Page 9 - 2017-18 TechLab Benefits Guide
P. 9
Find more examples at www.irs.gov
How Does an HSA Work? in IRC Sec.213(d). Members will pay
a penalty and tax on all ineligible
An HSA works in conjunction with your Lumenos HSA plan coverage. HSA expenses. You are responsible
Your HSA dollars can be used to help pay the health insurance deductible for spending your HSA dollars
and qualiied medical expenses, including those not covered by the health appropriately.
insurance, like dental and vision care. Any funds you withdraw for non-
qualiied medical expenses will be taxed at your income tax rate, plus 20%
if you’re under 65.
HSA Eligibility
You may open and contribute pre-tax to an HSA under the following
circumstances.
You are enrolled in an IRS consumer driven health plan or high
deductible plan (TechLab’s Lumenos HSA plan meets this criteria)
You cannot be enrolled in a non-consumer driven health plan through
your spouse or other employer sponsored plan
You cannot be enrolled in a Government sponsored program
(Medicare, Medicaid, TRICARE, etc.)
You cannot have received VA beneits within the last 3 months (unless
receiving beneits for a service related disability)
You cannot be claimed as a dependent on someone else’s tax return
You cannot have a healthcare FSA; your spouse cannot have a
healthcare FSA through his/her own employer
Use Your HSA to Pay for the Following
Deductible expenses
Out-of-pocket maximum expenses
Dental care
Vision care
Prescription drugs
Over the counter drugs with a written prescription
Hearing aids
TechLab 9
How Does an HSA Work? in IRC Sec.213(d). Members will pay
a penalty and tax on all ineligible
An HSA works in conjunction with your Lumenos HSA plan coverage. HSA expenses. You are responsible
Your HSA dollars can be used to help pay the health insurance deductible for spending your HSA dollars
and qualiied medical expenses, including those not covered by the health appropriately.
insurance, like dental and vision care. Any funds you withdraw for non-
qualiied medical expenses will be taxed at your income tax rate, plus 20%
if you’re under 65.
HSA Eligibility
You may open and contribute pre-tax to an HSA under the following
circumstances.
You are enrolled in an IRS consumer driven health plan or high
deductible plan (TechLab’s Lumenos HSA plan meets this criteria)
You cannot be enrolled in a non-consumer driven health plan through
your spouse or other employer sponsored plan
You cannot be enrolled in a Government sponsored program
(Medicare, Medicaid, TRICARE, etc.)
You cannot have received VA beneits within the last 3 months (unless
receiving beneits for a service related disability)
You cannot be claimed as a dependent on someone else’s tax return
You cannot have a healthcare FSA; your spouse cannot have a
healthcare FSA through his/her own employer
Use Your HSA to Pay for the Following
Deductible expenses
Out-of-pocket maximum expenses
Dental care
Vision care
Prescription drugs
Over the counter drugs with a written prescription
Hearing aids
TechLab 9
