Page 7 - MGM 2020 Benefits
P. 7
Health Savings Account HSA Eligibility
(HSA) You may open and contribute pre-
tax to an HSA under the following
A health savings account (HSA) is a tax-favored savings account which circumstances.
works in conjunction with your health plan coverage. HSA dollars can be X Enrolled in an IRS qualiied high
used to pay for qualiied medical expenses such as deductibles, copays, deductible health plan (HDHP)
dental, and vision care. For a complete list of qualiied medical expenses,
visit www.irs.gov in IRS Publication 502. X Cannot be enrolled in a
traditional PPO plan through
your spouse or other employer
HSA Major Benefits sponsored plan options
X Funds always belong to you X Cannot be enrolled in a
X Funds always roll over from year to year Government sponsored
X Lowers your taxable income program (Medicare, Medicaid,
Tricare, etc.)
HSA Triple Tax Savings X Cannot have received VA
X Tax deduction when you contribute to your account beneits within the last three
X Tax-free earnings through investment months (unless receiving
beneits for a service related
X Tax-free withdrawal for qualiied medical expenses disability)
You may open an HSA through Optum Bank. See a member of your X Cannot be claimed as a
Human Resources team for more information. dependent on someone else’s
tax return
2019 HSA Funding Limits X Cannot have an HSA and
Coverage Level Limit healthcare FSA; your spouse
Individual Coverage $3,500 cannot have a healthcare FSA
Family Coverage $7,000 through his/her own employer
Age 55 or Older Contribute an additional $1,000 on top of these amounts
MGM Healthcare 7
(HSA) You may open and contribute pre-
tax to an HSA under the following
A health savings account (HSA) is a tax-favored savings account which circumstances.
works in conjunction with your health plan coverage. HSA dollars can be X Enrolled in an IRS qualiied high
used to pay for qualiied medical expenses such as deductibles, copays, deductible health plan (HDHP)
dental, and vision care. For a complete list of qualiied medical expenses,
visit www.irs.gov in IRS Publication 502. X Cannot be enrolled in a
traditional PPO plan through
your spouse or other employer
HSA Major Benefits sponsored plan options
X Funds always belong to you X Cannot be enrolled in a
X Funds always roll over from year to year Government sponsored
X Lowers your taxable income program (Medicare, Medicaid,
Tricare, etc.)
HSA Triple Tax Savings X Cannot have received VA
X Tax deduction when you contribute to your account beneits within the last three
X Tax-free earnings through investment months (unless receiving
beneits for a service related
X Tax-free withdrawal for qualiied medical expenses disability)
You may open an HSA through Optum Bank. See a member of your X Cannot be claimed as a
Human Resources team for more information. dependent on someone else’s
tax return
2019 HSA Funding Limits X Cannot have an HSA and
Coverage Level Limit healthcare FSA; your spouse
Individual Coverage $3,500 cannot have a healthcare FSA
Family Coverage $7,000 through his/her own employer
Age 55 or Older Contribute an additional $1,000 on top of these amounts
MGM Healthcare 7
