | $813 |
Note: This is a hypothetical illustration for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.
If you enroll in either the Consumer 2250 or Consumer 3000 Plan, you may open and contribute money to a Health Savings Account (HSA) through Optum Bank. TreeHouse will automatically set up your HSA through Optum Bank. The HSA is a tax-free savings account you can use to help cover the costs of your health care at any time—even in retirement. You may be required to provide additional information to Optum Bank in order to open your HSA. Funds cannot be deposited until your account is open.
You can log in to Empower and access your Optum account without having to log in a second time. This will allow you to manage current medical expenses with the flexibility to save for retirement.
Contribution from TreeHouse (if eligible). Depending on the plan and coverage level you choose as well as your annual base salary, you may qualify for a contribution from TreeHouse—see the chart below for details.
You can save, too. You can also contribute to your HSA through automatic, pretax payroll deductions. Change your contribution amount at any time during the year. The limits on total contributions to your account (your personal contribution plus any contribution from TreeHouse, if applicable) are:
Works like a bank account. Pay for eligible medical, dental and vision expenses for you and your family by swiping your HSA debit card, or reimburse yourself for payments you've made (up to the available balance in the account). Spend the money on:
No tax on contributions or withdrawals. Contributions are made from your paycheck on a pretax basis, and the money will never be taxed when used on eligible expenses.*
It's your money. Unused money can be carried over each year and invested for the future—you can even take it with you if you leave TreeHouse or use it in retirement.
*Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
TreeHouse will make the full HSA contribution in January 2022 for anyone who enrolls during Open Enrollment. For new hires, TreeHouse will make equal, prorated contributions each pay period following enrollment through the end of the plan year. Contributions are based on your annual base salary and the medical plan and coverage level you choose. If you move from one tier to another, your HSA contribution from TreeHouse will increase. This could happen if you get married or have a child and increase your coverage tier.
Consumer 2250 | Consumer 3000 | |
---|---|---|
If your annual base salary is less than $64,999, TreeHouse contributes: | ||
Employee-only | $600 | $200 |
Employee and Spouse or Child(ren) | $900 | $300 |
Family (Employee and Spouse and Child(ren) | $1,200 | $400 |
If your annual base salary is $65,000 or more, TreeHouse contributes: | ||
Employee-only | $600 | Not applicable |
Employee and Spouse or Child(ren) | $900 | Not applicable |
Family (Employee and Spouse and Child(ren)) | $1,200 | Not applicable |
Save money on health care and/or dependent care expenses by using a Flexible Spending Account (FSA). The money you contribute to these accounts comes from your paycheck before it is taxed, and you withdraw it tax-free when you pay for eligible expenses. To learn more about your FSA options, see the Flexible Spending Account Summary.
Available if you enroll in the TreeHouse PPO Plan or if you waive medical coverage
Available if you enroll in any TreeHouse medical plan or if you waive medical coverage
You must use your FSA balance by December 31 of the current plan year to be eligible for reimbursement beginning the next plan year. You will have until April 30 of the new plan year to submit those expenses for reimbursement.