Page 10 - CHI 2022 Benefits Guide
P. 10
Health Savings Account (HSA)
What is a Health Savings HSA expenses can be incurred by you, your spouse,
Account (HSA)? and dependents claimed on your personal tax return
An HSA is a tax-favored account you can use to pay even if the dependents are not enrolled in the HSA
plan.
for eligible current and future healthcare expenses
with tax-free dollars. You must enroll in the HDHP Funding Your Account
plan to be eligible to open a health savings bank
account. There is no use it or lose it rule. Any unused You may contribute up to the annual IRS limits, but
money will remain in your HSA for future use. it’s important that you do not exceed them and
potentially face a tax penalty.
C.H.I. does not own the account. You own the
account. If you leave, you keep the funds. You may Coverage Tier Contribution
choose to make contributions to your HSA on a IRS Annual Limit*
pre-tax basis. However, please note that you cannot Employee $3,650
contribute to a health savings account (HSA) if you Employee and Dependent $7,300
or your spouse are participating in a healthcare FSA.
* Individuals age 55 and older, or individuals who reach age 55 by
December 31, 2022 can make a catch-up contribution of up to
Funds may be withdrawn at any time to pay for $1,000 in addition to these amounts.
qualiied expenses, tax-free, for most medical,
dental, and vision services. For a complete list of
eligible expenses, please refer to IRS Publication 502 You are eligible to open a Health Savings Account if:
at irs.gov.
z You are enrolled in an HSA plan (qualiied high
deductible health plan)
z You are not covered by your spouse’s health plan,
any other health plan, or lexible spending account
z You are not eligible to be claimed as a dependent on
someone else’s tax return
z You are not enrolled in Medicare, TRICARE, or
TRICARE for Life
z You have not received veterans administration
beneits in the past three months
You must have a $0 balance
in your Healthcare FSA on
December 31 to contribute
to an HSA on January 1.
10
What is a Health Savings HSA expenses can be incurred by you, your spouse,
Account (HSA)? and dependents claimed on your personal tax return
An HSA is a tax-favored account you can use to pay even if the dependents are not enrolled in the HSA
plan.
for eligible current and future healthcare expenses
with tax-free dollars. You must enroll in the HDHP Funding Your Account
plan to be eligible to open a health savings bank
account. There is no use it or lose it rule. Any unused You may contribute up to the annual IRS limits, but
money will remain in your HSA for future use. it’s important that you do not exceed them and
potentially face a tax penalty.
C.H.I. does not own the account. You own the
account. If you leave, you keep the funds. You may Coverage Tier Contribution
choose to make contributions to your HSA on a IRS Annual Limit*
pre-tax basis. However, please note that you cannot Employee $3,650
contribute to a health savings account (HSA) if you Employee and Dependent $7,300
or your spouse are participating in a healthcare FSA.
* Individuals age 55 and older, or individuals who reach age 55 by
December 31, 2022 can make a catch-up contribution of up to
Funds may be withdrawn at any time to pay for $1,000 in addition to these amounts.
qualiied expenses, tax-free, for most medical,
dental, and vision services. For a complete list of
eligible expenses, please refer to IRS Publication 502 You are eligible to open a Health Savings Account if:
at irs.gov.
z You are enrolled in an HSA plan (qualiied high
deductible health plan)
z You are not covered by your spouse’s health plan,
any other health plan, or lexible spending account
z You are not eligible to be claimed as a dependent on
someone else’s tax return
z You are not enrolled in Medicare, TRICARE, or
TRICARE for Life
z You have not received veterans administration
beneits in the past three months
You must have a $0 balance
in your Healthcare FSA on
December 31 to contribute
to an HSA on January 1.
10
