Tax-Advantaged Accounts

Tax-Advantaged Accounts

 

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Overview

You can save money by paying for eligible health care and dependent care expenses with tax-advantaged accounts. Masonite offers you several types of accounts that lower your taxes.

2023 accounts:

  • Health Savings Account (HSA): Available only to employees who enroll in the Basic HSA or the HSA Plus medical plan
  • Flexible Spending Accounts (FSAs):
    • Health Care FSA: Available to employees who do not enroll in an HSA plan, or do not elect medical coverage through Masonite
    • Limited Purpose FSA: Available to employees who are enrolled in an HSA plan
    • Dependent Care FSA: Available to all employees


Key features

  • Tax-free money – Money goes in tax-free and comes out tax-free when it’s used for eligible expenses.
  • Convenient payroll deductions – Contribute to your accounts easily and effortlessly.
  • Helpful budgeting tool – Plan for upcoming expenses by setting aside money each paycheck.
 
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  • Compare Accounts
      HSA Limited Purpose FSA Health Care FSA Dependent Care FSA
    Available with … Basic HSA Plan
    HSA Plus Plan    		 PPO Plan
    (Also available if you waive medical coverage)
    		 Any medical plan
    (Also available if you waive medical coverage)
    Receive company contribution Yes No No No
    Change your contribution amount anytime Yes No No No
    Access your entire annual contribution amount at the beginning of the plan year No Yes Yes No
    Access only funds that have been deposited Yes No No Yes
    “Use it or lose it” at year-end No Yes Yes Yes
    Money is always yours to keep Yes No No No

  • How do I access my account?
    Manage your HSA and/or FSA at Discovery Benefits.

  • What's eligible?

  • How much could you save?

    Here’s an example. Let’s say Tom decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, he’d pay $560 in federal income tax, $100 in state income tax, and $153 in FICA tax. So, by contributing that $2,000 to his HSA or FSA, he’ll get an $813 tax savings for the year.

    Without an HSA or FSA, Tom would pay … Savings
    28% in federal income tax $560
    5% in state income tax $100
    7.65% in Federal Insurance Contributions Act (FICA) tax $153
    His total tax savings for the year with an HSA or FSA $813


    This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation    .