Consumer Driven Health (CDH) Spending Account Administration
Our all-in-one CDH Solution ensures you have everything you need in one place.
Everyone saves with an FSA!
Potential Savings Example
FSA Annual Contribution: $2,000
Estimated 30% Tax Bracket
$2,000 * .30 = $600 Savings
Employee
$600 Savings
Employer
$7,650 Savings
Group with 50 Employees Enrolled
Each contributing $2,000
$2,000 * 50 = $100,000
$100,000 * .0765* = $7,650 Savings
*Using 7.65% tax rate for SSN/Medicare
FSA benefits are advantageous because they allow employees to set aside pre-tax money for qualified medical expenses, thereby reducing their taxable income. This not only saves money for employees but also lowers the amount of payroll taxes that companies must pay.
All accounts are accessible through a single debit card.
One Card
All Accounts
Each partner is assigned an implementation specialist to ensure swift and efficient onboarding
Swift
Onboarding
We provide participants with a complimentary enrollment portal for making their CDH elections, or alternatively, we can accept a spreadsheet or secure feed from your benefit administrator.
Digital
Enrollment Options
We can tailor plans to fit your requirements by offering various products, reimbursement choices, carryover options, and contribution limits
Customized Benefit
Solutions
No automated call centers here! Your dedicated Account team ensures personalized support, and your employees have direct access to live assistance.
Dedicated
Account Manager
Employees enjoy real-time access to all benefit information, enabling them to submit expenses and claims, scan items for eligibility, and manage reimbursements or payments effortlessly.
Participant
Mobile App
Clear and straightforward pricing model for all products, with multi year rate guarantees.
Simple Transparent
Pricing
Employer and Broker Portals give you complete visibility and reporting features to boost efficiency and minimize errors.
Online User
Portals
Delivering a Centralized Hub for all your CDH Benefit needs, our boutique-style firm serves as your dedicated partner, ensuring personalized assistance and support. All CDH Products include the following:
The MoneyWise CDH Advantage
Flexible Spending Accounts
FSA
An FSA, or Flexible Spending Account, is a type of tax-advantaged savings account offered by employers.
It allows employees to set aside a portion of their pre-tax earnings to pay for qualified expenses depending on the type of account they have elected.
All MoneyWise FSA Plans Include:
-
Mobile App for Participants
-
Debit Card for Participants
-
Participant Portal
-
Employer Portal
-
Multiple Options for enrollment and claims management
-
Multi Account coordination
-
Flexible contributions
-
Availability of 2-½ month grace period or carryover
-
Comprehensive reporting
-
Participant Educational Materials
-
POP Document
Healthcare FSA
Eligible expenses covered by a Healthcare FSA include costs like deductibles, copayments, coinsurance, dental care, vision care, and some over the counter items that are incurred for the employee and their eligible dependents. All eligible expenses are all pursuant to IRS Code Section 213(d) and a full searchable eligibility list can be found below as well as within Resources. However, specific rules can vary depending on the plan, so it's essential to review the details of your FSA plan document.
Dependent Care FSA
Eligible expenses covered by a Dependent Care FSA typically include the cost of daycare, preschool, before and after-school care, and summer day camps for dependent children under the age of 13, as well as expenses for dependent adults who are incapable of self-care, such as elderly parents or disabled relatives. It's important to note that eligible expenses and specific rules for Dependent Care FSAs can vary depending on the plan, so employees should refer to their plan documents.
Limited Purpose FSA
A Limited Purpose FSA works similarly to a traditional FSA but with restrictions on the types of expenses it can be used for. Limited Purpose FSAs are typically offered in conjunction with a Health Savings Account (HSA) and are designed to cover eligible dental and vision expenses only. By restricting the use of funds to dental and vision care, employees can preserve the funds in their HSA for future medical expenses while still enjoying tax savings on their dental and vision costs through the Limited Purpose FSA.
Commuter Reimbursement Accounts
Parking & Transit
A Commuter Reimbursement Account, sometimes called a CRA, is a type of tax-advantaged benefit account that allows employees to set aside pre-tax dollars to pay for eligible commuting expenses. These expenses typically include costs associated with public transit, such as bus, train, subway, and ferry fares, as well as expenses related to vanpooling and parking fees incurred for commuting to work.
All MoneyWise Commuter Plans Include:
-
Mobile App for Participants
-
Debit Card for Participants
-
Participant Portal
-
Employer Portal
-
Multi Account coordination
-
Comprehensive reporting
-
We also offer an innovative solution called Smart Commute that enables consumers to load value onto their Washington DC SmarTrip® cards, Atlanta Breeze® cards, Chicago Ventra® cards and San Francisco Clipper® cards.
-
POP Document
Mass Transit Accounts
Eligible Mass Transit expenses include: •Bus fares •Train fares (including commuter rail) •Subway and metro fares •Ferry fares •Vanpooling expenses •Now includes uber POOL and Lyft Line As always, employees should refer to their plan documents or consult with their employer for specific details on eligible transit expenses.
Parking Accounts
Eligible parking expenses that can be reimbursed through a Commuter Reimbursement Account typically include: •Parking fees incurred at or near the workplace, such as parking lots or garages. •Parking fees incurred at transit stations, such as park-and-ride lots. •Parking fees for vanpooling arrangements. As always, employees should refer to their plan documents or consult with their employer for specific details on eligible parking expenses.
Metros & States with Mandates for Commuter Accounts
Los Angeles New Jersey New York Philadelphia San Francisco Seattle Washington DC These mandates vary in terms of the number of employees covered, specific requirements, and penalties for non-compliance. Additionally, some states, such as California, have proposed or passed legislation to establish statewide commuter benefit programs, but as of March 2024, no statewide mandates were in effect. It's essential to check with local authorities or legal counsel for the most up-to-date information on commuter account mandates in specific states, cities, counties, etc.
Flexible Spending Accounts
FSA
An FSA, or Flexible Spending Account, is a type of tax-advantaged savings account offered by employers.
It allows employees to set aside a portion of their pre-tax earnings to pay for qualified expenses depending on the type of account they have elected.
All MoneyWise FSA Plans Include:
-
Mobile App for Participants
-
Debit Card for Participants
-
Participant Portal
-
Employer Portal
-
Multiple Options for enrollment and claims management
-
Multi Account coordination
-
Flexible contributions
-
Availability of 2-½ month grace period or carryover
-
Comprehensive reporting
-
Participant Educational Materials
-
POP Document
Healthcare FSA
Eligible expenses covered by a Healthcare FSA include costs like deductibles, copayments, coinsurance, dental care, vision care, and some over the counter items that are incurred for the employee and their eligible dependents. All eligible expenses are all pursuant to IRS Code Section 213(d) and a full searchable eligibility list can be found below as well as within Resources. However, specific rules can vary depending on the plan, so it's essential to review the details of your FSA plan document.
Dependent Care FSA
Eligible expenses covered by a Dependent Care FSA typically include the cost of daycare, preschool, before and after-school care, and summer day camps for dependent children under the age of 13, as well as expenses for dependent adults who are incapable of self-care, such as elderly parents or disabled relatives. It's important to note that eligible expenses and specific rules for Dependent Care FSAs can vary depending on the plan, so employees should refer to their plan documents.
Limited Purpose FSA
A Limited Purpose FSA works similarly to a traditional FSA but with restrictions on the types of expenses it can be used for. Limited Purpose FSAs are typically offered in conjunction with a Health Savings Account (HSA) and are designed to cover eligible dental and vision expenses only. By restricting the use of funds to dental and vision care, employees can preserve the funds in their HSA for future medical expenses while still enjoying tax savings on their dental and vision costs through the Limited Purpose FSA.
Health Savings Account
HSA
A Health Savings Account (HSA) is a tax-advantaged savings account designed for individuals covered by high-deductible health plans (HDHPs). The funds contributed to an HSA are not subject to federal income tax at the time of deposit, and they can be used to pay for qualified medical expenses incurred by the account holder, their spouse, or their dependents. Additionally, any interest or investment earnings on the HSA balance are also tax-free.
All MoneyWise HSA Plans Include:
-
Mobile App for Participants
-
Debit Card for Participants
-
Participant Portal
-
Employer Portal
-
Multi Account coordination
-
Comprehensive reporting
-
Participant Educational Materials
-
POP Document
HSA Triple Tax Advantage
One of the key advantages of an HSA is its triple tax advantage: contributions are tax-deductible (or pre-tax if made through an employer), the funds grow tax-free, and withdrawals for qualified medical expenses are tax-free. Unused funds in an HSA can roll over from year to year, unlike with Flexible Spending Accounts (FSAs), which typically have a "use it or lose it" rule.
Investing in your Future
HSA funds can help you build long term retirement savings because the money is yours for life. Funds carry over year to year, even if you change jobs or retire. You can invest your HSA funds anytime, and you can always transfer them back to your HSA cash account at any time to pay for IRS Qualified expenses.
HSA Eligibility
You’re most likely eligible to open an HSA if: • You have a qualified high-deductible health plan (HDHP). • You’re not covered by any other non-HSA-compatible health plan, like Medicare Parts A and B. • You’re not covered by TriCare. • No one (other than your spouse) claims you as a dependent on their tax return.
Commuter Reimbursement Accounts
Parking & Transit
A Commuter Reimbursement Account, sometimes called a CRA, is a type of tax-advantaged benefit account that allows employees to set aside pre-tax dollars to pay for eligible commuting expenses. These expenses typically include costs associated with public transit, such as bus, train, subway, and ferry fares, as well as expenses related to vanpooling and parking fees incurred for commuting to work.
All MoneyWise Commuter Plans Include:
Mobile App for Participants
Debit Card for Participants
Participant Portal
Employer Portal
Multi Account coordination
Comprehensive reporting
We also offer an innovative solution called Smart Commute that enables consumers to load value onto their Washington DC SmarTrip® cards, Atlanta Breeze® cards, Chicago Ventra® cards and San Francisco Clipper® cards.
POP Document
Mass Transit Accounts
Eligible Mass Transit expenses include: •Bus fares •Train fares (including commuter rail) •Subway and metro fares •Ferry fares •Vanpooling expenses •Now includes uber POOL and Lyft Line As always, employees should refer to their plan documents or consult with their employer for specific details on eligible transit expenses.
Parking Accounts
Eligible parking expenses that can be reimbursed through a Commuter Reimbursement Account typically include: •Parking fees incurred at or near the workplace, such as parking lots or garages. •Parking fees incurred at transit stations, such as park-and-ride lots. •Parking fees for vanpooling arrangements. As always, employees should refer to their plan documents or consult with their employer for specific details on eligible parking expenses.
Metros & States with Mandates for Commuter Accounts
Los Angeles New Jersey New York Philadelphia San Francisco Seattle Washington DC These mandates vary in terms of the number of employees covered, specific requirements, and penalties for non-compliance. Additionally, some states, such as California, have proposed or passed legislation to establish statewide commuter benefit programs, but as of March 2024, no statewide mandates were in effect. It's essential to check with local authorities or legal counsel for the most up-to-date information on commuter account mandates in specific states, cities, counties, etc.
Health Savings Account
HSA
A Health Savings Account (HSA) is a tax-advantaged savings account designed for individuals covered by high-deductible health plans (HDHPs). The funds contributed to an HSA are not subject to federal income tax at the time of deposit, and they can be used to pay for qualified medical expenses incurred by the account holder, their spouse, or their dependents. Additionally, any interest or investment earnings on the HSA balance are also tax-free.
All MoneyWise HSA Plans Include:
Mobile App for Participants
Debit Card for Participants
Participant Portal
Employer Portal
Multi Account coordination
Comprehensive reporting
Participant Educational Materials
POP Document
HSA Triple Tax Advantage
One of the key advantages of an HSA is its triple tax advantage: contributions are tax-deductible (or pre-tax if made through an employer), the funds grow tax-free, and withdrawals for qualified medical expenses are tax-free. Unused funds in an HSA can roll over from year to year, unlike with Flexible Spending Accounts (FSAs), which typically have a "use it or lose it" rule.
Investing in your Future
HSA funds can help you build long term retirement savings because the money is yours for life. Funds carry over year to year, even if you change jobs or retire. You can invest your HSA funds anytime, and you can always transfer them back to your HSA cash account at any time to pay for IRS Qualified expenses.
HSA Eligibility
You’re most likely eligible to open an HSA if: • You have a qualified high-deductible health plan (HDHP). • You’re not covered by any other non-HSA-compatible health plan, like Medicare Parts A and B. • You’re not covered by TriCare. • No one (other than your spouse) claims you as a dependent on their tax return.
Health Reimbursement Arrangement
HRA
A Health Reimbursement Arrangement (HRA) is an employer-funded benefit plan that reimburses employees for qualified medical expenses and, in some cases, premiums for health insurance. Unlike Health Savings Accounts (HSAs), HRAs are solely funded by the employer, and employees cannot contribute to them directly.
All MoneyWise HRA Plans Include:
-
Mobile App for Participants
-
Debit Card for Participants
-
Participant Portal
-
Employer Portal
-
Multi Account coordination
-
Comprehensive reporting
-
Participant Educational Materials
-
POP Document
Flexible Plan Design
Employers have flexibility in designing their HRA plans. They can determine which expenses are eligible for reimbursement, how much money is contributed to each employee's HRA, and whether any unused funds can roll over to the following year.
Tax Savings
HRA reimbursements are typically tax-free for employees as long as they are used for qualified medical expenses. Additionally, employers can deduct the reimbursements as a business expense.
Types of HRAs Offered
We have multiple HRA options available: Integrated HRAs Qualified Small Employer HRAs (QSEHRAs) Excepted Benefit HRAs Individual Coverage HRA (ICHRA)
Health Reimbursement Arrangement
HRA
A Health Reimbursement Arrangement (HRA) is an employer-funded benefit plan that reimburses employees for qualified medical expenses and, in some cases, premiums for health insurance. Unlike Health Savings Accounts (HSAs), HRAs are solely funded by the employer, and employees cannot contribute to them directly.
All MoneyWise HRA Plans Include:
-
Mobile App for Participants
-
Debit Card for Participants
-
Participant Portal
-
Employer Portal
-
Multi Account coordination
-
Comprehensive reporting
-
Participant Educational Materials
-
POP Document
Flexible Plan Design
Employers have flexibility in designing their HRA plans. They can determine which expenses are eligible for reimbursement, how much money is contributed to each employee's HRA, and whether any unused funds can roll over to the following year.
Tax Savings
HRA reimbursements are typically tax-free for employees as long as they are used for qualified medical expenses. Additionally, employers can deduct the reimbursements as a business expense.
Types of HRAs Offered
We have multiple HRA options available: Integrated HRAs Qualified Small Employer HRAs (QSEHRAs) Excepted Benefit HRAs Individual Coverage HRA (ICHRA)
View all Participant Info, Run Reports, View & Process Enrollments
View all Groups and Participant Info, Run Reports, View & Process Enrollments
Check Balances, Submit Receipts, View Eligible Items, Get Reimbursed
View and Download helpful Materials
Helpful Links
CDH Frequently Asked Questions
Eligible expenses typically include medical, dental, and vision care expenses that are not covered by your insurance. This can include copayments, deductibles, prescription medications, and certain over-the-counter items with a prescription. For a complete list click here.
For 2024, the IRS allows the following maximum contribution limits:
-
Healthcare FSA - $3,050 per year
-
Dependent Care FSA - $5,000 per year if married and filing jointly or a single parent, or $2,500 per year if married and filing separately
-
Commuter Accounts - Parking $315 per month maximum, Transit $315 per month maximum
The limit can change annually, so it's important to check the latest guidelines from the IRS.
-
If you leave your job, you can typically only access FSA funds for expenses incurred while you were employed, unless you elect COBRA continuation coverage for your FSA.
Yes, you can withdraw money from a Health Savings Account (HSA) for non-medical expenses, but there are important considerations and potential penalties:
-
Before Age 65: If you withdraw funds for non-medical expenses before you turn 65, the withdrawn amount will be subject to both income tax and a 20% penalty. This is designed to discourage the use of HSA funds for non-qualified expenses.
-
After Age 65: Once you turn 65, you can withdraw HSA funds for non-medical expenses without incurring the 20% penalty. However, you will still need to pay income tax on these withdrawals. Essentially, the HSA acts similarly to a traditional IRA in this regard after you reach the age of 65.
-
Accountholders who meet the qualifications noted below are eligible to make an HSA catch-up contribution of $1,000.
• Health Savings accountholder
• Age 55 or older (regardless of when in the year an accountholder turns 55)
• Not enrolled in Medicare (if an accountholder enrolls in Medicare mid-year, catch-up contributions should be prorated)
Spouses who are 55 or older and covered under the accountholder’s medical insurance can also make a catch-up
contribution into a separate HSA in their own name.
An HRA (Health Reimbursement Arrangement) is an employer-funded account that reimburses employees for qualified medical expenses. Employers set aside a specific amount of money for employees to use for medical costs, which can include insurance premiums, copayments, deductibles, and other out-of-pocket medical expenses
-
HRAs are entirely funded by the employer. Employees do not contribute to the account.
-
There are no income restrictions
Yes, this is permitted if the combination is:
• “Limited purpose” flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) that restrict
reimbursements to certain permitted benefits such as vision, dental, or preventive care benefits.
• “Post-deductible” FSA or HRAs that only provide reimbursement after the minimum annual deductible has been
satisfied under the HDHP.
CDH Frequently Asked Questions
Eligible expenses typically include medical, dental, and vision care expenses that are not covered by your insurance. This can include copayments, deductibles, prescription medications, and certain over-the-counter items with a prescription. For a complete list click here.
For 2024, the IRS allows the following maximum contribution limits:
-
Healthcare FSA - $3,050 per year
-
Dependent Care FSA - $5,000 per year if married and filing jointly or a single parent, or $2,500 per year if married and filing separately
-
Commuter Accounts - Parking $315 per month maximum, Transit $315 per month maximum
The limit can change annually, so it's important to check the latest guidelines from the IRS.
-
If you leave your job, you can typically only access FSA funds for expenses incurred while you were employed, unless you elect COBRA continuation coverage for your FSA.
Yes, you can withdraw money from a Health Savings Account (HSA) for non-medical expenses, but there are important considerations and potential penalties:
-
Before Age 65: If you withdraw funds for non-medical expenses before you turn 65, the withdrawn amount will be subject to both income tax and a 20% penalty. This is designed to discourage the use of HSA funds for non-qualified expenses.
-
After Age 65: Once you turn 65, you can withdraw HSA funds for non-medical expenses without incurring the 20% penalty. However, you will still need to pay income tax on these withdrawals. Essentially, the HSA acts similarly to a traditional IRA in this regard after you reach the age of 65.
-
Accountholders who meet the qualifications noted below are eligible to make an HSA catch-up contribution of $1,000.
• Health Savings accountholder
• Age 55 or older (regardless of when in the year an accountholder turns 55)
• Not enrolled in Medicare (if an accountholder enrolls in Medicare mid-year, catch-up contributions should be prorated)
Spouses who are 55 or older and covered under the accountholder’s medical insurance can also make a catch-up
contribution into a separate HSA in their own name.
An HRA (Health Reimbursement Arrangement) is an employer-funded account that reimburses employees for qualified medical expenses. Employers set aside a specific amount of money for employees to use for medical costs, which can include insurance premiums, copayments, deductibles, and other out-of-pocket medical expenses
-
HRAs are entirely funded by the employer. Employees do not contribute to the account.
-
There are no income restrictions
Yes, this is permitted if the combination is:
• “Limited purpose” flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) that restrict
reimbursements to certain permitted benefits such as vision, dental, or preventive care benefits.
• “Post-deductible” FSA or HRAs that only provide reimbursement after the minimum annual deductible has been
satisfied under the HDHP.
Helpful Links
View all Participant Info, Run Reports, View & Process Enrollments
View all Groups and Participant Info, Run Reports, View & Process Enrollments
Check Balances, Submit Receipts, View Eligible Items, Get Reimbursed
View and Download helpful Materials
Consumer Driven Health (CDH) Spending Account Administration
Our all-in-one CDH Solution ensures you have everything you need in one place.
All accounts are accessible through a single debit card.
One Card
All Accounts
Each partner is assigned an implementation specialist to ensure swift and efficient onboarding
Swift
Onboarding
We provide participants with a complimentary enrollment portal for making their CDH elections, or alternatively, we can accept a spreadsheet or secure feed from your benefit administrator.
Digital
Enrollment Options
We can tailor plans to fit your requirements by offering various products, reimbursement choices, carryover options, and contribution limits
Customized Benefit
Solutions
No automated call centers here! Your dedicated Account team ensures personalized support, and your employees have direct access to live assistance.
Dedicated
Account Manager
Employees enjoy real-time access to all benefit information, enabling them to submit expenses and claims, scan items for eligibility, and manage reimbursements or payments effortlessly.
Participant
Mobile App
Clear and straightforward pricing model for all products, with multi year rate guarantees.
Simple Transparent
Pricing
Employer and Broker Portals give you complete visibility and reporting features to boost efficiency and minimize errors.
Online User
Portals
The MoneyWise CDH Advantage
Delivering a Centralized Hub for all your CDH Benefit needs, our boutique-style firm serves as your dedicated partner, ensuring personalized assistance and support. All CDH Products include the following:
Everyone saves with an FSA!
FSA benefits are advantageous because they allow employees to set aside pre-tax money for qualified medical expenses, thereby reducing their taxable income. This not only saves money for employees but also lowers the amount of payroll taxes that companies must pay.
Potential Savings Example
FSA Annual Contribution: $2,000
Estimated 30% Tax Bracket
$2,000 * .30 = $600 Savings
Employee
$600 Savings
Employer
$7,650 Savings
Group with 50 Employees Enrolled
Each contributing $2,000
$2,000 * 50 = $100,000
$100,000 * .0765* = $7,650 Savings
*Using 7.65% tax rate for SSN/Medicare
