Page 7 - Thompson Coburn 2021 Annual Benefits Enrollment
P. 7
2021
Enrollment Guide
HOW THE HSA WORKS
The health savings account (HSA) is a tax-exempt You own your HSA, which means you can withdraw
account established to pay for medical expenses. The funds tax-free as long as funds are available and the
HSA works like a personal savings account, but you expenses are eligible for payment. It is also portable,
can only use the money to pay for qualiied health- so if you leave Thompson Coburn, you can continue
related expenses. HSAs can be established with a to contribute to your HSA as long as you are enrolled
bank, insurance company, or other IRS-approved in a qualiied high deductible plan.
trustee. Thompson Coburn utilizes Optum Bank for
employee and employer HSA contributions. When you are able to make choices that save money,
those savings stay in your HSA for other healthcare
As an employee, you may make pre-tax contributions expenses. For example, if you use an in-network
into your HSA up to the IRS limits. The 2021 HSA doctor instead of an out-of-network doctor, your
limits are $3,600 for individual and $7,200 for all other overall out-of-pocket cost is less.
HDP tiers. The HSA limits include the employer and
employee contributions. The minimum amount to You have the option to participate in the Thompson
contribute to an HSA per pay period is $10. You must Coburn HDP and not open an HSA. In this case, you
contribute this minimum in order to receive the Firm’s would be eligible to participate in another health plan.
HSA per pay period contribution.
For employees that achieved the 2020 wellness credit HSA Checklist
goal, Thompson Coburn will contribute $27.09 per Consider if an HSA is right for you
pay period (totaling $650 over the course of the year) Elect an HDP option during the enrollment period
to employees enrolled in the HDP Core plan and To be eligible, you have to be enrolled in the HDP,
$20.84 per pay period (totaling $500 over the course not enrolled in Medicare, and not claimed as a
of the year) to employees enrolled in the HDP Buy-up dependent on another person’s insurance plan
plan for 2021. Start contributing to your account; for 2021, you
can contribute up to $3,600 for employee only
With an HSA, you can roll over any unused coverage and $7,200 for all other HDP tiers
contributions from year-to-year, allowing you to If you are age 55 or older, you can make an
accumulate a balance for future medical expenses. additional “catch-up contribution” of up to $1,000
Investment options are available once your balance beyond the annual limit
reaches certain levels (this is different from a medical Continue to add to and spend from your account
lexible spending account (FSA), which does not allow for qualiied medical expenses
you to roll over unused funds—unused FSA funds are Keep your receipts
forfeited at the end of the plan year).
For Employees, HSA contributions can be made
pre-tax through Optum Bank
7
Enrollment Guide
HOW THE HSA WORKS
The health savings account (HSA) is a tax-exempt You own your HSA, which means you can withdraw
account established to pay for medical expenses. The funds tax-free as long as funds are available and the
HSA works like a personal savings account, but you expenses are eligible for payment. It is also portable,
can only use the money to pay for qualiied health- so if you leave Thompson Coburn, you can continue
related expenses. HSAs can be established with a to contribute to your HSA as long as you are enrolled
bank, insurance company, or other IRS-approved in a qualiied high deductible plan.
trustee. Thompson Coburn utilizes Optum Bank for
employee and employer HSA contributions. When you are able to make choices that save money,
those savings stay in your HSA for other healthcare
As an employee, you may make pre-tax contributions expenses. For example, if you use an in-network
into your HSA up to the IRS limits. The 2021 HSA doctor instead of an out-of-network doctor, your
limits are $3,600 for individual and $7,200 for all other overall out-of-pocket cost is less.
HDP tiers. The HSA limits include the employer and
employee contributions. The minimum amount to You have the option to participate in the Thompson
contribute to an HSA per pay period is $10. You must Coburn HDP and not open an HSA. In this case, you
contribute this minimum in order to receive the Firm’s would be eligible to participate in another health plan.
HSA per pay period contribution.
For employees that achieved the 2020 wellness credit HSA Checklist
goal, Thompson Coburn will contribute $27.09 per Consider if an HSA is right for you
pay period (totaling $650 over the course of the year) Elect an HDP option during the enrollment period
to employees enrolled in the HDP Core plan and To be eligible, you have to be enrolled in the HDP,
$20.84 per pay period (totaling $500 over the course not enrolled in Medicare, and not claimed as a
of the year) to employees enrolled in the HDP Buy-up dependent on another person’s insurance plan
plan for 2021. Start contributing to your account; for 2021, you
can contribute up to $3,600 for employee only
With an HSA, you can roll over any unused coverage and $7,200 for all other HDP tiers
contributions from year-to-year, allowing you to If you are age 55 or older, you can make an
accumulate a balance for future medical expenses. additional “catch-up contribution” of up to $1,000
Investment options are available once your balance beyond the annual limit
reaches certain levels (this is different from a medical Continue to add to and spend from your account
lexible spending account (FSA), which does not allow for qualiied medical expenses
you to roll over unused funds—unused FSA funds are Keep your receipts
forfeited at the end of the plan year).
For Employees, HSA contributions can be made
pre-tax through Optum Bank
7
