Overview
Carlisle offers several tax-advantaged accounts and encourages you to take full advantage of their money-saving potential. You can enroll on the MyADP website as a new hire, during Open Enrollment, or if you have a qualifying life event.
Key features
Tax-free money
Money goes in tax-free* and comes out tax-free when it’s used for eligible expenses.
Convenient payroll deductions
Contribute to your accounts easily and effortlessly (HSA and FSAs only).
Helpful budgeting tool
Plan for upcoming expenses by setting aside money each paycheck.
*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.
2024 tax-advantaged accounts
Health Savings Account (HSA)
Administered by: Inspira Financial
Available only to employees who enroll in the CDHP Plan.
Health Care Flexible Spending Account (FSA)
Administered by: Inspira Financial
Available to employees who enroll in the Carlisle Medical or Carlisle HRA or do not elect medical coverage through Carlisle.
Health Reimbursement Account (HRA)
Administered by: Aetna
Available only to employees who enroll in the Carlisle HRA.
Dependent Care Flexible Spending Account (FSA)
Administered by: Inspira Financial
Available to all employees.
What’s eligible?
The IRS determines what expenses can be paid with money from an HSA or FSA. Learn more about the eligible expenses for each account:
How much could you save?
Here’s an example. Let’s say Tom decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, he’d pay $480 in federal income tax, $100 in state income tax, and $153 in payroll tax. So, by contributing that $2,000 to his HSA or FSA, he’ll save $733 in taxes for the year.
| Without an HSA or FSA, Tom would pay … | Savings |
|---|---|
| 24% in federal income tax | $480 |
| 5% in state income tax* | $100 |
| 7.65% in payroll tax | $153 |
| His total tax savings for the year with an HSA or FSA | $733 |
This hypothetical is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.
*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.
Health Savings Account
With the Carlisle HSA , you’re eligible to open and contribute money to a Health Savings Account (HSA) through Inspira Financial. The HSA is a tax-free savings account that you own. You can choose to spend the money right away as eligible health expenses come up or save it for the future — you can even use it in retirement.
Get a triple tax advantage!
With an HSA, you can:
*HSA contributions are not subject to federal income tax, but are currently subject to state income tax in CA and NJ. Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
2024 contribution limits
The maximum amount you and Carlisle can contribute to your HSA is determined by annual IRS limits. In 2024, the total contribution limits are:
- $4,150 if you have employee-only medical plan coverage, or
- $8,300 if you cover dependents.
Add $1,000 to these limits if you’re age 55 or older.
Keep in mind that the contribution amount you’re able to elect for the year will be reduced by the amount of Carlisle’s annual contribution: $850 if you have employee-only medical plan coverage or $1,700 if you cover dependents.
Who’s eligible for an HSA?
In order to establish and contribute to an HSA, you:
- Must be enrolled in the Carlisle HSA or another qualified high-deductible medical plan.
- Cannot be enrolled in any other medical coverage, including a spouse’s plan or Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
You should review IRS rules for making HSA contributions if you will turn age 65 during the year. For more information, see IRS Publication 969.
Getting started
To contribute to an HSA, you must enroll in the Carlisle HSA. You will elect your HSA contribution amount during enrollment, but can change it anytime during the year. You can then manage your account through the Inspira Financial website.
As you start using your account, keep in mind you can only spend money actually deposited into your account — your entire annual contribution amount is not available to you from the beginning of the plan year. Your HSA balance will grow as deposits are made from each paycheck.
Health Reimbursement Account
With the Carlisle HRA, you will receive an employer-funded Health Reimbursement Account (HRA), administered by Aetna, to help cover the costs of your health care.
Carlisle HRA
No new enrollments in the Carlisle HRA will be accepted for the 2024 plan year. If you enrolled in this plan in 2023, you will be grandfathered into the plan and may continue your coverage for 2024, or you may choose to enroll in a different plan. If you choose to enroll in a different plan for 2024, you will not be grandfathered into the Carlisle HRA in future plan years.
HRA features
- It’s free money. Completely funded by Carlisle, without employee contributions.
- Works like a bank account. Carlisle contributes tax-free money to your HRA at the start of each year that you can use to pay for your eligible health care expenses. You’ll receive $500 for employee-only medical coverage or $1,000 if you cover dependents. Use your HRA debit card to spend the money on:
- Deductibles
- Coinsurance
- Prescription drugs
- Out-of-pocket expenses
- And more
- Unused money does not carry over at the end of each year. You cannot take the money with you if you leave the company.
- Can be paired with a Health Care FSA. You can set aside your own pretax money in an FSA to help cover health expenses that exceed your HRA amount.
Health Care Flexible Spending Account
Using a Flexible Spending Account (FSA) for health care expenses is like getting a discount because you’re paying with tax-free money. There are separate FSAs available to you, depending on your medical plan:
- A Health Care FSA is available to employees who enroll in the Carlisle HRA or do not elect medical coverage. This account can be used for all eligible medical, dental, and vision expenses.
With either of these accounts, you can contribute up to $3,200 for the year through pretax payroll deductions. Note: You must enroll in these accounts each Open Enrollment if you want to contribute the next year, even if you already have an account.
Use your money!
The money in your FSA does not carry over to the next plan year; you must “use it or lose it.” Request reimbursement or manage your account on the Inspira Financial website.
How the Health Care FSA works
Dependent Care Flexible Spending Account
Child and elder care can present significant expenses for you. A Dependent Care Flexible Spending Account (FSA) allows you to pay less for child and elder care expenses by using tax-free dollars.
A Dependent Care FSA is available to all employees. You can contribute up to $5,000 for the year through pretax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders. Note: You must enroll in this account each Open Enrollment if you want to contribute the next year, even if you already have an account.
Use your money!
The money in your Dependent Care FSA does not carry over to the next plan year; you must “use it or lose it.” Request reimbursement or manage your account on the Inspira Financial website.
How the Dependent Care FSA works
Commuter Benefits
To ease the cost of your commute to work, the Carlisle commuter benefits program lets you set aside pretax dollars from your paycheck to help pay for monthly parking or transit costs. It’s easy and flexible.
Compare Accounts
| HSA | HRA | Health Care FSA | Dependent Care FSA | |
|---|---|---|---|---|
| Available with... | Carlisle HSA | Carlisle HRA | Carlisle HRA (Or, if you waive medical coverage) |
N/A (All benefits-eligible employees may enroll)
|
| Receive company contribution? | Yes | No | No | No |
| Change your contribution amount anytime? | Yes | N/A; Only Carlisle may contribute to your account | No | No |
| Access your entire annual contribution amount as needed? | No | No | Yes | No |
| Access only funds that have been deposited? | Yes | Yes | No | Yes |
| Use account money for… | All eligible health care expenses | All eligible health care expenses | All eligible health care expenses | Eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders |
| “Use it or lose it” at year-end? | No | Yes | Yes | Yes |
| Money is always yours to keep? | Yes | No | No | No |
Tools & Resources
Your savings and spending accounts offer additional features to help you get the most from your money.
Online tools
Log in to the Inspira Financial website or download the mobile app to:
- Change your HSA contributions.
- Check your HSA balance.
- Check your Health Care FSA or Dependent Care FSA balance.
Or log into the Aetna website to:
- Check your HRA balance.
- Submit eligible medical expenses for reimbursement.