Page 12 - 2020 Intertek Benefits Enrollment
P. 12
Health Savings Account
What is a Health Savings Account?
An HSA is a tax-favored account you can use to pay for eligible current
and future healthcare expenses with tax-free dollars. You must enroll
in the Consumer Driven Health Plan (CDHP) to be eligible to open a
HSA. There is no use it lose it rule. Any unused money will remain in
your HSA for future use.
Intertek does not own the account. You own the account. If you leave
the company, you keep the funds.
Funds may be withdrawn at any time to pay for qualiied medical
expenses tax-free for most medical, dental, and vision care.
HSA expenses can be incurred by you, your spouse, and dependents
claimed on your personal tax return even if the dependents are not
enrolled in the CDHP plan. For a complete list of eligible expenses,
please refer to the HSA page on wageworks.com or IRS Publication
502 at irs.gov.
Funding Your Account
You may contribute up to the amounts listed in the chart below.
You Need to Know Contribution
For a Healthier You Coverage Tier IRS Annual Limit *
X You must enroll in the CDHP Employee $3,550
coverage option under the Employee + 1 or family $7,100
Intertek health plan to be
eligible to open a HSA * Individuals age 55 and older or individuals who reach age 55 by December 31, 2020 can
make a catch-up contribution of up to $1,000.
X If you enroll in the CDHP, Employee contributions are divided by the 26 pay periods.
you will receive a welcome
kit outlining how to manage,
contribute to, and use your
HSA
X Download the WageWorks
mobile app from your
smartphone’s app store to
manage your account online
12 2020 Benefits Guide
What is a Health Savings Account?
An HSA is a tax-favored account you can use to pay for eligible current
and future healthcare expenses with tax-free dollars. You must enroll
in the Consumer Driven Health Plan (CDHP) to be eligible to open a
HSA. There is no use it lose it rule. Any unused money will remain in
your HSA for future use.
Intertek does not own the account. You own the account. If you leave
the company, you keep the funds.
Funds may be withdrawn at any time to pay for qualiied medical
expenses tax-free for most medical, dental, and vision care.
HSA expenses can be incurred by you, your spouse, and dependents
claimed on your personal tax return even if the dependents are not
enrolled in the CDHP plan. For a complete list of eligible expenses,
please refer to the HSA page on wageworks.com or IRS Publication
502 at irs.gov.
Funding Your Account
You may contribute up to the amounts listed in the chart below.
You Need to Know Contribution
For a Healthier You Coverage Tier IRS Annual Limit *
X You must enroll in the CDHP Employee $3,550
coverage option under the Employee + 1 or family $7,100
Intertek health plan to be
eligible to open a HSA * Individuals age 55 and older or individuals who reach age 55 by December 31, 2020 can
make a catch-up contribution of up to $1,000.
X If you enroll in the CDHP, Employee contributions are divided by the 26 pay periods.
you will receive a welcome
kit outlining how to manage,
contribute to, and use your
HSA
X Download the WageWorks
mobile app from your
smartphone’s app store to
manage your account online
12 2020 Benefits Guide
