top of page

2024 Tax Advantaged Accounts

Manage your money wisely with these tax advantaged accounts.

Important Reminder:  Carryover Unused FSA funds

 

The IRS limits how much money you may contribute to your FSA each plan year and limits the amount of unused funds you can carryover into the new plan year.

  • Health Care FSA (including Limited-Purpose Health Care FSA): You may contribute up to $3,200/year. Reimbursements for claims incurred during the 2024 plan year must be submitted by March 31, 2025. You may carryover up to $640 of your unused funds from the 2024 plan year into 2025. Remaining unused funds will be forfeited. Learn more about the Health Care FSA and eligible expenses.

  • Dependent Care FSA: You may contribute up to $5,000/year. The Dependent Care FSA includes a grace period which allows you to incur expenses until March 15, 2025, with all claims submitted by March 31, 2025. Learn more about the Dependent Care FSA and eligible expenses.

Dollar Bill in Jar

Your Tax Advantaged Accounts are administered through Igoe.

For questions, you may contact Igoe at 800-633-8818 or visit the Igoe website.

Health Savings Account (HSA)

The Cigna and Kaiser HDHP with HSA Plans qualify as a high deductible health plan, giving you access to a tax advantaged Health Savings Account (HSA). 
Health Savings Accounts are terrific tax-efficient savings accounts that allow you to put aside pre-tax dollars out of each paycheck to pay for future medical, dental and vision expenses. HSA funds never expire – they are yours forever, even if you leave Pulmonx. These funds roll over each year, allowing you to build a savings account for health care expenses or for retirement.

  • Once your HSA balance reaches $1,000, you may invest these funds and let them grow tax-free.

  • After age 65, you can spend HSA money on unqualified expenses without paying a tax penalty, but you are subject to applicable income taxes.

2024 HSA Contribution Maximums (employer and employee contributions combined)

  • $4,150 for employee only coverage on the Cigna or Kaiser HDHP medical plan

  • $8,300 for employee plus family coverage (enrolled with one or more family members on the Cigna or Kaiser HDHP medical plan)

 

In addition to the money that you may elect to set aside from each paycheck, Pulmonx will fund your HSA for 2024.  The total HSA contribution will be received in January. 

  • If you cover only yourself, Pulmonx will contribute $850 per year*

  • If you cover yourself and one or more dependents, we will contribute $1,700 per year*

* For new employees hired July 1st through the end of the calendar year, Pulmonx will contribute 50% of the annual amount or $425 when you enroll yourself (employee only coverage) or $850 when you enroll as a family (you plus at least one or more dependents).

 Learn more about the Health Savings Accounts and eligible expenses.

Igoe Benefits Card

Your Benefits Card gives you easy access to funds in your tax-advantaged benefit accounts. Simply swipe the card at the point of sale or provide your card details to pay a bill.

  • Your Benefits Card is a stored value card - similar to a gift card

 

  • Transactions will only be allowed up to the balance that you have available in your account

  • Should a card denial occur, you can request reimbursement of the expense

  • Your Benefits Card is designed to work at eligible merchant locations that accept MasterCard

  • Remember to obtain a detailed receipt for all transactions

 

Your Health Savings Account is administered through Igoe.

For questions, you may contact Igoe at 800-633-8818 or visit the Igoe website.

Health Care Flexible Spending Accounts (FSAs)

Health Care Flexible Spending Accounts (Health Care FSAs) allow you to set aside a portion of each paycheck on a pre-tax basis in order to pay for planned upcoming healthcare expenses. You may contribute up to the 2024 IRS limits of $3,200 for Health Care FSA. Reimbursements for claims incurred during the 2024 plan year must be submitted by March 31, 2025. The Health Care FSA includes a carryover provision which allows up to $640 of unused funds to carry over into the 2025 plan year. There are two types of Health Care FSAs:

  • General-Purpose Health FSA – For employees who are enrolled in the Cigna OA and PPO or Kaiser Traditional HMO medical plans. You may use traditional FSA dollars to pay for eligible medical, dental and vision expenses throughout the year, such as copays, deductibles, and other health related services.

Learn more about the General Purpose Health Flexible Savings Accounts and eligible expenses.

  • Limited-Purpose Health FSA – For employees who are already enrolled in a Health Savings Account (HSA) but want to set aside additional pre-tax dollars to pay for planned upcoming healthcare expenses. Important note – Limited-Purpose FSA dollars may only be used to pay for eligible dental and vision expenses, until you have met your medical plan deductible. Once you’ve met your medical plan deductible, you have the option of converting your Limited Purpose FSA so that it will begin also covering medical expenses.

Learn more about the Limited Purpose Flexible Spending Accounts and eligible expenses.

Business Growth

Your Health Care Flexible Spending Accounts are administered through Igoe.

For questions, you may contact Igoe at 800-633-8818 or visit the Igoe website.

Dependent Care Flexible Spending Account (DCFSA)

A Dependent Care Flexible Spending Account (Dependent Care FSA) is an employer-owned, tax-advantaged account that allows you to set aside a portion of your income on a pre-tax basis to pay for qualified dependent care expenses for dependent children up to age 13 as well as custodial care for elderly or disabled adults. The FSA allows employees to contribute up to the IRS limits of $5,000 for Dependent Care FSA. If married and filing separate tax returns, each spouse may contribute $2,500.
 

Per pay period calculations below are based on the pay periods left in the plan year on the date of hire. The Dependent Care FSA includes a grace period which allows you to incur expenses until March 15, 2025, with all claims submitted by Mach 31,2025.


Please note that you need to re-enroll in Dependent Care FSA every year to continue using it. 

 Learn more about the Dependent Care Flexible Spending Accounts and eligible expenses. View 2024 FSA Plan Document & Summary Plan Description.

Nursery School
Haircut Smiles
Children Playing Tug of War

Your Dependent Care Flexible Spending Account is administered through Igoe.

For questions, you may contact Igoe at 800-633-8818 or visit the Igoe website.

Commuter Benefit Accounts

Commuter Benefits is a pre-tax option available for eligible transit or parking costs. The Commuter Benefits plan allows employees to set aside pre-tax dollars each month to pay for qualified, work related transit and parking expenses. Maximum contributions are listed below

  • Transit monthly maximum: $315

  • Parking monthly maximum: $315

 

Eligible Expenses

 

  • Transit Benefits: pass, token fare card, voucher that entitles the employee to transportation or mass transit for purposes of commuting to and from work

  • Parking Benefits: business premises, parking lot, location from which an employee carpools to work

Ineligible Expenses: Tolls, gas, mileage, carpool, taxi fares. 

You are not eligible if you are receiving a car allowance.

Clipper Card – Bay Area Participants

Your debit card can be used to add funds to the Clipper Card. The Clipper Card is accepted by most Bay Area transit providers. When you use your Igoe debit card as your primary method to add funds to your Clipper Card, it is important that you provide Clipper with a secondary payment option just in case there are not enough funds available on your Igoe debit card to fulfill an order.

Learn more about the Commuter Benefits and eligible expenses.

Commuter

Your Commuter Benefit Accounts are administered through Igoe.

For questions, you may contact Igoe at 800-633-8818 or visit the Igoe website.

bottom of page