Depending on which medical plan you select, you have the option to enroll in a tax-advantaged account to help you pay for eligible expenses.

As you learn more about your savings and spending account options, keep in mind that if you enroll in a CDHP, you are automatically enrolled in an HSA and are not eligible for a Health Care FSA. If you enroll in a PPO, you are not eligible to enroll in an HSA, but have the option to enroll in a Health Care FSA.

If you want to contribute to a Dependent Care Flexible Spending Account (DC FSA), note that you are eligible whether or not you are enrolled in a Capital One medical plan (CDHP or PPO).

Health Savings Account (HSA)
(Available only with the CDHP)

If you enroll in the CDHP for 2022, you’ll automatically be enrolled in a Health Savings Account (HSA). Similar to a Health Care Flexible Spending Account (FSA), an HSA is a tax-advantaged account that can help you save and pay for eligible health care expenses.

Some advantages of the HSA:

  • Pay and save for health care expenses: You have the flexibility to pay for health care expenses now and save for future costs, including retiree medical expenses.
  • Contribute money any time: You can change your contribution amounts at any time in the year. There’s no “use it or lose it” rule like there is for FSAs.
  • Roll over money: Your money will roll over each year and you own the account, so you’ll always have access to your money, even if you leave Capital One.
  • Triple-tax advantage: You make pre-tax contributions, any interest or dividends you earn from investing are not taxed, and you can use your HSA money to pay for qualified health care expenses tax-free.
  • Receive free money: Capital One will automatically contribute $500 if you enroll in individual coverage or $1,000 if you enroll in family coverage, to your HSA each year. You’ll receive Capital One’s contribution with each paycheck in 2022 ($19.23 for individuals, $38.46 for families).
  • Invest money: You can invest the money you contribute once your account balance reaches $1,000.

For 2022, you and Capital One can make combined annual HSA contributions up to $3,650 for individual coverage or $7,300 if you cover dependents. If you’ll be 55 or older in 2022, you can contribute an additional $1,000 in catch-up contributions to your HSA.

Note: In an HSA, you are only able to use what has been contributed from your paychecks. Both Capital One’s and your contributions are deposited with each paycheck.

Review the 2022 Open Enrollment Guide for more information on the HSA and how it works. If you still have questions, review the Open Enrollment FAQs for additional details.

If you are covering a domestic partner

Keep in mind that HSA contributions work a little differently. Check out the Open Enrollment FAQs to get the details.

If you’re currently contributing to a Health Care Flexible Spending Account (FSA)

If you enroll in the CDHP in 2022, Capital One will automatically open an HSA for you. You can’t have both an HSA and a Health Care FSA. If you’re currently enrolled in a Health Care FSA for 2021 and enroll in the CDHP for 2022, Capital One will transfer any balance greater than $50 (up to $550) into a Limited Purpose FSA for 2022.

You may only use the money in your Limited Purpose FSA for eligible dental and vision expenses in 2022. Review the Open Enrollment FAQs for more information.

Health Care Flexible Spending Account (Health Care FSA) Changes
(Available with a PPO or without a Capital One medical plan)

As long as you are not enrolled in the CDHP, you can contribute to a Health Care FSA to help pay for eligible health care expenses. If you want to contribute to one in 2022, you must elect a Health Care FSA during Open Enrollment, even if you are already contributing right now.

New for 2022: Changes to the Health Care FSA Match

For 2022, we’re adjusting how we contribute to your Health Care FSA. Instead of matching your contributions $0.50 per $1.00, Capital One will contribute $500 to your Health Care FSA account when you elect to contribute.

In 2022, you can contribute between a minimum of $500 and a maximum of $2,250 to your Health Care FSA. This maximum amount accounts for the $500 contribution you’ll receive from Capital One, without exceeding the $2,750 maximum allowed by the IRS. You have full access to your elected contribution amount on January 1, 2022.

You may be eligible to carry over up to $550

If you have unused money in your 2021 Health Care FSA you can carry over up to $550 to your 2022 Health Care FSA, which will be added to your available 2022 balance. To be eligible to carry over money, you must have enrolled in a Health Care FSA for 2022 during Open Enrollment.

Side-by-side HSA and Health Care FSA comparison

HSA Health Care FSA
Medical Plan Enrollment CDHP Basic PPO Plan
Enhanced PPO Plan
No Medical Plan
Availability
  • You are automatically enrolled in the HSA if you elect the CDHP
  • Available if you elect to enroll in the Basic or Enhanced PPOs, or if you waive medical coverage
  • You must actively enroll if you want to contribute to the Health Care FSA
Who Contributes
  • You may contribute
  • Capital One automatically contributes $500 for individual coverage and $1,000 if you cover any dependents
  • You contribute
  • Capital One contributes $500 when you contribute the minimum amount ($500)
Contribution Limits
  • Individual Coverage - $3,650*
  • Family Coverage - $7,300**
  • Associates age 55+ - additional $1,000
  • Minimum - $500
  • Maximum - $2,750
Unused Funds
  • Belongs to the associate until spent
  • Must be used in calendar year
  • Rollover up to $550, any additional unused funds are forfeited
Tax Benefits
  • Contributions are tax-free
  • Earnings are tax-free
  • Withdrawals/reimbursements for eligible expenses are tax-free
  • Contributions are tax-free
  • Reimbursements for eligible expenses are tax-free
Availability of Funds
  • Current balance in account at time of use
  • Both Capital One and your contributions are deposited with each paycheck
  • Full access to elected contribution amount January 1
Portability
  • The funds in your account are yours to keep, and you can take them with you when you leave Capital One or stop enrolling in the CDHP
  • You cannot take your account with you when you leave Capital One

* Capital One contributes $500; you may contribute up to $3,150.
** Capital One contributes $1,000; you may contribute up to $6,300.

You can access real life examples to see how the savings and spending accounts are used to help covered the cost of everyday expenses, emergencies, upcoming procedures, chronic conditions, and more. The CDHP + HSA Interactive Guide and PPO + Health Care FSA Interactive Guide also have real life examples.

Dependent Care Flexible Spending Account (DC FSA) Changes
(Available to all associates regardless of plan enrollment)

The Dependent Care Flexible Spending Account (DC FSA) is available to all associates, regardless of your medical plan. The DC FSA can be used to help pay for eligible dependent care expenses.

New for 2022: Changes to the DC FSA Match

For 2022, we’re adjusting how we contribute to your DC FSA. Instead of matching your contributions $0.50 per $1.00 you contribute, we’ll contribute $500 to your DC FSA account when you elect to contribute.

In 2022, you can contribute between a minimum of $500 and a maximum of $4,500 to your DC FSA. The maximum amount accounts for the $500 contribution you’ll receive from Capital One without exceeding the $5,000 maximum allowed by the IRS.