Health Savings and Flexible Spending Accounts: What’s the Difference?
When you enroll in an Ecolab medical plan, you have access to pre-tax accounts, each with different benefits, that can help you save on eligible medical and dependent day care expenses. For health expenses, the type of account you can enroll in depends on the medical plan you choose. Each type of account offers tax advantages and helps you save money. Here’s a high-level overview of how they differ.
Health Savings Account
Limited Purpose Health Care FSA
Health Care FSA
Dependent Day Care FSA
Medical Plan Compatibility
Health Savings Account Plan
Health Savings Account Plan
Traditional Plan
N/A
Who Contributes
You and Ecolab
You
You
You
How Funds Can be Used
Qualified medical, dental, vision and hearing expenses; COBRA continuation coverage if you leave employment with Ecolab; qualified long-term care insurance
Qualifying dental and vision expenses only. You may use your HSA to pay for medical or prescription drug expenses pre-tax
Eligible health care expenses you pay out of pocket (e.g., copayments, deductibles, eyeglasses, contacts, hearing aids, etc.)
Eligible dependent day care expenses for a child (e.g., child care for children up to the age of 13) or an elderly parent or disabled spouse
Rollover
Your full balance rolls over from year to year, even if you leave Ecolab, so funds can also be used to cover future medical expenses into retirement, including Medicare premiums and out-of-pocket expenses
For 2022, the IRS rules that govern the program allow a carry over of up to $570. When electing these benefits, the 2023 IRS limits will be reflected.
For 2022, the IRS rules that govern the program allow a carry over of up to $570. When electing these benefits, the 2023 IRS limits will be reflected.
Unused 2022 funds will not carryover to 2023.
Health Savings Account
Limited Purpose Health Care FSA
Health Care FSA
Dependent Day Care FSA
Medical Plan Compatibility
Health Savings Account Plan
Health Savings Account Plan
Traditional Plan
N/A
Who Contributes
You and Ecolab
You
You
You
How Funds Can be Used
Qualified medical, dental, vision and hearing expenses; COBRA continuation coverage if you leave employment with Ecolab; qualified long-term care insurance
Qualifying dental and vision expenses only. You may use your HSA to pay for medical or prescription drug expenses pre-tax
Eligible health care expenses you pay out of pocket (e.g., copayments, deductibles, eyeglasses, contacts, hearing aids, etc.)
Eligible dependent day care expenses for a child (e.g., child care for children up to the age of 13) or an elderly parent or disabled spouse
Rollover
Your full balance rolls over from year to year, even if you leave Ecolab, so funds can also be used to cover future medical expenses into retirement, including Medicare premiums and out-of-pocket expenses
For 2022, the IRS rules that govern the program allow a carry over of up to $570. When electing these benefits, the 2023 IRS limits will be reflected.
Carry over up to $550 into the next plan year for unused expenses
Your entire account balance as of December 31, 2021, will carry over into 2022.
Health Savings Account
Limited Purpose Health Care FSA
Health Care FSA
Dependent Day Care FSA
Medical Plan Compatibility
Health Savings Account Plan
Health Savings Account Plan
Traditional Plan
N/A
Who Contributes
You and Ecolab
You
You
You
How Funds Can be Used
Qualified medical, dental, vision and hearing expenses; COBRA continuation coverage if you leave employment with Ecolab; qualified long-term care insurance
Qualifying dental and vision expenses only. You may use your HSA to pay for medical or prescription drug expenses pre-tax
Eligible health care expenses you pay out of pocket (e.g., copayments, deductibles, eyeglasses, contacts, hearing aids, etc.)
Eligible dependent day care expenses for a child (e.g., child care for children up to the age of 13) or an elderly parent or disabled spouse
Rollover
Your full balance rolls over from year to year, even if you leave Ecolab, so funds can also be used to cover future medical expenses into retirement, including Medicare premiums and out-of-pocket expenses
Carry over up to $550 into the next plan year for unused expenses
For 2022, the IRS rules that govern the program allow a carry over of up to $570. When electing these benefits, the 2023 IRS limits will be reflected.
Your entire account balance as of December 31, 2021, will carry over into 2022.
Health Savings Account
Limited Purpose Health Care FSA
Health Care FSA
Dependent Day Care FSA
Medical Plan Compatibility
Health Savings Account Plan
Health Savings Account Plan
Traditional Plan
N/A
Who Contributes
You and Ecolab
You
You
You
How Funds Can be Used
Qualified medical, dental, vision and hearing expenses; COBRA continuation coverage if you leave employment with Ecolab; qualified long-term care insurance
Qualifying dental and vision expenses only. You may use your HSA to pay for medical or prescription drug expenses pre-tax
Eligible health care expenses you pay out of pocket (e.g., copayments, deductibles, eyeglasses, contacts, hearing aids, etc.)
Eligible dependent day care expenses for a child (e.g., child care for children up to the age of 13) or an elderly parent or disabled spouse
Rollover
Your full balance rolls over from year to year, even if you leave Ecolab, so funds can also be used to cover future medical expenses into retirement, including Medicare premiums and out-of-pocket expenses
Carry over up to $550 into the next plan year for unused expenses
Carry over up to $550 into the next plan year for unused expenses
Unused 2022 funds will not carryover to 2023.