Page 7 - 2020FCSBenefitsGuide
P. 7
Health Savings Account
(HSA)
A health savings account (HSA) is a tax-favored savings account which
works in conjunction with your health plan coverage. HSA dollars can be
used to pay for qualiied medical expenses such as deductibles, copays,
dental, and vision care. For a complete list of qualiied medical expenses,
visit www.irs.gov in IRS Publication 502.
HSA Major Benefits
X Funds always belong to you
X Funds always roll over from year to year
X Lowers your taxable income HSA Eligibility
You may open and contribute pre-
HSA Triple Tax Savings tax to an HSA under the following
X Tax deduction when you contribute to your account circumstances.
X Tax-free earnings through investment X Enrolled in an IRS qualiied high
X Tax-free withdrawal for qualiied medical expenses deductible health plan (HDHP)
X Cannot be enrolled in a
2020 HSA Funding Limits traditional PPO plan through
Coverage Level Limit your spouse or other employer
Individual Coverage $3,550 sponsored plan options
Family Coverage $7,100
Age 55 or Older Contribute an additional $1,000 on top of these amounts X Cannot be enrolled in a
Government sponsored
program (Medicare, Medicaid,
Opening an HSA Tricare, etc.)
We partner with Flores, powered by Avidia Bank, for our HSA program. X Cannot have received VA
You may open and manage an HSA by following the steps below. Visit beneits within the last three
www.lores247.com for more information. months (unless receiving
beneits for a service
1. You will receive a welcome e-mail with login instructions, along with a related disability)
welcome kit with more information X Cannot be claimed as a
2. You can manage you account online with the Flores Portal dependent on someone else’s
3. You will receive your HSA debit card within 10 business days of the tax return
effective date X Cannot have an HSA and
healthcare FSA; your spouse
FCS will contribute up to $500 (individual) and up to $1,000 (family) cannot have a healthcare FSA
annually, regardless of how much you contribute to your HSA account. through his/her own employer
Contributions will be made on a bi-weekly payroll basis.
Florida Cancer Specialists and Research Institute 7
(HSA)
A health savings account (HSA) is a tax-favored savings account which
works in conjunction with your health plan coverage. HSA dollars can be
used to pay for qualiied medical expenses such as deductibles, copays,
dental, and vision care. For a complete list of qualiied medical expenses,
visit www.irs.gov in IRS Publication 502.
HSA Major Benefits
X Funds always belong to you
X Funds always roll over from year to year
X Lowers your taxable income HSA Eligibility
You may open and contribute pre-
HSA Triple Tax Savings tax to an HSA under the following
X Tax deduction when you contribute to your account circumstances.
X Tax-free earnings through investment X Enrolled in an IRS qualiied high
X Tax-free withdrawal for qualiied medical expenses deductible health plan (HDHP)
X Cannot be enrolled in a
2020 HSA Funding Limits traditional PPO plan through
Coverage Level Limit your spouse or other employer
Individual Coverage $3,550 sponsored plan options
Family Coverage $7,100
Age 55 or Older Contribute an additional $1,000 on top of these amounts X Cannot be enrolled in a
Government sponsored
program (Medicare, Medicaid,
Opening an HSA Tricare, etc.)
We partner with Flores, powered by Avidia Bank, for our HSA program. X Cannot have received VA
You may open and manage an HSA by following the steps below. Visit beneits within the last three
www.lores247.com for more information. months (unless receiving
beneits for a service
1. You will receive a welcome e-mail with login instructions, along with a related disability)
welcome kit with more information X Cannot be claimed as a
2. You can manage you account online with the Flores Portal dependent on someone else’s
3. You will receive your HSA debit card within 10 business days of the tax return
effective date X Cannot have an HSA and
healthcare FSA; your spouse
FCS will contribute up to $500 (individual) and up to $1,000 (family) cannot have a healthcare FSA
annually, regardless of how much you contribute to your HSA account. through his/her own employer
Contributions will be made on a bi-weekly payroll basis.
Florida Cancer Specialists and Research Institute 7
