The Tax Man
Just like with HSA expenses, you will need to keep record of these sheets of paper, normally handed out after making a payment, in case the tax man comes knocking at your door.
What is a receipt?
The three letter acronym FSA stands for this.
What is a Flexible Spending Account?
This employee started off in the accounting department and worked his way up to become the head honcho at CVEC.
Who is Kelly Lankford?
Typing this URL into your web browser will take you to the home page of HSA Bank where you can login and access your HSA.
What is HSABANK.COM?
The three letter acronym HSA stands for this.
What is Health Savings Account?
Filling out this form could save your loved ones some tax dollars should you ever meet your demise.
What is a beneficiary form?
Just like the 401K, RS Pension Plan, major medical insurance, and dental insurance, this is the company through which the FSA benefits are administered.
What is the NRECA?
This popular breakfast item can be found in the breakroom on most safety meeting days.
What is a burrito?
Much like money in a 401k, choosing to do this with your HSA funds could net you a hefty tax-free growth of money over the years.
What is invest?
This commonly used insurance term is also the amount CVEC generously deposits into your HSA on an annual basis.
What is a deductible?
You can use your HSA to pay for these without being subject to income tax or a penalty.
What are qualified medical expenses?
Unlike the HSA, this will happen to your unused FSA funds at the end of the year.
What is expire?
At 10AM on any given weekday, you can expect to see this particularly awesome CVEC department getting their morning stroll in.
What is the accounting department?
Just like the 401k, you can set these up anytime during the year to increase your HSA funds with the benefit of reducing your taxable income.
What are contributions?
Unlike the funds in an FSA, this will not happen to the funds in an HSA at year-end.
What is expire?
Similar to most types of insurance, the FSA requires you to file these along with a proof of payment.
What is a claim?
This type of flexible spending account can be setup to pay for the cost of preschool, daycare or elder care with the benefit of reducing your taxable income.
What is a dependent care FSA?
This tasty snack is popular among cooperative employees and eaten frequently during break. CVEC even has a machine similar to what is used at theatres to cook up a batch.
What is popcorn?
At age 65, you will no longer be subject to this percentage penalty from the IRS regardless of how you spend your HSA dollars.
What is 20%?
You can access your account funds, view your balance, send payments, upload receipts, view transactions and much more by downloading this to your mobile device.
What is the HSA Bank App?
This term is used to describe deductions that are taken from an employee's paycheck before taxes are withheld.
What is pretax?
This type of flexible spending account can only be used for vision and dental expenses such as braces, eyeglasses, vision exams and Lasik eye surgery. Dollars contributed to this account also reduce your taxable income.
What is a limited FSA?
A picture of this fine CVEC employee hangs high above all else in the office of our line superintendent.
Who is Newt Kitchens?
These are the names of the two investment options HSA Bank provides.
What is Devenir and TD Ameritrade?
These are the total dollar amounts CVEC deposits into your HSA yearly.
What is $3000 and $6000?