Page 14 - CPS Benefits Guide
P. 14
Health Savings Account (HSA)
ADP is the new HSA administrator. Take charge of your healthcare
Individually Owned spending with a health savings account (HSA) which works alongside the
Account CPS HSA plan (a high deductible plan). If you elect this plan, you will
You own and administer this automatically be enrolled in a health spending account. However, you are
healthcare savings account . You
determine how much you will not obligated to fund the health spending account, if you choose not to
contribute to your account, when to do so. It is available to you if you wish to fund it at a later date. An HSA
use your money to pay for eligible
medical expenses, and when to is a personal healthcare bank account you can use to pay out-of-pocket
reimburse yourself. HSAs allow you medical expenses with pre-tax dollars via payroll deduction.
to save and “roll over” money if you
do not spend it in the calendar year.
This is a bank account; you must This contribution is tax free, and the money remains in the account for
have money in the account before you to spend on eligible expenses no matter where you work or how long
you can spend it. The money in it stays in the account. The purpose of an HSA it allows you to control
this account is always yours. If you
change health plans or jobs, the your own money year in and year out.
money in the account is yours to
keep . You may also start an HSA at a inancial institution of your choice. In
that case, you would deposit funds on an after-tax basis and deduct the
amount of your contributions when you ile your income taxes.
HSA Funding and Limits
The 2017 IRS maximum contributions for these accounts are as follows.
$3,400 for employee-only coverage
$6,750 for all other tiers
Note: You are eligible to contribute up to the IRS annual maximum, however you must remain in
the plan for at least a full year or there may be tax consequences. For more information, please
contact your tax advisor/preparer or visit www .irs .gov .
Catch-Up Contribution
Individuals age 55 and older may make an additional $1,000 annual
contribution to their HSA.
14 2017 Benefits Enrollment
ADP is the new HSA administrator. Take charge of your healthcare
Individually Owned spending with a health savings account (HSA) which works alongside the
Account CPS HSA plan (a high deductible plan). If you elect this plan, you will
You own and administer this automatically be enrolled in a health spending account. However, you are
healthcare savings account . You
determine how much you will not obligated to fund the health spending account, if you choose not to
contribute to your account, when to do so. It is available to you if you wish to fund it at a later date. An HSA
use your money to pay for eligible
medical expenses, and when to is a personal healthcare bank account you can use to pay out-of-pocket
reimburse yourself. HSAs allow you medical expenses with pre-tax dollars via payroll deduction.
to save and “roll over” money if you
do not spend it in the calendar year.
This is a bank account; you must This contribution is tax free, and the money remains in the account for
have money in the account before you to spend on eligible expenses no matter where you work or how long
you can spend it. The money in it stays in the account. The purpose of an HSA it allows you to control
this account is always yours. If you
change health plans or jobs, the your own money year in and year out.
money in the account is yours to
keep . You may also start an HSA at a inancial institution of your choice. In
that case, you would deposit funds on an after-tax basis and deduct the
amount of your contributions when you ile your income taxes.
HSA Funding and Limits
The 2017 IRS maximum contributions for these accounts are as follows.
$3,400 for employee-only coverage
$6,750 for all other tiers
Note: You are eligible to contribute up to the IRS annual maximum, however you must remain in
the plan for at least a full year or there may be tax consequences. For more information, please
contact your tax advisor/preparer or visit www .irs .gov .
Catch-Up Contribution
Individuals age 55 and older may make an additional $1,000 annual
contribution to their HSA.
14 2017 Benefits Enrollment
