Total Rewards at Caleres
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
|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:
||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.|
|When can I modify my contribution amount?||You can start, stop or change your contributions at any time||You have to select your contribution amount at the beginning of the year and stick with it until the next enrollment period. You can only change it if you have a qualified Life Status Event.|
|When are my funds available?||You can only use what’s available in your account on the day you pay for an expense. Funds deposit to your account after each payroll deduction.||The entire annual contribution amount is available on January 1st.|
* 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.
Note: Regarding the verification process with WEX, in accordance with the USA PATRIOT Act, Federal law requires all financial institutions to obtain, verify, and record information that identifies each individual or entity opening an account. When you open an account, you should receive a letter from WEX asking for your name, address, Social Security or tax identification number, date of birth (if applicable), and other information that will allow WEX Bank to identify you within 60 days. If unsuccessful in receiving valid identify verification documents within 60 days, the pending funds will be returned and the account will be closed. You can contact WEX directly to verify your information by calling 1-866-451-3399.