Health Savings Account
Employees who are enrolled in the 3JZ HSA Plan are eligible to open a Health Savings Account (HSA) with Bank of America. A HSA is a special type of bank account that allows you to save for your deductible expenses and other IRS qualified health costs not covered under your High Deductible Health Plan. Contributions up to the IRS maximum are on a pre-tax basis, interest earned is not taxable, and as long as you spend the money on eligible expenses you can spend the money tax-free. Any money put into the account belongs to you and stays with you. Any unused funds rollover year-over-year.
For more information, view our Frequently Asked Questions.
Traditional Flexible Spending Account
Employees may contribute pre-tax through payroll deductions to help offset costs for medical, dental, and vision expenses. If you are enrolled in the HSA (or if anyone in your household is enrolled in an HSA), you are not eligible for the Traditional FSA.
For more information, view our Frequently Asked Questions.
Dependent Care Financial Savings Account
The BMW Store offers employees a Dependent Care FSA where you can allocate pre-tax dollars for eligible dependent care expenses. These expenses include:
- Daycare for dependents under the age of 13 and living in your household for more than 50% of the year
- Care for your spouse/dependents who, for physical or mental reasons, cannot care for themselves
- After-school program frees, except for over-night activities
For more information, view our Frequently Asked Questions.