Page 15 - Franklin Madison 2021 Benefits Guide
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If you enroll in the Consumer Choice with HSA How Your HSA is Set Up
plan for 2021, Franklin Madison will fund company Consumer Choice participants must elect the HSA
contributions as follows: option to be set up with a HSA PayFlex account.
Franklin Madison Contribution Level Once enrolled in the Consumer Choice with HSA
Consumer Complete a Plan, you will receive a welcome letter from PayFlex,
Choice 2021 Preventive TOTAL which will include your debit card and instructions
Coverage Exam on how to activate your card. You can register your
Level PayFlex account online to check balances, review
Individual $400 $200 $600 payments and see contributions. You will also have
All other the option to personalize your account—adding
coverage $1,000 $200 $1,200
levels bank information for direct deposit or to transfer
funds to/ from your accounts. You can access your
Employer Contribution Schedule HSA account through Aetna, www.aetna.com or
through PayFlex, www.paylex.com.
y Paid in 2 equal installments—January and
June 2021
y Beneit Eligible January 1st – June 1st = Full HSA Highlights
Once you have more than the minimum balance
y
Employer Contribution, Eligible for Preventive ($1,000) in your Health Savings Account, you can
Exam Incentive open an investment account. With an investment
account, you can take advantage of access to a
y Beneit Eligible July 1st – October 1st = Half of diversiied group of mutual funds professionally
Employer Contribution, Eligible for Preventive managed by an investment adviser.
Exam Incentive y No taxes are assessed when the money comes out of
your HSA to be used for qualiied medical expenses.
y Beneit Eligible November 1st – December 1st = (If not used for qualiied medical expenses, your
Employer Contribution does not apply. Eligible withdrawals are subject to income tax and a 20%
penalty, if you are under age 65 at the time of
for Preventive Exam Incentive. withdrawal.)
y To qualify for the preventive exam incentive, the y You enjoy triple tax advantages:
employee must complete an annual preventive Contributions go into your HSA tax free.
exam during the plan year. The money in your HSA can be invested and
y Preventive Exam incentives are paid to the grow tax free.
Health Savings Account quarterly following When you use your HSA funds for qualiied
medical expenses, your withdrawals are tax free.
conirmation of the claim. y You can use the money in your HSA for retirement
income, as long as you are at least 65 years of age
when you make your withdrawals. (Ordinary federal
income taxes will apply to the money you withdraw
for retirement income purposes).
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plan for 2021, Franklin Madison will fund company Consumer Choice participants must elect the HSA
contributions as follows: option to be set up with a HSA PayFlex account.
Franklin Madison Contribution Level Once enrolled in the Consumer Choice with HSA
Consumer Complete a Plan, you will receive a welcome letter from PayFlex,
Choice 2021 Preventive TOTAL which will include your debit card and instructions
Coverage Exam on how to activate your card. You can register your
Level PayFlex account online to check balances, review
Individual $400 $200 $600 payments and see contributions. You will also have
All other the option to personalize your account—adding
coverage $1,000 $200 $1,200
levels bank information for direct deposit or to transfer
funds to/ from your accounts. You can access your
Employer Contribution Schedule HSA account through Aetna, www.aetna.com or
through PayFlex, www.paylex.com.
y Paid in 2 equal installments—January and
June 2021
y Beneit Eligible January 1st – June 1st = Full HSA Highlights
Once you have more than the minimum balance
y
Employer Contribution, Eligible for Preventive ($1,000) in your Health Savings Account, you can
Exam Incentive open an investment account. With an investment
account, you can take advantage of access to a
y Beneit Eligible July 1st – October 1st = Half of diversiied group of mutual funds professionally
Employer Contribution, Eligible for Preventive managed by an investment adviser.
Exam Incentive y No taxes are assessed when the money comes out of
your HSA to be used for qualiied medical expenses.
y Beneit Eligible November 1st – December 1st = (If not used for qualiied medical expenses, your
Employer Contribution does not apply. Eligible withdrawals are subject to income tax and a 20%
penalty, if you are under age 65 at the time of
for Preventive Exam Incentive. withdrawal.)
y To qualify for the preventive exam incentive, the y You enjoy triple tax advantages:
employee must complete an annual preventive Contributions go into your HSA tax free.
exam during the plan year. The money in your HSA can be invested and
y Preventive Exam incentives are paid to the grow tax free.
Health Savings Account quarterly following When you use your HSA funds for qualiied
medical expenses, your withdrawals are tax free.
conirmation of the claim. y You can use the money in your HSA for retirement
income, as long as you are at least 65 years of age
when you make your withdrawals. (Ordinary federal
income taxes will apply to the money you withdraw
for retirement income purposes).
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