Page 12 - Fontbonne University 2022 Benefits Guide
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HEALTH SAVINGS ACCOUNT (HSA)
An HSA is a tax-favored savings account which works in conjunction with your health plan coverage. If you
enroll in a qualiied high deductible health plan (Fontbonne’s HSA Plan) and meet all eligibility requirements
set by the IRS, you may contribute to an HSA. Please note, if you do not make a new election for 2022,
your 2021 HSA election will carry over.
An HSA is similar to a checking account; you must have money in the account in order to use it. 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.
HSA Major Benefits HSA Triple Tax Savings
X Funds always belong to you (even if you leave/ X Tax-free deductions when you contribute to
retire) your account
X Funds always rollover to use the following year X Tax-free earnings through investment
(no “use it or lose it” provision) opportunities
X Your contribution lowers your taxable income X Tax-free withdrawals for qualiied medical
expenses
Fontbonne Contributes to Your HSA! 2022 HSA Funding Limits
Fontbonne continues to contribute money into an HSA Coverage Level Limit
account, called seed money, for employees who newly elect Individual Coverage $3,650
the HSA Plan. This $250 seed contribution will count toward Family Coverage $7,300
the IRS annual maximum contributions. Age 55 or Older Additional $1,000
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An HSA is a tax-favored savings account which works in conjunction with your health plan coverage. If you
enroll in a qualiied high deductible health plan (Fontbonne’s HSA Plan) and meet all eligibility requirements
set by the IRS, you may contribute to an HSA. Please note, if you do not make a new election for 2022,
your 2021 HSA election will carry over.
An HSA is similar to a checking account; you must have money in the account in order to use it. 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.
HSA Major Benefits HSA Triple Tax Savings
X Funds always belong to you (even if you leave/ X Tax-free deductions when you contribute to
retire) your account
X Funds always rollover to use the following year X Tax-free earnings through investment
(no “use it or lose it” provision) opportunities
X Your contribution lowers your taxable income X Tax-free withdrawals for qualiied medical
expenses
Fontbonne Contributes to Your HSA! 2022 HSA Funding Limits
Fontbonne continues to contribute money into an HSA Coverage Level Limit
account, called seed money, for employees who newly elect Individual Coverage $3,650
the HSA Plan. This $250 seed contribution will count toward Family Coverage $7,300
the IRS annual maximum contributions. Age 55 or Older Additional $1,000
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