When you elect the CDHP, you are eligible for the Health Savings Account (HSA), which allows you to save tax-free money to spend on eligible healthcare expenses. Remember, you must make a new election each year during Open Enrollment to continue contributing to your HSA, but you can change your contribution amount at any point throughout the year.
Arkema’s Contribution to Your HSA
The maximum HSA contribution includes contributions from all sources, which includes employer contributions, your own payroll contributions, direct contributions you make to your HSA account for the current calendar year, and contributions while working at another employer if you are new to the Arkema plan this year. To determine the maximum you can contribute through payroll, view the appropriate information below.
| 2024 HSA Contribution Limits | ||
|---|---|---|
| Individual | Family | |
| Arkema’s Contribution | $600 | $1,200 |
| Your Maximum Contribution | $3,550 | $7,100 |
| Total Maximum Contribution | $4,150 | $8,300 |
Note: If you are age 55 or older, you may contribute an additional $1,000 to your HSA in 2024.
Arkema's contribution will be prorated based on when you open your HSA. Complete your HSA eligibility questionnaire and approve the HSA banking Agreement by making an HSA election ($0 to the maximum annual amount above) and then completing the HSA questionnaire and agreement that follows in the pop up online after you enroll in the HSA at myplansconnect.com/Arkema. If you close your enrollment without completing the HSA questionnaire, please go back to the site and report a life event and elect complete the HSA questionnaire and Banking agreement. If you need help, call the Benefits Center and talk to a representative at 1-800-406-9823.
Open your HSA or make changes to your contributions at Arkema Benefits Online and begin making contributions through payroll deductions. Health Savings Accounts for Arkema employees are administered through Fidelity.
A Flexible Spending Account (FSA) allows you to deduct money from your paycheck on a before-tax basis and deposit it into a spending account. This can reduce your taxable income and save you money on taxes.
You will receive a debit card to spend on Health Care and Limited Purpose FSA purchases, or you may submit claims for reimbursement to Fidelity.
To participate in an FSA, you must make a new election each year. Arkema offers three types of FSAs:
Important IRS Rules for Flexible Spending Accounts
In return for the tax advantages you receive through an FSA, the following IRS rules apply:
- Any money left in your account at year-end will be forfeited (also known as the IRS “use it or lose it” rule).
- You have until March 31 of the following calendar year to submit eligible claims that were incurred while you were a participant during the prior year. For example, if you participate in the Health Care FSA during 2024, you have until March 31, 2025, to submit your expenses incurred in 2024.
- Expenses paid through an FSA can’t also be claimed as a tax deduction on your federal income tax return.
- Changes to an FSA election can only be made during the year due to a qualifying life event and the change must be consistent with the event.
| Flexible Spending Account | Eligibility | What You Can Spend it On | Contribution Limit |
|---|---|---|---|
| Health Care FSA | Available if you enroll in the Aetna PPO, or if you do not enroll in any of Arkema’s medical plans | Eligible medical, dental and vision expenses not reimbursed by your healthcare plan | Currently, the maximum you can contribute is $3,050. |
| Limited FSA | Available in the Aetna CDHP or another “high deductible” medical plan | Out-of-pocket dental and vision expenses as well as healthcare expenses after the deductible is met | Currently, the maximum you can contribute is $3,050. |
| Dependent Day Care FSA | Available to everyone | Expenses such as day care for your child under age 13 or other family or household members who are unable to care for themselves; the care must be provided in order to allow you—or you and your spouse—to work or attend school full-time | Currently, you can contribute up to $5,000 a year to the Dependent Care FSA, or $2,500 if you are married and file separate income tax returns. |
Employees who leave the company will no longer have access to contributions in the Health Care or Limited Purpose Flexible Spending Accounts.
Dependent Day Care FSA
If you elect to contribute to a Dependent Day Care FSA and are terminated by the Company, you will have 90 days following your date of termination to incur claims and use up the money in your Dependent Day Care FSA account. You must submit all claims by March 31 of the following year.
Substantiating an FSA Debit Card Expense
What do you do if you have been asked to substantiate a Flexible Spending Account expense you used your debit card for?
First, find out what the expense is that substantiation is being requested for. If the claim was partially paid by Aetna, Delta Dental or a VSP vision plan, you can download an EOB from any of these websites for the date of service and provide that as support for the claim. If you have an itemized receipt from the health care provider showing the expense amount and what medical, dental or health care service it was for, please provide that to Fidelity as substantiation.
Please respond in a timely manner to these requests from Fidelity to avoid having your debit card suspended. If you need help, please contact Fidelity FSA or debit card services at (833) 299-5089.