Contributing pretax contributions toward a Flexible Spending Account or a Health Savings Account lowers your taxable income.
These accounts are a great way to pay for qualifying expenses. While they’re similar, they are not the same. Learn more about each and then decide whether a pretax account is a good fit for your needs.
When you enroll in an HSA medical option, Oncor helps you save by making automatic contributions to your HSA based on your coverage level.
Be sure to open an account in your name to receive the HSA contribution from Oncor. This is very important: No action = No contributions.
You also may:
If you’re a new HSA participant, you’ll need to open a personal HSA at Fidelity. There are no fees to open a Fidelity HSA. If you already have a Fidelity HSA, you don’t need to open a new one.
You are not eligible to contribute to an HSA or enroll in an HSA medical option if you:
Check IRS Publication 969 for full details. If you enroll in Medicare while still working, your HSA contributions may become taxable and subject to IRS penalties. For more details, refer to IRS Publication 969.
Your dependents can be enrolled in the HSA medical option—even if they have other coverage—as long as you are not covered under their plan.
If you’re enrolled in an HSA medical option and will turn 65 this year:
If you’re 65+ and still working:
Medicare Part A can apply retroactively up to six months. That means:
Withdraw HSA contributions at fidelity.com/go/hsa/why-hsa or call Fidelity at 1.866.402.7610. We also recommend that you consult a tax specialist if you’re unsure how this applies to you.
It’s a smart financial move to set aside dollars in your HSA since you can:
Plus, there are other advantages that many may
not realize they have:
The HRA Option is currently closed to new participants.
If you’re currently enrolled in the HRA medical option, Oncor contributes to your account each year based on your coverage level.
If you switch to an HSA medical option, you can use your HRA—but only for dental and vision expenses until your HSA deductible is met.
Contact Optum Financial (the HRA administrator) at optum.com or call 1.877.292.4040.
Refer to the Summary Plan Description for the Oncor Electric Delivery Company LLC Employee Welfare Benefit Plan and other documents in the Resource Library. You may obtain a copy of the required legal notices at no cost by opening a case through myhrconnection.oncor.com. Go to HR Help and submit a case to the benefits team.
Options and programs described in this website, as well as other communication materials, are intended only to be summaries of certain provisions of Oncor’s employee benefit plan(s) (the “Plan”). Benefits communication materials from the Oncor Benefits Department update and modify certain provisions of the Plan and, as such, constitutes a summary of material modifications under the law. The programs are governed by formal plan documents, and, in the event of a discrepancy, the formal plan documents will prevail. Oncor reserves the right to amend and/or terminate any or all of its benefit programs, in whole or in part, from time to time. The employee benefits offered through the Plan are optional. Any recommendations of any of the third-party administrators or insurers, or in- network/out-of- network designations are made solely by the applicable third-party administrators and/or insurance carriers, not by Oncor or the Plan.