Edward Jones | Tax-advantaged accounts

The biggest difference between these accounts is how and when you can use them.

HSA is a way for you to save year after year: You can save your money and use it now or save it for eligible expenses in the future. The money is always yours. Plus, the firm may contribute to the HSA.
FSA has a “use it or lose it” feature: You must use the money you contribute from your paycheck by December 31 each year.

Manage your account

Check balances, submit claims and more.

Log into the HealthEquity Member Portal

View a list of eligible expenses

Change your HSA contribution amount

Visit the HSA editor in the Online Enrollment System (must be on the Edward Jones network).

Health Savings Account (HSA)

Available to all associates except Hawaii residents. You can open an HSA and change your contribution amount any time during the year.

If you’re enrolled in an Edward Jones medical plan, you can use a Health Savings Account to pay for qualified medical, prescription drug, dental and vision expenses now or save it for the future.

The 2024 contribution limits, including those from Edward Jones, are:

$4,150 for associate only coverage
$8,300 for all other coverage levels

If you are age 55 or older at any point in the plan year, you can contribute an additional $1,000 in catch-up contributions.

Top 4 reasons to use an HSA

Triple tax savings
1. No FICA or federal taxes on contributions or earnings.
2. No state taxes (except in CA and NJ)
3. Tax-free withdraws for qualified expenses
Investment options
You can invest any balance above $1,000 into a selection of mutual funds
It's yours to keep
Unused funds at the end of the year automatically roll over. You take the account with you if you leave Edward Jones or retire.
Automatic contributions from Edward Jones
Edward Jones will automatically contribute to your HSA twice per year, totaling $500 for associate only coverage or $1,000 for family coverage.

Review this checklist for tips for using your HSA.

Edward Jones will credit half its annual contribution to your account in February and half in August, for a total of:

$500 for associate only coverage
$1,000 for all other coverage levels

To be eligible* for the firm contribution, you must meet all the following requirements on January 1 for the February contribution and June 30 for the August contribution:

Be employed by the firm and have an open HSA with HealthEquity.
Be enrolled in an Edward Jones HSA-eligible medical plan.
Contribute to your Edward Jones-sponsored HSA via payroll deductions during the year.

*Principals and financial advisors¹ are not eligible for the firm contribution.

**If you have used HSA Pay Advance funds, similar to your payroll contributions, the firm contribution will first apply/reduce your "HSA Pay Advance" on your HealthEquity account, thus first paying back what the firm has advanced for the year. After the "HSA Pay Advance" provided by the firm is completely covered, future payroll contributions will apply to "Your HSA Cash" in the account. Your funds available to spend will then be based on your account balance at the time of use.

At the time you submit a claim or use your card, you can only access the contributions you plan to make via payroll deductions in advance. For example, if you have a claim in January, prior to the firm’s February contribution, you will be able to receive an advance on any funding you plan to contribute through payroll deductions, but you cannot get an advance on any firm contributions to pay a claim.

If you use your account before age 65 for expenses that aren’t qualified, you’ll pay your current tax rate plus a 20% penalty at tax time. After age 65, the penalty no longer applies.

The U.S. Department of the Treasury sets the rules for HSAs. They’re applicable to almost anyone who enrolls in an Edward Jones Medical Plan. You’re not allowed to contribute if you:

Are enrolled in Medicare parts A, B, C, or D
Are enrolled in Medicaid
Are enrolled in a non-high deductible health care plan
Have a spouse who has a Flexible Spending Account
Are claimed as a dependent on someone else’s federal tax return (other than a spouse)
Are covered as a dependent on another health plan that’s not HSA eligible

Note: Hawaii state insurance regulations do not permit Hawaii residents to participate in HSAs.

Health Care Flexible Spending Account (FSA)*

If you don’t contribute to a Health Savings Account (HSA), you can use a Health Care FSA to pay for qualified medical, prescription drug, dental, and vision expenses. You don’t have to be enrolled in an Edward Jones medical plan.

You’ll receive a special Health Care Card that you can use like a debit card to pay for expenses directly from your account, or you can submit claims for reimbursement later.

The 2024 contribution limit is $3,050:

Expenses must be incurred by December 31, 2024, and submitted for reimbursement by March 31, 2025.
FSAs are “use it or lose it” — IRS regulations require you to forfeit any money left in your account after the claims submission deadline.

Limited Purpose Flexible Spending Account (LPFSA)*

This account can only be used for qualified vision and dental expenses. You’ll receive a special Health Care Card that you can use like a debit card to pay for expenses directly from your account, or you can submit claims for reimbursement later.

The 2024 contribution limit is $3,050:

Expenses must be incurred by December 31, 2024, and submitted for reimbursement by March 31, 2025.
FSAs are “use it or lose it” — IRS regulations require you to forfeit any money left in your account after the claims submission deadline.

Dependent Care Flexible Spending Account (DCFSA)*

This account can be used for eligible care for your child or adult dependent so you and your spouse can work or attend school full-time. When deciding how much to put into your account, think about regular day care, after-school care, and summer camps (does not include over-night camps) for children under age 13.

The 2024 contribution limit is $5,000:

Expenses must be incurred by December 31, 2024, and submitted for reimbursement by March 31, 2025.
FSAs are “use it or lose it” — IRS regulations require you forfeit any money left in your account after the claims submission deadline.

Review claim instructions and complete the Dependent Care FSA Claim Form for reimbursement.

Have your dependent care needs changed?

If you are enrolled in the DCFSA, you may be eligible to change your annual election amount if you experienced a qualified life event, such as:

Change of day care provider
Change in the cost of day care (i.e., the day care has closed, and you now do not have care expenses)
Need for care changes due to a job change or change of work hours

To initiate this change, please contact HRHELP@edwardjones.com.

*Tax considerations for service partners, joint venture service partners, and principals: Under IRS regulations, service partners, joint venture service partners, and principals may not participate in the flexible spending accounts. IRS rules prohibit you from claiming reimbursement of an expense from this account and claiming the same expense as a deduction on your tax return.

^{1 Financial advisor reference incorporates financial advisor, service partner, and joint venture service partner roles.}

Tax-advantaged accounts

Manage your account

View a list of eligible expenses

Change your HSA contribution amount

Not sure how much to contribute?

Health Savings Account (HSA)

Top 4 reasons to use an HSA

Designate a beneficiary

Health Care Flexible Spending Account (FSA)*

Limited Purpose Flexible Spending Account (LPFSA)*

Dependent Care Flexible Spending Account (DCFSA)*

Have your dependent care needs changed?

Related topics

Medical and prescription drug

Dental

Vision