Page 11 - OE Guide
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The chart below outlines some of the speciics regarding an HSA.
Choice Fund
Health Savings Account
Who can contribute? Franke and you
How much is contributed? $200 per individual; $350 per family
When are funds contributed to my account? January 1, 2016
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 Franke, you take your HSA funds with you
Can I contribute to a Healthcare Flexible Spending No; participants in the HSA Plan can only have a limited purpose healthcare
Account (FSA)? FSA
Must I report my HSA on my federal income tax Yes
form?
May I use HSA funds expenses incurred prior to No; you may only reimburse eligible expenses incurred after you open your
opening my HSA? HSA
How the HSA Works
Complete Wellness Activities When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use You are responsible for paying
You will earn up to $200 for employee the funds from your HSA or pay the remaining deductible and
only coverage and $350 for employee out-of-pocket. There are no copays. coinsurance up to the out-of-pocket
plus spouse coverage based on your You are responsible for paying for all maximum limits. Once met, the plan
completion of a biometric screening non-preventive medical services and pays 100 percent of your eligible
as explained on page 6. non-preventive prescriptions until you medical expenses. You may contribute
meet your annual deductible. additional funds to your HSA to
calendar year limits.
There is no “use it or lose it” rule. Any Want to pay for your eligible medical expenses tax-free?
unused money will remain in your HSA Make pre-tax contributions to your HSA through payroll deduction. The IRS
for future use. If you leave Franke, you contribution limits for 2016 are $3,350 for individuals and $6,750 for families.
take your HSA funds with you. 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.
2016 Open Enrollment
The chart below outlines some of the speciics regarding an HSA.
Choice Fund
Health Savings Account
Who can contribute? Franke and you
How much is contributed? $200 per individual; $350 per family
When are funds contributed to my account? January 1, 2016
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 Franke, you take your HSA funds with you
Can I contribute to a Healthcare Flexible Spending No; participants in the HSA Plan can only have a limited purpose healthcare
Account (FSA)? FSA
Must I report my HSA on my federal income tax Yes
form?
May I use HSA funds expenses incurred prior to No; you may only reimburse eligible expenses incurred after you open your
opening my HSA? HSA
How the HSA Works
Complete Wellness Activities When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use You are responsible for paying
You will earn up to $200 for employee the funds from your HSA or pay the remaining deductible and
only coverage and $350 for employee out-of-pocket. There are no copays. coinsurance up to the out-of-pocket
plus spouse coverage based on your You are responsible for paying for all maximum limits. Once met, the plan
completion of a biometric screening non-preventive medical services and pays 100 percent of your eligible
as explained on page 6. non-preventive prescriptions until you medical expenses. You may contribute
meet your annual deductible. additional funds to your HSA to
calendar year limits.
There is no “use it or lose it” rule. Any Want to pay for your eligible medical expenses tax-free?
unused money will remain in your HSA Make pre-tax contributions to your HSA through payroll deduction. The IRS
for future use. If you leave Franke, you contribution limits for 2016 are $3,350 for individuals and $6,750 for families.
take your HSA funds with you. 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.
2016 Open Enrollment
