Page 19 - Busey Corporation 2022 Benefits Guide
P. 19
2022 Benefits Guide
What are Examples of Ineligible HSA What If I Want to Roll My HSA Over to
Expenses? Busey From a Different Bank?
The following expenses may not be reimbursed from You do not have to roll over your HSA. However, if
an HSA. you would like to move your funds to Busey, please
see a Universal Banker to complete the appropriate
■ Premiums for Medicare supplemental policies paperwork. Busey does not charge rollover fees
■ Expenses covered by another health plan when moving your account. The IRS limits rollovers
■ Expenses incurred prior to the date the HSA was to once every 12 months.
established
Busey HSA Fees
Planning for the Future Item Fee
What will happen to the money in my HSA when I Monthly Account Fee N/A
turn 65? You can continue to use your account tax- Minimum Balance $1
free for out-of-pocket health expenses. When you Paper Statements $0
enroll in any portion of Medicare, you can no longer Debit Card Issuance $0
contribute to an HSA, but you can still use your Replace Lost or Stolen Debit Card $10*
account to pay Medicare premiums, deductibles, Check Orders $35
copays, and coinsurance under any part of Medicare. ATM Distributions Not allowed but can
The one expense you cannot use your account for is check balance
to purchase a Medicare supplemental insurance or * Cannot be deducted from HSA.
“Medigap” policy.
Where Can I Find More Information
Once you turn age 65, you can also use your account on HSAs?
to pay for things other than health expenses. If
used for other expenses, the amount withdrawn This document is meant to serve as a high level
will be taxable as income but will not be subject to summary of HSAs. We encourage you to familiarize
any other penalties. Individuals under age 65 who yourself with all of the rules and regulations
use their accounts for non-medical expenses must pertaining to HSAs. To view statute, technical
pay income tax and a 20% penalty on the amount guidance and other consumer friendly information
withdrawn. released by the U.S. Department of Treasury, visit
www.treasury.gov.
To open an HSA at Busey, see a Universal Banker.
You’ll need the following items.
■ Your Social Security Number
■ Your photo ID
Once you have opened your account, you will
receive your HSA debit card within 10–14 days.
19
What are Examples of Ineligible HSA What If I Want to Roll My HSA Over to
Expenses? Busey From a Different Bank?
The following expenses may not be reimbursed from You do not have to roll over your HSA. However, if
an HSA. you would like to move your funds to Busey, please
see a Universal Banker to complete the appropriate
■ Premiums for Medicare supplemental policies paperwork. Busey does not charge rollover fees
■ Expenses covered by another health plan when moving your account. The IRS limits rollovers
■ Expenses incurred prior to the date the HSA was to once every 12 months.
established
Busey HSA Fees
Planning for the Future Item Fee
What will happen to the money in my HSA when I Monthly Account Fee N/A
turn 65? You can continue to use your account tax- Minimum Balance $1
free for out-of-pocket health expenses. When you Paper Statements $0
enroll in any portion of Medicare, you can no longer Debit Card Issuance $0
contribute to an HSA, but you can still use your Replace Lost or Stolen Debit Card $10*
account to pay Medicare premiums, deductibles, Check Orders $35
copays, and coinsurance under any part of Medicare. ATM Distributions Not allowed but can
The one expense you cannot use your account for is check balance
to purchase a Medicare supplemental insurance or * Cannot be deducted from HSA.
“Medigap” policy.
Where Can I Find More Information
Once you turn age 65, you can also use your account on HSAs?
to pay for things other than health expenses. If
used for other expenses, the amount withdrawn This document is meant to serve as a high level
will be taxable as income but will not be subject to summary of HSAs. We encourage you to familiarize
any other penalties. Individuals under age 65 who yourself with all of the rules and regulations
use their accounts for non-medical expenses must pertaining to HSAs. To view statute, technical
pay income tax and a 20% penalty on the amount guidance and other consumer friendly information
withdrawn. released by the U.S. Department of Treasury, visit
www.treasury.gov.
To open an HSA at Busey, see a Universal Banker.
You’ll need the following items.
■ Your Social Security Number
■ Your photo ID
Once you have opened your account, you will
receive your HSA debit card within 10–14 days.
19
