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The chart below outlines some of the speciics regarding an HSA.
Health Savings Account
What can I use the money for? IRS qualiied medical expenses* incurred by you, your spouse and
dependents (even if the dependents are not enrolled in the HSA Plan)
Can I roll over unused dollars from year to year? Yes; unused money will remain in your HSA for future use
How are expenses paid? You decide whether or not to use your HSA debit card to pay for
medical claims subject to the deductible and coinsurance expenses
with the funds in your HSA; you pay for expenses until you reach the
annual out-of-pocket maximum
How do I access my account? By using your HSA debit card and online banking as provided to you
when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave Patton Logistics, you take your HSA funds with you
Must I report my HSA on my federal income tax form? Yes
May I use HSA funds expenses incurred prior to opening No; you may only reimburse eligible expenses incurred after you open
my HSA? your HSA
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from You are responsible for paying the remaining deductible
your HSA or pay out-of-pocket. With the exception of and coinsurance up to the out-of-pocket maximum limits.
preventive prescription drug copays, the medical plan Once met, the plan pays 100 percent of your eligible
has not copays. You are responsible for paying for all medical expenses. You may contribute funds to your HSA
non-preventive medical services and non-preventive to calendar year limits.
prescriptions until you meet your annual deductible.
There is no “use it or lose it” rule. Want to pay for your eligible medical expenses
Any unused money will remain in tax-free?
your HSA for future use. If you
leave Patton Logistics, you take Make pre-tax contributions to your HSA through payroll deduction. The IRS
your HSA funds with you. contribution limits for 2019 are $3,500 for individuals and $7,000 for families.
Individuals age 55 and older may contribute an additional $1,000 to their HSA.
These funds can be withdrawn at any time to pay for qualiied medical expenses
tax-free. Refer to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf.
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Health Savings Account
What can I use the money for? IRS qualiied medical expenses* incurred by you, your spouse and
dependents (even if the dependents are not enrolled in the HSA Plan)
Can I roll over unused dollars from year to year? Yes; unused money will remain in your HSA for future use
How are expenses paid? You decide whether or not to use your HSA debit card to pay for
medical claims subject to the deductible and coinsurance expenses
with the funds in your HSA; you pay for expenses until you reach the
annual out-of-pocket maximum
How do I access my account? By using your HSA debit card and online banking as provided to you
when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave Patton Logistics, you take your HSA funds with you
Must I report my HSA on my federal income tax form? Yes
May I use HSA funds expenses incurred prior to opening No; you may only reimburse eligible expenses incurred after you open
my HSA? your HSA
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from You are responsible for paying the remaining deductible
your HSA or pay out-of-pocket. With the exception of and coinsurance up to the out-of-pocket maximum limits.
preventive prescription drug copays, the medical plan Once met, the plan pays 100 percent of your eligible
has not copays. You are responsible for paying for all medical expenses. You may contribute funds to your HSA
non-preventive medical services and non-preventive to calendar year limits.
prescriptions until you meet your annual deductible.
There is no “use it or lose it” rule. Want to pay for your eligible medical expenses
Any unused money will remain in tax-free?
your HSA for future use. If you
leave Patton Logistics, you take Make pre-tax contributions to your HSA through payroll deduction. The IRS
your HSA funds with you. contribution limits for 2019 are $3,500 for individuals and $7,000 for families.
Individuals age 55 and older may contribute an additional $1,000 to their HSA.
These funds can be withdrawn at any time to pay for qualiied medical expenses
tax-free. Refer to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf.
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