Page 9 - 2017 FutureSteps
P. 9
Health Savings Account
(HSA)
An HSA is a personal bank account you can use to pay for your family’s You are Eligible to
healthcare costs. An HSA is like a checking account; you must have money Open and Fund an
in the account to use it. Keep in mind W&T will be contributing $375 into the HSA if:
account for you to use on day 1 and then on a quarterly basis. An HSA allows You are covered by an HSA
you to pay for qualiied medical expenses with pre-tax dollars, thus reducing eligible CDHP option
taxable income. You can make contributions to the account up to the allowed
maximum contribution limits, so please be sure to factor in the $1,500 W&T You are not covered by your
contribution when you are electing your annual contributions, please see spouse’s health plan or FSA
chart below. The IRS contribution limits for 2017 are $3,400 for individuals You are not eligible to be
and $6,750 for families, which includes employee and W&T contributions. claimed as a dependent on
Individuals age 55 and older may contribute an additional $1,000 to the HSA someone else’s tax return
under the “catch-up” provision. These funds can be withdrawn at any time to You are not enrolled in
cover qualiied medical expenses as deined by the IRS, such as deductibles, Medicare, TRICARE, or
medical services, pharmacy charges, or post retirement medical expenses. TRICARE for Life
How You Use Your HSA You have not received
Veterans Administration
You determine how and when to use your HSA dollars. If you decide to use Beneits
funds to pay for ineligible expenses, there will be a 20% penalty, plus income
tax payment. You can also pay for health expenses out of pocket and let your
HSA funds grow. Any funds remaining at the end of the year will remain in
your account for future use. If you leave W&T, you take your HSA funds with
you. You can change the amount you contribute to your HSA once a month,
so the amount you elect at the beginning of the year is not binding.
W&T HSA
Maximum
Coverage Level Contribution IRS Mandated Maximum Employee
Contribution
Contribution
Individual (covering just $1,500 $3,400 $1,900
yourself)
Family (covering $1,500 $6,750 $5,250
yourself and any
number of dependents)
Age 55 or older Add an additional $1,000 to these amounts
as a catch-up contribution
9
(HSA)
An HSA is a personal bank account you can use to pay for your family’s You are Eligible to
healthcare costs. An HSA is like a checking account; you must have money Open and Fund an
in the account to use it. Keep in mind W&T will be contributing $375 into the HSA if:
account for you to use on day 1 and then on a quarterly basis. An HSA allows You are covered by an HSA
you to pay for qualiied medical expenses with pre-tax dollars, thus reducing eligible CDHP option
taxable income. You can make contributions to the account up to the allowed
maximum contribution limits, so please be sure to factor in the $1,500 W&T You are not covered by your
contribution when you are electing your annual contributions, please see spouse’s health plan or FSA
chart below. The IRS contribution limits for 2017 are $3,400 for individuals You are not eligible to be
and $6,750 for families, which includes employee and W&T contributions. claimed as a dependent on
Individuals age 55 and older may contribute an additional $1,000 to the HSA someone else’s tax return
under the “catch-up” provision. These funds can be withdrawn at any time to You are not enrolled in
cover qualiied medical expenses as deined by the IRS, such as deductibles, Medicare, TRICARE, or
medical services, pharmacy charges, or post retirement medical expenses. TRICARE for Life
How You Use Your HSA You have not received
Veterans Administration
You determine how and when to use your HSA dollars. If you decide to use Beneits
funds to pay for ineligible expenses, there will be a 20% penalty, plus income
tax payment. You can also pay for health expenses out of pocket and let your
HSA funds grow. Any funds remaining at the end of the year will remain in
your account for future use. If you leave W&T, you take your HSA funds with
you. You can change the amount you contribute to your HSA once a month,
so the amount you elect at the beginning of the year is not binding.
W&T HSA
Maximum
Coverage Level Contribution IRS Mandated Maximum Employee
Contribution
Contribution
Individual (covering just $1,500 $3,400 $1,900
yourself)
Family (covering $1,500 $6,750 $5,250
yourself and any
number of dependents)
Age 55 or older Add an additional $1,000 to these amounts
as a catch-up contribution
9
