Page 17 - Busey Corporation 2022 Benefits Guide
P. 17
2022 Benefits Guide
How an HSA Works with the Consumer-Driven Health Plan
How You Use Your HSA How You Fund Your HSA
You determine how and when to use your HSA You can set aside dollars on a pre-tax basis through
dollars. You can use your funds to pay for qualiied payroll deduction, which can be changed at anytime
expenses covered by the CDHP. If you decide to use through UKG, or make deposits to your HSA like you
funds to pay for ineligible expenses, there will be a would for any other checking account. If you do the
20% penalty, plus income tax payment. You can also latter, remember to take the tax deduction when
pay for health expenses out-of-pocket and let your iling your tax returns.
HSA funds grow.
Per the IRS, the maximum amount you can
Any funds remaining at the end of the year will contribute to your HSA for 2022 is $3,650 for an
remain in your account for future use. Regardless of individual or $7,300 for a family (associates age
your employer, the HSA funds are yours to keep. 55 and older can contribute an additional $1,000
“catch-up” contribution per year). Please keep in
When You are Eligible to Open and mind that any HSA seed money you earn from the
Fund an HSA B Well program will ofset the amount you are
■ You are covered by an HSA eligible eligible to contribute to your HSA if you plan on
CDHP option contributing the 2022 maximum amount. As the HSA
■ You are not covered by your spouse’s traditional account holder, you are responsible for assuring that
health plan or Healthcare FSA you do not exceed the annual IRS contribution limits.
■ You are not eligible to be claimed as a
dependent on someone else’s tax return
■ You are not enrolled in Medicare, TRICARE, or
TRICARE for Life
■ You have not received Veterans
Administration Beneits*
* VA medical beneits received for a service-related disability will not
be taken into account when determining eligibility
17
How an HSA Works with the Consumer-Driven Health Plan
How You Use Your HSA How You Fund Your HSA
You determine how and when to use your HSA You can set aside dollars on a pre-tax basis through
dollars. You can use your funds to pay for qualiied payroll deduction, which can be changed at anytime
expenses covered by the CDHP. If you decide to use through UKG, or make deposits to your HSA like you
funds to pay for ineligible expenses, there will be a would for any other checking account. If you do the
20% penalty, plus income tax payment. You can also latter, remember to take the tax deduction when
pay for health expenses out-of-pocket and let your iling your tax returns.
HSA funds grow.
Per the IRS, the maximum amount you can
Any funds remaining at the end of the year will contribute to your HSA for 2022 is $3,650 for an
remain in your account for future use. Regardless of individual or $7,300 for a family (associates age
your employer, the HSA funds are yours to keep. 55 and older can contribute an additional $1,000
“catch-up” contribution per year). Please keep in
When You are Eligible to Open and mind that any HSA seed money you earn from the
Fund an HSA B Well program will ofset the amount you are
■ You are covered by an HSA eligible eligible to contribute to your HSA if you plan on
CDHP option contributing the 2022 maximum amount. As the HSA
■ You are not covered by your spouse’s traditional account holder, you are responsible for assuring that
health plan or Healthcare FSA you do not exceed the annual IRS contribution limits.
■ You are not eligible to be claimed as a
dependent on someone else’s tax return
■ You are not enrolled in Medicare, TRICARE, or
TRICARE for Life
■ You have not received Veterans
Administration Beneits*
* VA medical beneits received for a service-related disability will not
be taken into account when determining eligibility
17
