Health Savings and Flexible Spending Accounts

Health Savings Account

Carolina Caring encourages full-time and regular part-time benefit eligible employees enrolled in a high-deductible health plan to open a Health Savings Account (HSA). 

A Health Savings Account is a tax-advantaged account, owned by the employee that can be used for current and future medical expenses. 

Eligible employees can make tax-deductible contributions to the account, and then those funds can be withdrawn tax-free when used for a qualified medical expense. 

If you choose to open an account with BB&T for your HSA account, they have agreed to waive the monthly service charge for our employees.

Flexible Spending Account (FSA) Dependent Care

Dependent Care FSAs are plans designed to help employees pay for the care of their qualifying dependents, as defined by IRS regulations. Contributions to this tax-advantaged account can be made through payroll deduction and are forfeited if not claimed within the plan year.