Page 15 - Busey 2021 Annual Benefits Enrollment
P. 15
First Busey Corporation Benefits Guide
How an HSA Works with the How You Fund Your HSA
Consumer-Driven Health Plan You can set aside dollars on a pre-tax basis through
How You Use Your HSA payroll deduction, which can be changed at anytime
through HR, or make deposits to your HSA like you
You determine how and when to use your HSA dollars. would for any other checking account. If you do the
You can use your funds to pay for qualiied expenses latter, remember to take the tax deduction when iling
covered by the CDHP. If you decide to use funds to your tax returns.
pay for ineligible expenses, there will be a 20% penalty,
plus income tax payment. You can also pay for health Per the IRS, the maximum amount you can contribute
expenses out-of-pocket and let your HSA funds grow. to your HSA for 2021 is $3,600 for an individual or
$7,200 for a family (associates age 55 and older can
Any funds remaining at the end of the year will remain contribute an additional $1,000 “catch-up” contribution
in your account for future use. Regardless of your per year). Please keep in mind that any HSA seed
employer, the HSA funds are yours to keep. money you earn from the B Well program will offset
the amount you are eligible to contribute to your HSA
When You are Eligible to Open and if you plan on contributing the 2021 maximum amount.
Fund an HSA As the HSA account holder, you are responsible
You are covered by an HSA eligible CDHP option for assuring that you do not exceed the annual IRS
You are not covered by your spouse’s traditional contribution limits.
health plan or Healthcare FSA
You are not eligible to be claimed as a dependent
on someone else’s tax return
You are not enrolled in Medicare, TRICARE, or
TRICARE for Life
You have not received Veterans Administration
Beneits*
* VA medical beneits received for a service-related disability will not be
taken into account when determining eligibility
15
How an HSA Works with the How You Fund Your HSA
Consumer-Driven Health Plan You can set aside dollars on a pre-tax basis through
How You Use Your HSA payroll deduction, which can be changed at anytime
through HR, or make deposits to your HSA like you
You determine how and when to use your HSA dollars. would for any other checking account. If you do the
You can use your funds to pay for qualiied expenses latter, remember to take the tax deduction when iling
covered by the CDHP. If you decide to use funds to your tax returns.
pay for ineligible expenses, there will be a 20% penalty,
plus income tax payment. You can also pay for health Per the IRS, the maximum amount you can contribute
expenses out-of-pocket and let your HSA funds grow. to your HSA for 2021 is $3,600 for an individual or
$7,200 for a family (associates age 55 and older can
Any funds remaining at the end of the year will remain contribute an additional $1,000 “catch-up” contribution
in your account for future use. Regardless of your per year). Please keep in mind that any HSA seed
employer, the HSA funds are yours to keep. money you earn from the B Well program will offset
the amount you are eligible to contribute to your HSA
When You are Eligible to Open and if you plan on contributing the 2021 maximum amount.
Fund an HSA As the HSA account holder, you are responsible
You are covered by an HSA eligible CDHP option for assuring that you do not exceed the annual IRS
You are not covered by your spouse’s traditional contribution limits.
health plan or Healthcare FSA
You are not eligible to be claimed as a dependent
on someone else’s tax return
You are not enrolled in Medicare, TRICARE, or
TRICARE for Life
You have not received Veterans Administration
Beneits*
* VA medical beneits received for a service-related disability will not be
taken into account when determining eligibility
15
