Page 14 - AESC 2019 Benefits Gudie
P. 14
HSA
HSA Eligibility
You may open and contribute pre-
tax to an HSA as well as receive What is a Health Savings Account (HSA)?
health incentive funding and An HSA is a tax-favored savings account which works in conjunction with
matching contributions under the your Savings (HSA) medical plan coverage. HSA dollars can be used to pay
following circumstances .
for qualiied healthcare expenses such as deductibles, copays, dental, and
X Enrolled in an IRS qualified vision care. For a complete list of qualiied expenses visit www.irs.gov to view
high deductible health plan IRS Publication 502.
(HDHP)
X Cannot be enrolled in a HSA Major Benefits HSA Triple Tax Savings
traditional medical plan X Funds always belong to you X Tax deduction when you contribute
through your spouse or other X Funds always roll over from year to to your account
employer sponsored plan year (no use it or lose it) X Tax-free earnings through
options
X Lowers your taxable income investment
X Cannot be enrolled in a X Tax-free withdrawal for qualiied
Government sponsored
program (Medicare, Medicaid, medical expenses
Tricare, etc .)
If you enroll in the Savings plan (HSA) and accept the terms and conditions as
X Cannot have received VA you enroll through ADP Workforce Now, Envision AESC will automatically
benefits within the last three open an HSA through WageWorks. You will receive a notice in the mail if any
months (unless receiving additional documentation is needed from you to open your account.
benefits for a service related
disability) WageWorks will send you a Welcome Kit with your debit card along with details
X Cannot be claimed as a on the online services available and how to use your account.
dependent on someone else’s
tax return 2019 HSA Funding Limits
Coverage Level Limit*
X Cannot have a healthcare FSA; Individual Coverage $3,500
your spouse cannot have a Family Coverage $7,000
healthcare FSA through his/ Age 55 or Older Contribute an additional $1,000 on top of these amounts
her own employer
* Make sure you consider your health incentive and matching HSA contributions from
Envision AESC and other employers as the above represents your personal 2019 calendar
year maximum contribution .
Newly Hired Employee—Contribution Limits
You may need to pro-rate your personal contribution limit to the number of months you will be enrolled in the Savings
Plan. If you are enrolled through the entire next calendar year, there is no need to pro-rate.
To pro-rate, take the total allowed annual contribution based on your coverage level, multiply it by the number of
months in the year you qualify, then divide the amount by 12. For example, you enroll in the HSA on September 1, your
annual contribution limit is: $3,500 × 4 / 12= $1,166.67 (less Envision AESC funding).
14 2019 Benefits Enrollment
HSA Eligibility
You may open and contribute pre-
tax to an HSA as well as receive What is a Health Savings Account (HSA)?
health incentive funding and An HSA is a tax-favored savings account which works in conjunction with
matching contributions under the your Savings (HSA) medical plan coverage. HSA dollars can be used to pay
following circumstances .
for qualiied healthcare expenses such as deductibles, copays, dental, and
X Enrolled in an IRS qualified vision care. For a complete list of qualiied expenses visit www.irs.gov to view
high deductible health plan IRS Publication 502.
(HDHP)
X Cannot be enrolled in a HSA Major Benefits HSA Triple Tax Savings
traditional medical plan X Funds always belong to you X Tax deduction when you contribute
through your spouse or other X Funds always roll over from year to to your account
employer sponsored plan year (no use it or lose it) X Tax-free earnings through
options
X Lowers your taxable income investment
X Cannot be enrolled in a X Tax-free withdrawal for qualiied
Government sponsored
program (Medicare, Medicaid, medical expenses
Tricare, etc .)
If you enroll in the Savings plan (HSA) and accept the terms and conditions as
X Cannot have received VA you enroll through ADP Workforce Now, Envision AESC will automatically
benefits within the last three open an HSA through WageWorks. You will receive a notice in the mail if any
months (unless receiving additional documentation is needed from you to open your account.
benefits for a service related
disability) WageWorks will send you a Welcome Kit with your debit card along with details
X Cannot be claimed as a on the online services available and how to use your account.
dependent on someone else’s
tax return 2019 HSA Funding Limits
Coverage Level Limit*
X Cannot have a healthcare FSA; Individual Coverage $3,500
your spouse cannot have a Family Coverage $7,000
healthcare FSA through his/ Age 55 or Older Contribute an additional $1,000 on top of these amounts
her own employer
* Make sure you consider your health incentive and matching HSA contributions from
Envision AESC and other employers as the above represents your personal 2019 calendar
year maximum contribution .
Newly Hired Employee—Contribution Limits
You may need to pro-rate your personal contribution limit to the number of months you will be enrolled in the Savings
Plan. If you are enrolled through the entire next calendar year, there is no need to pro-rate.
To pro-rate, take the total allowed annual contribution based on your coverage level, multiply it by the number of
months in the year you qualify, then divide the amount by 12. For example, you enroll in the HSA on September 1, your
annual contribution limit is: $3,500 × 4 / 12= $1,166.67 (less Envision AESC funding).
14 2019 Benefits Enrollment
