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Savings & Spending Accounts

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Save money on eligible health care and/or dependent care expenses by paying for them with tax-advantaged accounts.

Overview

Myriad Genetics offers several tax-advantaged accounts through Fidelity Investments and encourages you to take full advantage of their money-saving potential. You can enroll on the Oracle Self Service website as a new hire, during Open Enrollment, or if you have a qualifying life event.

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.

*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.

2024 tax-advantaged accounts

Health Savings Account (HSA)

Administered by: Fidelity Investments

Available only to teammates who enroll in the Regence BCBS Traditional and SelectHealth CDHP, Kaiser Permanente HMO CDHP, or Regence BCBS HPN CDHP. 

Health Care Flexible Spending Account (FSA)

Administered by: Fidelity Investments

Available to teammates who enroll in the Regence BCBS Traditional and SelectHealth Copay, Regence BCBS HPN Copay, or Kaiser Permanente HMO Copay or do not elect medical coverage through Myriad Genetics.

Limited Purpose Health Care Flexible Spending Account (FSA)

Administered by: Fidelity Investments

Available to teammates who enroll in the Regence BCBS Traditional and SelectHealth CDHP, Kaiser Permanente HMO CDHP, or Regence BCBS HPN CDHP with an HSA.

Dependent Care Reimbursement Account (DCRA)

Administered by: Fidelity Investments

Available to all teammates.

What’s eligible?

The IRS determines what expenses can be paid with money from an HSA or FSA. Learn more about the eligible expenses for each account:

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 $480 in federal income tax, $100 in state income tax, and $153 in payroll tax. So, by contributing that $2,000 to his HSA or FSA, he’ll save $733 in taxes for the year.

Without an HSA or FSA, Tom would pay … Savings
24% in federal income tax……………………………………………………….. $480
5% in state income tax*…………………………………………………………. $100
7.65% in payroll tax…………………………………………………………..……. $153
His total tax savings for the year with an HSA or FSA …………... $733

This hypothetical 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.

*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.

Health Savings Account

With the Regence BCBS Traditional and SelectHealth CDHP, Kaiser Permanente HMO CDHP, and Regence BCBS HPN CDHP, you’re eligible to open and contribute money to a Health Savings Account (HSA) through Fidelity Investments. The HSA is a tax-free savings account that you own. You can choose to spend the money right away as eligible health expenses come up or save it for the future — you can even use it in retirement.

Get a triple tax advantage!

With an HSA, you can:

You contribute to your HSA through pre-tax payroll deductions.

You can change, stop, or restart your contributions anytime. 

1. Contribute money tax-free.*

Use your HSA to pay for eligible medical, dental, and vision expenses for you and your family. Make payments with your HSA debit card or through the Fidelity Investments website (provided sufficient funds are in your account) or reimburse yourself later. 

2. Spend money tax-free.*

All the money in your HSA is yours to keep. Anything you don’t spend rolls over each year. You can earn tax-free interest and even invest your money once it reaches a minimum balance, giving you the potential for tax-free growth and a way to plan ahead for future expenses.

3. Grow your money tax-free.

If you enroll in the Regence BCBS Traditional and SelectHealth CDHP or Kaiser Permanente HMO CDHP, Myriad Genetics will contribute $500 if you have teammate-only medical plan coverage or $1,000 if you cover dependents — tax-free! If you enroll in the Regence BCBS HPN CDHP, Myriad Genetics will contribute $350 if you have teammate-only medical plan coverage or $800 if you cover dependents. The company’s annual contribution is made over time, with a proportional amount deposited into your HSA every paycheck. 

And, get company funding!

*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ.
Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.

2024 contribution limits

The maximum amount you and Myriad Genetics can contribute to your HSA is determined by annual IRS limits. In 2024, the total contribution limits are:

  • $4,150 if you have teammate-only medical plan coverage, or
  • $8,300 if you cover dependents.

Add $1,000 to these limits if you’re age 55 or older.

Keep in mind that the contribution amount you’re able to elect for the year will be reduced by the amount of Myriad Genetics' annual contribution. If you enroll in the Regence BCBS Traditional and SelectHealth CDHP or Kaiser Permanente HMO CDHP: $500 if you have teammate-only medical plan coverage or $1,000 if you cover dependents. If you enroll in the Regence BCBS HPN CDHP: $350 if you have teammate-only medical plan coverage or $800 if you cover dependents.

Who’s eligible for an HSA?

In order to establish and contribute to an HSA, you:

  • Must be enrolled in the Regence BCBS Traditional and SelectHealth CDHP, Kaiser Permanente HMO CDHP, Regence BCBS HPN CDHP, or another qualified high-deductible medical plan.
  • Cannot simultaneously participate in the Health Care FSA (but participation in a Limited Purpose FSA is allowed).
  • Cannot be enrolled in any other medical coverage, including a spouse’s plan or Medicare.
  • Cannot be claimed as a dependent on someone else’s tax return.

You should review IRS rules for making HSA contributions if you will turn age 65 during the year. For more information, see IRS Publication 969.

Increase your tax savings with a Limited Purpose FSA.

Use your HSA together with a Limited Purpose FSA for additional tax savings. With the Limited Purpose FSA, only dental and vision expenses are allowed.

Getting started

To contribute to an HSA, you must enroll in the Regence BCBS Traditional and SelectHealth CDHP, Kaiser Permanente HMO CDHP, or Regence BCBS HPN CDHP. You will elect your HSA contribution amount during enrollment, but can change it anytime during the year. You can then manage your account through the Fidelity Investments website.

As you start using your account, keep in mind you can only spend money actually deposited into your account — your entire annual contribution amount is not available to you from the beginning of the plan year. Your HSA balance will grow as deposits are made from each paycheck.

Health Care Flexible Spending Accounts

Using a Flexible Spending Account (FSA) for health care expenses is like getting a discount because you’re paying with tax-free money. There are separate FSAs available to you, depending on your medical plan:

  • A Health Care FSA is available to teammates who enroll in the Regence BCBS Traditional and SelectHealth Copay, Regence BCBS HPN Copay, or Kaiser Permanente HMO Copay or do not elect medical coverage. This account can be used for all eligible medical, dental, and vision expenses.
  • A Limited Purpose Health Care FSA is available only to teammates who enroll in a high-deductible health plan with an HSA. Adding a Limited Purpose FSA offers additional tax-saving opportunities. This account can be used only for eligible dental and vision expenses.

With either of these accounts, you can contribute up to $3,200 for the year through pre-tax payroll deductions. Note: You must enroll in these accounts each Open Enrollment if you want to contribute the next year, even if you already have an account.

Use your money!

You can only carry over up to $640 of unused money in your FSA to the next year; you will forfeit any remaining amount above $640. Request reimbursement or manage your account on the Fidelity Investments website.

How the Health Care and Limited Purpose FSAs work

Choose your contribution amount when you enroll. You can only change it during the year if you experience a qualifying life event, so estimate carefully. 

Choose

Your annual contribution is divided into equal payroll deductions, but the entire amount is available to you from the beginning of the plan year.

Contribute

Spend your money by using your FSA debit card, or log in to the Fidelity Investments website to request reimbursement for payments you’ve made. 

Spend

Up to $640 of unused money may be carried over to the next year; amounts above $640 will be forfeited, so be sure to use it up!

Carry Over

Dependent Care Reimbursement Account

Child and elder care can present significant expenses for you. A Dependent Care Reimbursement Account (DCRA) allows you to pay less for child and elder care expenses by using tax-free dollars. Unlike the Health Care FSA, reimbursement from your Dependent Care Reimbursement Account is limited to the total amount that is deposited in your account at that time.

A Dependent Care Reimbursement Account is available to all teammates. You can contribute up to $5,000 for the year through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders. Note: You must enroll in this account each Open Enrollment if you want to contribute the next year, even if you already have an account.

Use your money!

The money in your Dependent Care Reimbursement Account does not carry over to the next plan year; you must “use it or lose it.” Request reimbursement or manage your account on the Fidelity Investments website. 

How the Dependent Care Reimbursement Account works

Choose your contribution amount when you enroll. You can only change it during the year if you experience a qualifying life event, so estimate carefully. 

Choose

Your annual contribution is divided into equal deductions from each paycheck. You can only use money that has been deposited into your account.

Contribute

Log in to the Fidelity Investments website to request reimbursement for payments you’ve made.

Spend

Unused money does not carry over at the end of each year — use it or lose it! Be sure to use it up.

Use It Up

Compare Accounts

HSA Limited Purpose FSA Health Care FSA Dependent Care Reimbursement Account
Available with … Regence BCBS Traditional and SelectHealth CDHP
Kaiser Permanente HMO CDHP
Regence BCBS HPN CDHP
Regence BCBS Traditional and SelectHealth CDHP
Kaiser Permanente HMO CDHP
Regence BCBS HPN CDHP
Regence BCBS Traditional and SelectHealth Copay
Regence BCBS HPN Copay
Kaiser Permanente HMO Copay
(Or, if you waive medical coverage)
All benefits-eligible teammates may enroll
Receive company contribution? Yes No No No
Change your contribution amount anytime? Yes No No No
Access your entire annual contribution amount as needed? No Yes Yes No
Access only funds that have been deposited? Yes No No Yes
Use account money for… All eligible health care expenses
Only dental and vision expenses All eligible health care expenses
Eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders
“Use it or lose it” at year-end? No Yes (Carry over up to $640)   Yes (Carry over up to $640)   Yes  
Money is always yours to keep? Yes No No No