Savings & Spending Accounts

The Company offers several tax-advantaged accounts through HealthEquity and encourages you to take full advantage of their money-saving potential. You can enroll on the BBU Benefits Center website as a new hire, during Annual Enrollment, or if you have a qualifying life event. You may change your HSA contribution rate at any time during the year without a qualifying life event.

With the Standard HSA and Enhanced HSA, you’re eligible to open and contribute money to a Health Savings Account (HSA) through HealthEquity. The HSA is a tax-free savings account that you own. It offers triple tax savings – you contribute on a before-tax basis, earnings grow tax-free, and withdrawals are not taxed if used for qualifying expenses. You can choose to spend the money right away as eligible health expenses come up or save it for the future — you can even use it in retirement.

The Company also contributes money to your account based on your coverage level and the plan you choose. The full amount is contributed as a lump sum and should be available by January of each plan year, depending on your payroll schedule. If you are a new hire or enroll in the HSA at any time during the year, you will receive the full Company contribution for that year.

Get triple tax savings! 

With an HSA, you can:

*HSA contributions are not subject to Federal income tax but are currently subject to state income tax in CA and NJ. 
Money in an HSA can be withdrawn tax-free if it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.

Using a Flexible Spending Account (FSA) for health care expenses is like getting a discount because you’re paying with tax-free money. The Health Care FSA is available to Associates who waive medical coverage, are not eligible to contribute to an HSA, or choose not to contribute to an HSA. This account can be used for all eligible medical, dental, and vision expenses.

With this account, you can contribute between $260 and $3,050 for the year through before-tax payroll deductions. You must enroll in these accounts each Annual Enrollment if you want to contribute the next year, even if you already have an account. Your election will be deducted from each of your paychecks in equal installments throughout the following calendar year.

All Associates (even those with Health Savings Accounts (HSAs)) can enroll in a Dependent Care FSA to help pay for eligible dependent day care expenses before-tax. Consider contributing to a Dependent Care FSA if you need to pay for expenses associated with day care for an eligible dependent (child under age 13 or older than age 13 if disabled and claimed as a dependent, or adult) while you and your spouse work, look for work or attend school full time.

You can contribute between $260 and $5,000 (or $2,500 if you are married and filing a separate tax return) for the year through before-tax payroll deductions to help cover your eligible dependent day care expenses, including childcare for children up to age 13 and care for dependent elders. You must enroll in this account each Annual Enrollment if you want to contribute the next year, even if you already have an account. Your election will be deducted from each of your paychecks in equal installments throughout the following calendar year.

	HSA	Health Care FSA	Dependent Care FSA
Available with …	Standard HSA Enhanced HSA	If you waive medical coverage or are not eligible to contribute to an HSA	All benefits-eligible Associates may enroll
Receive Company contribution?	Yes	No	No
Change your contribution amount anytime?	Yes	No	No
Access your entire annual contribution amount as needed?	No	Yes	No
Access only funds that have been deposited?	Yes	No	Yes
Use account money for…	All eligible health care expenses	All eligible health care expenses	Eligible dependent day care expenses, including childcare for children up to age 13 and care for dependent elders
“Use it or lose it” at year-end?	No	Yes	Yes
Money is always yours to keep?	Yes	No	No

Just like a retirement account, you can designate a beneficiary for your HSA who will receive your remaining balance in the event of your death. As personal circumstances change, it’s important to keep your beneficiaries up to date. To add or change a beneficiary, visit HealthEquity.