Page 16 - Busey Corporation 2022 Benefits Guide
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What is a Health Savings Account (HSA)?
When an associate participates in a qualiied When you participate in an HSA, you are not
CDHP (and is not covered by another non-CDHP eligible for the Healthcare FSA. If you are
medical plan), associates are eligible to participate currently enrolled in a Healthcare FSA, you
in a Health Savings Account (HSA). An HSA allows cannot contribute to an HSA until you are no
associates to pay for qualiied medical expenses longer enrolled in a Healthcare FSA. However,
under a CDHP with pre-tax dollars, thus reducing you may elect to participate in a Limited Health
taxable income. Associates can make contributions FSA (dental and vision expenses only) if you
to the account up to the allowed maximum participate in an HSA.
contribution limits. These funds can be withdrawn
at any time to cover qualiied medical expenses as In addition, you may not contribute to an HSA while
deined by the IRS, such as deductibles, medical your spouse is contributing to a Healthcare FSA
services, pharmacy charges, or post retirement through his or her employer. Conversely, a spouse
medical expenses, for example. Contributions made may not contribute to a Healthcare FSA while you
to the account will automatically roll over year are contributing to an HSA. Unlike the Healthcare
after year. FSA, HSA funds are not available until they have
been accumulated in your HSA account.
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When an associate participates in a qualiied When you participate in an HSA, you are not
CDHP (and is not covered by another non-CDHP eligible for the Healthcare FSA. If you are
medical plan), associates are eligible to participate currently enrolled in a Healthcare FSA, you
in a Health Savings Account (HSA). An HSA allows cannot contribute to an HSA until you are no
associates to pay for qualiied medical expenses longer enrolled in a Healthcare FSA. However,
under a CDHP with pre-tax dollars, thus reducing you may elect to participate in a Limited Health
taxable income. Associates can make contributions FSA (dental and vision expenses only) if you
to the account up to the allowed maximum participate in an HSA.
contribution limits. These funds can be withdrawn
at any time to cover qualiied medical expenses as In addition, you may not contribute to an HSA while
deined by the IRS, such as deductibles, medical your spouse is contributing to a Healthcare FSA
services, pharmacy charges, or post retirement through his or her employer. Conversely, a spouse
medical expenses, for example. Contributions made may not contribute to a Healthcare FSA while you
to the account will automatically roll over year are contributing to an HSA. Unlike the Healthcare
after year. FSA, HSA funds are not available until they have
been accumulated in your HSA account.
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