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Health Savings and Spending Accounts

The health savings and spending accounts available to you depend on which medical plan you choose. Check out the chart below to understand which option(s) are available to you and how the accounts compare.

Health Savings Account (HSA) Health Care Flexible Spending Account (FSA)
Which medical plans can I use this account with? Consumer Plan only All Caleres plan options, but if you choose the Consumer Plan you’ll have a “limited purpose” account that can only be used for dental and vision services
Who can contribute to the account? Caleres and you
  • Caleres adds $390 to your account for associate-only coverage or $780 if you cover any of your family members.*
  • For 2022, you can contribute $3,260 if you have associate-only coverage and $6,520 if you cover one or more family members.
  • If you’ll be age 55 or older this year, you can add $1,000.
  • You can contribute between $290 and $2,850 to this account annually.
What can I use my account on? You can use both accounts for qualified medical expenses for yourself and your dependents.
What are the tax advantages? You benefit from triple tax savings:
  • You pay no FICA or federal taxes on the money you invest in your account or on the earnings. In most states,** you avoid state taxes on the money, too.
  • You can use the money for qualified medical, prescription drug, dental and vision expenses—tax free.
  • Any interest or investment income you earn on your account is tax free, too. (You can start investing when your balance reaches $2,000.)
The amount you put in your accounts comes out of your pay before taxes so you can reduce your total taxable income.
Can I roll over unused funds at the end of the year? Yes – You can even take your account with you if you leave Caleres No - You have to use up all the money on expenses for that calendar year. You can submit expenses for reimbursement through March 31 of the following year, but you’ll lose any money left in the account after that.

* To get the Caleres contribution, you have to choose the Consumer Plan and enroll in the HSA with a minimum contribution of $1 per pay period.
**HSA contributions are subject to state taxation in Alabama, California and New Jersey.

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