Page 7 - Lanter Delivery Systems 2021 Benefits Guide
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Lanter Delivery Systems, LLC Benefits Enrollment Guide
Health Savings Account (HSA)
A health savings account (HSA) is a tax-favored personal savings account which works with your HSA plan. HSA
dollars can be used to pay for qualiied medical expenses such as deductibles, dental, and vision care. For a complete
list of qualiied medical expenses, visit www.irs.gov/pub/irs-pdf/p502.pdf in IRS Publication 502.
HSA Major Benefits Contributing to Your HSA
Funds always belong to you The IRS limits the amount you can contribute to your
Funds always roll over from year-to-year HSA each year. Any company funding into your HSA
Lowers your taxable income applies toward your overall annual limit.
HSA Triple Tax Savings You can contribute 1/12th of the annual IRS
Tax deduction when you contribute to your account contribution limit for each month you are enrolled in
the HSA plan. If you are eligible to contribute to an
Tax-free earnings through investment HSA on the irst day of the last month of the tax year,
Tax-free withdrawal for qualiied medical expenses you are considered eligible for the entire year, provided
you stay enrolled in an HSA the next tax year.
You are Eligible to Open an
HSA if 2020 Contribution Maximum
Potential
Annual
You are enrolled in an HSA plan (qualiied high Coverage Tier IRS Annual from the Contribution
Limit
deductible health plan) Employee $3,550 Company* $3,050-3,300
$250-$500
You are not covered by your spouse’s health plan, Employee + $7,100 $500-$1,000 $6,100-$6,600
any other health plan, or lexible spending account Dependent $1,000 — —
Additional
You are not claimed as a dependent on someone Catch-up
else’s tax return Contribution
Age 55+
You are not enrolled in Medicare, TRICARE, or
TRICARE for Life * We will contribute seed money to irst time HSA plan enrollees in the
amount of $250 for employee-only coverage or $500 for employee
You have not received veterans administration + dependent coverage. The remaining contributions from the
company will be deposited to your account as you complete wellness
beneits in the past 3 months (unless your beneits activities. The company contribution shown assumes you are a irst
are for a service-related disability) time HSA plan enrollee and have earned the wellness incentive of
$250 for employee-only coverage or $500 for employee + dependent
coverage.
Important FSA Note Saving Your HSA Funds
If you made a healthcare FSA election There is no “use it or lose it” rule. Any
for 2020, you cannot make a contribution unused money will remain in your HSA for
to an HSA until 04/01/2021. The FSA future use. If you leave the company or
balance must be $0 on 12/31/2020. retire, you take your HSA funds with you.
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Health Savings Account (HSA)
A health savings account (HSA) is a tax-favored personal savings account which works with your HSA plan. HSA
dollars can be used to pay for qualiied medical expenses such as deductibles, dental, and vision care. For a complete
list of qualiied medical expenses, visit www.irs.gov/pub/irs-pdf/p502.pdf in IRS Publication 502.
HSA Major Benefits Contributing to Your HSA
Funds always belong to you The IRS limits the amount you can contribute to your
Funds always roll over from year-to-year HSA each year. Any company funding into your HSA
Lowers your taxable income applies toward your overall annual limit.
HSA Triple Tax Savings You can contribute 1/12th of the annual IRS
Tax deduction when you contribute to your account contribution limit for each month you are enrolled in
the HSA plan. If you are eligible to contribute to an
Tax-free earnings through investment HSA on the irst day of the last month of the tax year,
Tax-free withdrawal for qualiied medical expenses you are considered eligible for the entire year, provided
you stay enrolled in an HSA the next tax year.
You are Eligible to Open an
HSA if 2020 Contribution Maximum
Potential
Annual
You are enrolled in an HSA plan (qualiied high Coverage Tier IRS Annual from the Contribution
Limit
deductible health plan) Employee $3,550 Company* $3,050-3,300
$250-$500
You are not covered by your spouse’s health plan, Employee + $7,100 $500-$1,000 $6,100-$6,600
any other health plan, or lexible spending account Dependent $1,000 — —
Additional
You are not claimed as a dependent on someone Catch-up
else’s tax return Contribution
Age 55+
You are not enrolled in Medicare, TRICARE, or
TRICARE for Life * We will contribute seed money to irst time HSA plan enrollees in the
amount of $250 for employee-only coverage or $500 for employee
You have not received veterans administration + dependent coverage. The remaining contributions from the
company will be deposited to your account as you complete wellness
beneits in the past 3 months (unless your beneits activities. The company contribution shown assumes you are a irst
are for a service-related disability) time HSA plan enrollee and have earned the wellness incentive of
$250 for employee-only coverage or $500 for employee + dependent
coverage.
Important FSA Note Saving Your HSA Funds
If you made a healthcare FSA election There is no “use it or lose it” rule. Any
for 2020, you cannot make a contribution unused money will remain in your HSA for
to an HSA until 04/01/2021. The FSA future use. If you leave the company or
balance must be $0 on 12/31/2020. retire, you take your HSA funds with you.
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