Page 8 - Apricity Benefits Guide
P. 8
2020
Apricity Benefits Overview
The Facts About the Health Savings Account
(HSA)
The HSA is a great advantage to participating in the HSA
Plan.
The account helps you pay for medical expenses with pre-tax
dollars now and in the future. It’s like an IRA but for health care
expenses—you save on a tax-free basis, your account balance
grows tax-free, and any funds remaining in your HSA at the time
of retirement are available for any type of medical expenses
without penalty.
HSA Requirements
You must participate in the HSA Plan to enroll in the HSA.
You cannot participate in any other health plan, including a
spouse’s plan (your spouse can enroll in his/her own plan).
You cannot have both a traditional Health Care FSA and an
HSA. Your spouse also cannot have his/her own traditional
Health Care FSA.
The 2020 contribution limit for the HSA is $3,550 for employee
only coverage and $7,100 for family coverage.
If you are 55 or older, you are eligible to make additional
pre-tax catch-up contributions up to $1,000 per year.
If you are 65 or older and enrolled in Medicare or Tricare,
then you are no longer eligible to make contributions to the
HSA, but you can continue to use the funds that you have
already contributed.
If you are enrolled in the Health Care FSA for 2019 and
choose the HSA Plan with the HSA option for 2020, you
cannot contribute to the HSA until April 1, 2020 (after the
March 15 FSA grace period and March 31 FSA run-out
period) if you have a remaining balance as of December
31, 2019. If you use all of your FSA balance by December 31,
2019, you can begin contributing to the HSA right away.
Table of Contents Your Quick Guide to Savings and Group Auto and Home Insurance .33
About Your Beneits Program. . . . . . .2 Spending Accounts .............16 Group Legal Services ............33
Beneits Basics ...................3 Dental Beneits .................18 Employee Assistance Program ....34
Medical/Prescription Drugs Beneits . 6 Dental Plan Summary ............20 Medicare Part D Creditable
Comparing Medical Plan Options ..7 Vision Beneits ..................21 Coverage Notice ...............35
First Stop Health ................11 Voluntary Disability Insurance .....22 Premium Assistance Under Medicaid
Medical Plan Summary ..........12 Life and AD&D Insurance ........25 and the Children’s Health Insurance
Program (CHIP) .................42
Pharmacy Plan Summary .........13 Voluntary Accident Insurance ....29 Contact Information .............46 8
Flexible Spending Accounts ......14 Voluntary Critical Illness Insurance . 31
Apricity Benefits Overview
The Facts About the Health Savings Account
(HSA)
The HSA is a great advantage to participating in the HSA
Plan.
The account helps you pay for medical expenses with pre-tax
dollars now and in the future. It’s like an IRA but for health care
expenses—you save on a tax-free basis, your account balance
grows tax-free, and any funds remaining in your HSA at the time
of retirement are available for any type of medical expenses
without penalty.
HSA Requirements
You must participate in the HSA Plan to enroll in the HSA.
You cannot participate in any other health plan, including a
spouse’s plan (your spouse can enroll in his/her own plan).
You cannot have both a traditional Health Care FSA and an
HSA. Your spouse also cannot have his/her own traditional
Health Care FSA.
The 2020 contribution limit for the HSA is $3,550 for employee
only coverage and $7,100 for family coverage.
If you are 55 or older, you are eligible to make additional
pre-tax catch-up contributions up to $1,000 per year.
If you are 65 or older and enrolled in Medicare or Tricare,
then you are no longer eligible to make contributions to the
HSA, but you can continue to use the funds that you have
already contributed.
If you are enrolled in the Health Care FSA for 2019 and
choose the HSA Plan with the HSA option for 2020, you
cannot contribute to the HSA until April 1, 2020 (after the
March 15 FSA grace period and March 31 FSA run-out
period) if you have a remaining balance as of December
31, 2019. If you use all of your FSA balance by December 31,
2019, you can begin contributing to the HSA right away.
Table of Contents Your Quick Guide to Savings and Group Auto and Home Insurance .33
About Your Beneits Program. . . . . . .2 Spending Accounts .............16 Group Legal Services ............33
Beneits Basics ...................3 Dental Beneits .................18 Employee Assistance Program ....34
Medical/Prescription Drugs Beneits . 6 Dental Plan Summary ............20 Medicare Part D Creditable
Comparing Medical Plan Options ..7 Vision Beneits ..................21 Coverage Notice ...............35
First Stop Health ................11 Voluntary Disability Insurance .....22 Premium Assistance Under Medicaid
Medical Plan Summary ..........12 Life and AD&D Insurance ........25 and the Children’s Health Insurance
Program (CHIP) .................42
Pharmacy Plan Summary .........13 Voluntary Accident Insurance ....29 Contact Information .............46 8
Flexible Spending Accounts ......14 Voluntary Critical Illness Insurance . 31
