Depending on the medical plan option you choose, you can enroll in a Health Savings Account (HSA) or a Health Care Flexible Spending Account (FSA) to pay eligible health care expenses tax-free. There are important differences that may make one option a better choice for you and your family.
Compare Health Accounts
How the Accounts Compare
Review the chart below to see how the accounts differ. For more information, check out the HSA and Health Care FSA pages.
| HSA | Health Care FSA | |
|---|---|---|
| Which plan(s) can I use this with? | HealthSaver Plan | PPO1 Plan and PPO2 Plan or if you waived medical coverage |
| Who contributes to the account and how much? | ITW contributes (prorated for enrollment after January 1):
| You can contribute up to $3,200 in pre-tax dollars in 2024 |
| When can I change my contributions? | Anytime | During Open Enrollment or within 31 calendar days (including weekends and holidays) of a qualifying life event |
| What can I use the money for? | Eligible medical, prescription drug, dental and vision expenses, including deductibles, coinsurance and copayments. See IRS publication 502 for a list of qualified expenses. | |
| Who can I use the money for? | You, your spouse and your tax dependents, even if they are not covered by an ITW medical plan | |
| When is the money available? | ITW contributes a lump sum as of your coverage effective date. Your contributions are made in equal installments each pay period. You can only use the funds currently in your account. | Your contributions for the year are available to use as of your coverage effective date. You do not have to wait for the funds to accumulate in your account. |
| When can I incur expenses? | There is no time limit on when you can use the money. | You can incur expenses while enrolled (typically January 1– December 31 each year). You must submit expenses by March 31 of the following year. |
| What happens to my account balance at the end of the year? | Use it or save it. Your unused balance will carry over year to year and can grow with interest or be invested. | Use it or lose it. You lose any unused funds, so it is important to plan carefully. |
| What happens if I leave the company? | The money is yours to keep and save for future expenses, even into retirement. | Your enrollment in the benefit will end when you leave the company. You can file claims until March 31 of the following year for expenses incurred while you were enrolled. |
Contacts
HSA Bank
Health Savings Account information
Log on to ITWemployee.com, then click on the Health Savings Account icon under the Benefit Provider Websites drop-down.
Flexible Spending Accounts
Check your balance, file a claim.
Log on to ITWemployee.com, then click on the Flexible Spending Account icon under the Benefit Provider Websites drop-down.