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How Does an HSA Work?
If you elect coverage in the High Deductible Health Plan, you may
additionally open a Health Savings Account. Your HSA will allow you
to set aside pre-tax dollars from your paycheck. Dollars you save in your
HSA can be used to pay for certain eligible expenses. Additionally, funds
you save in your HSA will roll over from year to year.
HSAs are considered a triple tax beneit. Not only can you save money
from your paycheck pre-tax, you can also use the money in your HSA
pre-tax as long as those funds are used to pay for an eligible expense.
For example, your HSA dollars can help you pay toward your deductible
or coinsurance payments. HSA funds can also pay for dental and vision
expenses. Finally, the funds in your HSA account can earn interest tax free
and may be able to take advantage of investment options.
While funds will always roll over from year to year, the IRS does limit
how much money you can contribute to your HSA in a given plan year. In
2016, if you have single coverage, the contribution limit is $3,350, while
for employee+1 or family coverage the contribution limit is $6,750.
FAQ about HSAs
Who can contribute? CorePower Yoga and You
How much can I contribute on my own? The IRS will allow pre-tax contributions of up to $3,350 for single coverage and up to
$6,750 for family coverage, including your wellness credits. If you are at or over the
age 55, you can also contribute an additional $1,000. Note that any money seeded by
Corepower Yoga into your account offsets the maximum you may contribute.
Can I have a Flexible Spending Account, Only for dependent care. Any pre-tax dollars you want to set aside for health related
too? expenses must go into your HSA account.
What can I use the money in my HSA Medical, dental, and vision expenses.
account for?
How do I access my account? You can go to www.anthem.com to track your HSA activity.
Does the money earn interest? Yes, depending on how big your account is and how you choose to invest it.
Can I take the unused balance with me if I Yes.
leave the company?
Can I roll over unused dollars from year to Yes.
year?
Must I report my account on my federal Yes. Just as you report pre-tax dollars you contribute to other beneit plans—like a
income tax form? 401(k)—the IRS requires you report your pre-tax contributions to your HSA using a
Form 8889. Your contribution will appear on your W-2 for easy reference.
2016 Employee Benefits Guide
How Does an HSA Work?
If you elect coverage in the High Deductible Health Plan, you may
additionally open a Health Savings Account. Your HSA will allow you
to set aside pre-tax dollars from your paycheck. Dollars you save in your
HSA can be used to pay for certain eligible expenses. Additionally, funds
you save in your HSA will roll over from year to year.
HSAs are considered a triple tax beneit. Not only can you save money
from your paycheck pre-tax, you can also use the money in your HSA
pre-tax as long as those funds are used to pay for an eligible expense.
For example, your HSA dollars can help you pay toward your deductible
or coinsurance payments. HSA funds can also pay for dental and vision
expenses. Finally, the funds in your HSA account can earn interest tax free
and may be able to take advantage of investment options.
While funds will always roll over from year to year, the IRS does limit
how much money you can contribute to your HSA in a given plan year. In
2016, if you have single coverage, the contribution limit is $3,350, while
for employee+1 or family coverage the contribution limit is $6,750.
FAQ about HSAs
Who can contribute? CorePower Yoga and You
How much can I contribute on my own? The IRS will allow pre-tax contributions of up to $3,350 for single coverage and up to
$6,750 for family coverage, including your wellness credits. If you are at or over the
age 55, you can also contribute an additional $1,000. Note that any money seeded by
Corepower Yoga into your account offsets the maximum you may contribute.
Can I have a Flexible Spending Account, Only for dependent care. Any pre-tax dollars you want to set aside for health related
too? expenses must go into your HSA account.
What can I use the money in my HSA Medical, dental, and vision expenses.
account for?
How do I access my account? You can go to www.anthem.com to track your HSA activity.
Does the money earn interest? Yes, depending on how big your account is and how you choose to invest it.
Can I take the unused balance with me if I Yes.
leave the company?
Can I roll over unused dollars from year to Yes.
year?
Must I report my account on my federal Yes. Just as you report pre-tax dollars you contribute to other beneit plans—like a
income tax form? 401(k)—the IRS requires you report your pre-tax contributions to your HSA using a
Form 8889. Your contribution will appear on your W-2 for easy reference.
2016 Employee Benefits Guide
