An FSA or HSA is a benefit that allows you to set aside money for some type of personal care. The money set aside in an FSA or HSA comes from your paycheck before the government takes taxes out. Either of these options helps you pay for out-of-pocket medical expenses while saving money that would normally go toward taxes.
A health savings account (HSA) is an individually owned bank account that combines a High Deductible Health Insurance Plan (HDHP) with a tax-exempt trust account. Together, they can help you pay for medical expenses that aren’t covered by an HDHP, especially expenses that would otherwise go towards satisfying the deductible. Money that goes into your HSA comes from your paycheck before the government takes taxes out. Money in the account that you don’t use rolls over from year to year and continues to build over time without any limits. While the money builds in the account, it also gains interest. The money from this interest is directly paid into the HSA, increasing your balance even more. Funds in your HSA are available to you immediately (up to your available balance). You can even invest the money if you’d like to when your balance reaches $1,000.
A healthcare flexible spending account (FSA) allows you to set money aside from your paycheck before the government takes taxes out. This money is for covering eligible medical, dental, and vision expenses for you and your eligible dependents. The amount you choose to set aside for your FSA, up to the IRS (Internal Revenue Service) limit, is divided by the number of pay periods you have left in the year. This exact amount comes from each paycheck. The money is available to spend before it has been taken from your paycheck. You request a reimbursement after you spend the money on the eligible medical, dental, or vision expense.
In addition to the healthcare-related spending accounts, Live Nation offers benefits-enrolled employees an opportunity to participate in a Dependent Care FSA (DCFSA). This account lets you put aside money from your paycheck before the government takes taxes out. This money helps with eligible dependent care expenses, such as babysitters, daycare, and even camp tuition.
Live Nation offers FSAs through Wex, and HSAs through Fidelity.
If you’re enrolled in a medical plan through Live Nation, you can receive benefits support from the Collective Health Member Advocate line. Member Advocates are available Monday through Friday from 4am to 6pm PT, and on Saturdays from 7am to 11am PT.