Page 8 - 2017-18 TechLab Benefits Guide
P. 8
Health Savings Account
Take charge of your healthcare spending with a health savings account
(HSA) which works alongside the Lumenos HSA plan (a high deductible
plan). An HSA is a personal healthcare bank account you can use to pay
out-of-pocket medical expenses with pre-tax dollars via payroll deduction.
HSA Major Benefits
Funds always belong to you even if you retire or leave the company
Funds always roll over to use the following year
Lowers your taxable income
HSA Triple Tax Savings
Tax deduction when you contribute to your account
Tax-free earnings through investment
Tax-free withdrawal for qualiied medical expenses
Annual HSA Funding Limits
The IRS regulates how much you can contribute to your HSA each year.
2017 2018
Individual $3,400 $3,450
Family $6,750 $6,900
Age 55 or older Contribute an additional $1,000 on top of these amounts
Individually Owned Account
You own and administer this healthcare savings account. You determine
how much you will contribute to your account, when to use your money
to pay for eligible medical expenses, and when to reimburse yourself.
HSAs allow you to save and “roll over” money if you do not spend it in
the calendar year. This is a bank account; you must have money in the
account before you can spend it. The money in this account is always
yours. If you change health plans or jobs, the money in the account is
yours to keep.
8 2017–2018 Benefits Enrollment
Take charge of your healthcare spending with a health savings account
(HSA) which works alongside the Lumenos HSA plan (a high deductible
plan). An HSA is a personal healthcare bank account you can use to pay
out-of-pocket medical expenses with pre-tax dollars via payroll deduction.
HSA Major Benefits
Funds always belong to you even if you retire or leave the company
Funds always roll over to use the following year
Lowers your taxable income
HSA Triple Tax Savings
Tax deduction when you contribute to your account
Tax-free earnings through investment
Tax-free withdrawal for qualiied medical expenses
Annual HSA Funding Limits
The IRS regulates how much you can contribute to your HSA each year.
2017 2018
Individual $3,400 $3,450
Family $6,750 $6,900
Age 55 or older Contribute an additional $1,000 on top of these amounts
Individually Owned Account
You own and administer this healthcare savings account. You determine
how much you will contribute to your account, when to use your money
to pay for eligible medical expenses, and when to reimburse yourself.
HSAs allow you to save and “roll over” money if you do not spend it in
the calendar year. This is a bank account; you must have money in the
account before you can spend it. The money in this account is always
yours. If you change health plans or jobs, the money in the account is
yours to keep.
8 2017–2018 Benefits Enrollment
