Page 15 - Future Steps
P. 15
3 Ways to Maximize Your Tax Savings 2017 Beneits Enrollment
1. Contributions to an HSA are tax-free
2. The money in this account (may include interest and investment earnings) grows
tax-free
3. As long as the funds are used to pay for qualiied medical expenses, they are
spent tax-free
Seed Money
To give you a head start in funding your HSA, F+W will continue to contribute seed
money to HSAs for all eligible High Deductible Plan participants. For 2017, F+W
will seed $250 for employees enrolled in employee only coverage, $500 for employees
enrolled in employee + spouse or employee + child(ren) coverage, and $750 for
employees enrolled in family coverage. The seed money will be deposited, on a per
pay period basis, directly into your PayFlex account.
HSA Funding and Limits
The 2017 IRS annual maximum contributions for the HSA
X $3,400 for employee only coverage
X $6,750 for family coverage
The annual maximum is a combined employee + employer contribution. Please take
this into account when making your election.
Catch-Up Contribution
Individuals age 55 and older may make an additional $1,000 annual contribution to
their HSA.
Eligible Expenses
X Medical deductible and coinsurance X Vision care
costs X Medicare premiums and expenses
X Prescription drug costs X Dependent eligible expenses (even if
X Dental care they are not enrolled on your medical
plan)
As the HSA owner, you are responsible for determining whether your expenses are
eligible. Remember to save your receipts, in the event you are audited by the IRS.
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1. Contributions to an HSA are tax-free
2. The money in this account (may include interest and investment earnings) grows
tax-free
3. As long as the funds are used to pay for qualiied medical expenses, they are
spent tax-free
Seed Money
To give you a head start in funding your HSA, F+W will continue to contribute seed
money to HSAs for all eligible High Deductible Plan participants. For 2017, F+W
will seed $250 for employees enrolled in employee only coverage, $500 for employees
enrolled in employee + spouse or employee + child(ren) coverage, and $750 for
employees enrolled in family coverage. The seed money will be deposited, on a per
pay period basis, directly into your PayFlex account.
HSA Funding and Limits
The 2017 IRS annual maximum contributions for the HSA
X $3,400 for employee only coverage
X $6,750 for family coverage
The annual maximum is a combined employee + employer contribution. Please take
this into account when making your election.
Catch-Up Contribution
Individuals age 55 and older may make an additional $1,000 annual contribution to
their HSA.
Eligible Expenses
X Medical deductible and coinsurance X Vision care
costs X Medicare premiums and expenses
X Prescription drug costs X Dependent eligible expenses (even if
X Dental care they are not enrolled on your medical
plan)
As the HSA owner, you are responsible for determining whether your expenses are
eligible. Remember to save your receipts, in the event you are audited by the IRS.
15
