Page 7 - Thompson Coburn 2022 Beneftits Summary
P. 7
2022 Benefits Summary
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. funds tax-free as long as funds are available and
The HSA works like a personal savings account, but the expenses are eligible for payment. It is also
you can only use the money to pay for qualiied portable, so if you leave Thompson Coburn, you can
health-related expenses. HSAs can be established continue to contribute to your HSA as long as you
with a bank, insurance company, or other IRS- are enrolled in a qualiied high deductible plan.
approved 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
As an employee, you may make pre-tax healthcare expenses. For example, if you use an in-
contributions into your HSA up to the IRS limits. network doctor instead of an out-of-network doctor,
The 2022 HSA limits are $3,650 for individual and your overall out-of-pocket cost is less.
$7,300 for all other HDP tiers. The HSA limits include
the employer and employee contributions. The You have the option to participate in the Thompson
minimum amount to contribute to an HSA per pay Coburn HDP and not open an HSA. In this case, you
period is $10. You must contribute this minimum would be eligible to participate in another health
in order to receive the Firm’s HSA per pay period plan.
contribution.
HSA Checklist
For employees that achieved the 2021 wellness
credit goal, Thompson Coburn will contribute $41.67 Consider if an HSA is right for you
per pay period (totaling $1,000 over the course of Elect an HDP option during the enrollment period
the year) to employees enrolled in the HDP Core To be eligible, you have to be enrolled in the HDP, not
plan and $31.25 per pay period (totaling $750 over enrolled in Medicare, and not claimed as a dependent on
the course of the year) to employees enrolled in the another person’s insurance plan
HDP Buy-up plan for 2022. Start contributing to your account; for 2022, you can
contribute up to $3,650 for employee only coverage and
With an HSA, you can roll over any unused $7,300 for all other HDP tiers
contributions from year-to-year, allowing you to If you are age 55 or older, you can make an additional
accumulate a balance for future medical expenses. “catch-up contribution” of up to $1,000 beyond the annual
Investment options are available once your balance limit
reaches certain levels (this is diferent from a medical Continue to add to and spend from your account for
lexible spending account (FSA), which does not qualiied medical expenses
allow you to roll over unused funds—unused FSA Keep your receipts
funds are forfeited at the end of the plan year). For Employees, HSA contributions can be made pre-tax
through Optum Bank
7
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. funds tax-free as long as funds are available and
The HSA works like a personal savings account, but the expenses are eligible for payment. It is also
you can only use the money to pay for qualiied portable, so if you leave Thompson Coburn, you can
health-related expenses. HSAs can be established continue to contribute to your HSA as long as you
with a bank, insurance company, or other IRS- are enrolled in a qualiied high deductible plan.
approved 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
As an employee, you may make pre-tax healthcare expenses. For example, if you use an in-
contributions into your HSA up to the IRS limits. network doctor instead of an out-of-network doctor,
The 2022 HSA limits are $3,650 for individual and your overall out-of-pocket cost is less.
$7,300 for all other HDP tiers. The HSA limits include
the employer and employee contributions. The You have the option to participate in the Thompson
minimum amount to contribute to an HSA per pay Coburn HDP and not open an HSA. In this case, you
period is $10. You must contribute this minimum would be eligible to participate in another health
in order to receive the Firm’s HSA per pay period plan.
contribution.
HSA Checklist
For employees that achieved the 2021 wellness
credit goal, Thompson Coburn will contribute $41.67 Consider if an HSA is right for you
per pay period (totaling $1,000 over the course of Elect an HDP option during the enrollment period
the year) to employees enrolled in the HDP Core To be eligible, you have to be enrolled in the HDP, not
plan and $31.25 per pay period (totaling $750 over enrolled in Medicare, and not claimed as a dependent on
the course of the year) to employees enrolled in the another person’s insurance plan
HDP Buy-up plan for 2022. Start contributing to your account; for 2022, you can
contribute up to $3,650 for employee only coverage and
With an HSA, you can roll over any unused $7,300 for all other HDP tiers
contributions from year-to-year, allowing you to If you are age 55 or older, you can make an additional
accumulate a balance for future medical expenses. “catch-up contribution” of up to $1,000 beyond the annual
Investment options are available once your balance limit
reaches certain levels (this is diferent from a medical Continue to add to and spend from your account for
lexible spending account (FSA), which does not qualiied medical expenses
allow you to roll over unused funds—unused FSA Keep your receipts
funds are forfeited at the end of the plan year). For Employees, HSA contributions can be made pre-tax
through Optum Bank
7
