Page 4 - Wiese 2022 Benefits Guide
P. 4
CHOICE MEDICAL PLAN WITH THE HSA
Optum Bank The IRS Mandates Maximum
If you elect the Choice Health Plan, you have the Contribution Limits to HSAs
option to open and contribute to a health savings Annually
account through payroll deductions. UMR uses The 2022 contribution limits are as follows.
Optum Bank for their health savings accounts.
X $3,650 for an individual
What is a Health Savings X $7,300 for a family
Account (HSA)? X If you are age 55 or older you are eligible for
HSAs allow team members to contribute pre- an additional catch-up contribution of $1,000
tax dollars deducted from your paycheck into an annually
account which can be used for medical expenses.
“Seed” Money for HSAs
Unused funds roll over each year and the money is For those team members electing the Choice
yours to keep if you change jobs or health plans. Plan, Wiese will contribute money into your
Optum HSA account to use towards your out-of-
An HSA is like a checking account; you must have pocket expenses.
money in the account in order to use it. As long as
you have funds in the account, you can simply pay X $1,000 for team member only coverage
for qualiied services with your HSA card, just like X $1,500 for all other coverage tiers
you pay for groceries with your debit card. If you
don’t have funds in your HSA and must pay out-
of-pocket with cash or another bank account, you
can reimburse yourself from the HSA at a later date
when the funds are available.
4
Optum Bank The IRS Mandates Maximum
If you elect the Choice Health Plan, you have the Contribution Limits to HSAs
option to open and contribute to a health savings Annually
account through payroll deductions. UMR uses The 2022 contribution limits are as follows.
Optum Bank for their health savings accounts.
X $3,650 for an individual
What is a Health Savings X $7,300 for a family
Account (HSA)? X If you are age 55 or older you are eligible for
HSAs allow team members to contribute pre- an additional catch-up contribution of $1,000
tax dollars deducted from your paycheck into an annually
account which can be used for medical expenses.
“Seed” Money for HSAs
Unused funds roll over each year and the money is For those team members electing the Choice
yours to keep if you change jobs or health plans. Plan, Wiese will contribute money into your
Optum HSA account to use towards your out-of-
An HSA is like a checking account; you must have pocket expenses.
money in the account in order to use it. As long as
you have funds in the account, you can simply pay X $1,000 for team member only coverage
for qualiied services with your HSA card, just like X $1,500 for all other coverage tiers
you pay for groceries with your debit card. If you
don’t have funds in your HSA and must pay out-
of-pocket with cash or another bank account, you
can reimburse yourself from the HSA at a later date
when the funds are available.
4
