ThrivePass Pre-Tax Accounts 24.05.00

ThrivePass Pre-Tax Accounts are employer-sponsored benefit accounts that allow employees to set aside a portion of their paycheck before taxes are deducted to pay for eligible expenses.

ThrivePass offers accounts such as Health Savings Account (HSA), Flexible Spending Account (FSA), and Dependent Care Flexible Spending Account (DCRA) as part of their Pre-Tax Account offering.

Eligible expenses that can be covered include medical expenses, dependent care expenses, vision care, dental care, and more. Each account has specific eligible expense guidelines.

Employees can elect to contribute a certain amount from their paycheck into their chosen ThrivePass Pre-Tax Account through pre-tax payroll deductions.

Yes, there are contribution limits set by the IRS for each type of account, such as HSA, FSA, and DCRA. Employees should be aware of these limits when contributing to their accounts.

The rollover rules vary by account type. HSAs typically allow funds to roll over year to year, while FSAs may have a 'use it or lose it' rule unless the employer offers a grace period or carryover option.

Employees can access funds in their Pre-Tax Accounts through various methods such as debit cards, reimbursement claims, or online portals depending on the account type and employer's setup.

In most cases, employees can only adjust their contribution amounts during open enrollment or due to qualifying life events as per IRS regulations.

Contributions made to ThrivePass Pre-Tax Accounts are not subject to federal income tax, FICA tax, or most state income taxes, providing savings on taxable income.

Enrolling in ThrivePass Pre-Tax Accounts can help employees save money on eligible expenses by using pre-tax dollars, reducing overall taxable income and increasing take-home pay.