Health Savings Account (HSA)
Only available for those enrolled on the core High Deductible Medical Plan
Health Savings Accounts are a way to pay for qualified healthcare expenses and save money on taxes. Deposits are made on a pre-tax basis and are withdrawn and spent tax-free. Chard Snyder administers the HSA for Velocity Development Group employees.
The account belongs to you! Money deposited into the account rolls over year to year, so you can save money and watch it grow at a tax advantage, or to spend on ongoing qualified medical expenses.
The company provides a quarterly matching HSA contribution – up to $75 for single employees, and $150 for employees with dependents. Employees must contribute their own dollars to an HSA to receive the Group contribution.
HSA 2025 IRS Limits
Flexible Spending Accounts (FSA)
Flexible spending accounts are a way to contribute pre-tax payroll dollars to pay for eligible out-of-pocket healthcare expenses. There are both a Medical FSA and a Dependent Care FSA available, administered through Chard Snyder
Even if you were enrolled in the FSA last year, and want to remain in the plan, you will be required to enroll again for this plan year so that you can elect a benefit amount.
The carryover provision allows you to rollover $640 into the next plan year. Please plan accordingly since any unspent funds over $640 will be lost in the next plan year.
FSA Eligible expenses flyer
Medical FSA
Medical FSA maximum election amount for 2024 $3,300. Funds from this account can be spent on eligible out-of-pocket healthcare expenses for medical, dental & vision care.
You will receive a free benefits debit card from Chard Snyder for easy access to your FSA funds. Be sure to keep your receipts, as you will want to have a record of all spending to prove that these funds were used on eligible expenses.
If you forget your debit card and spend money out-of-pocket for an eligible expense, you can submit a claim to be reimbursed through your FSA funds. You can do so through the mobile app or web portal.
How it works:
Member decides a total amount to elect for the year (up to $3,300 this year)
Divide that amount by number of paychecks left in the year to calculate the amount that will be deducted from each paycheck.
REMINDER: You have access to the full election amount from day one – you do not need to wait for your elections to build over the course of the year.
Dependent Care FSA
A Dependent Care FSA is also available. You can set aside tax-free funds to help pay for qualified dependent care expenses. Examples of eligible expenses include preschool and after-school care, daycare providers, and summer day camps, among other things.
The maximum amount you may contribute to a Dependent Care FSA for 2025 is $5,000.