Page 17 - Busey 2021 Annual Benefits Enrollment
P. 17
First Busey Corporation Benefits Guide
What are Examples of Ineligible HSA What If I Want to Roll My HSA Over
Expenses? to Busey From a Different Bank?
The following expenses may not be reimbursed from an You do not have to roll over your HSA. However, if
HSA. you would like to move your funds to Busey, please
Premiums for Medicare supplemental policies see a Universal Banker to complete the appropriate
paperwork. Busey does not charge rollover fees when
Expenses covered by another health plan moving your account. The IRS limits rollovers to once
Expenses incurred prior to the date the HSA was every 12 months.
established
Planning for the Future Busey HSA Fees Fee
Item
What will happen to the money in my HSA when I Account Set-Up Fee None
turn 65? You can continue to use your account tax- Monthly Account Fee Busey is covering this cost for
free for out-of-pocket health expenses. When you associates
enroll in any portion of Medicare, you can no longer Paper Statements $0
contribute to an HSA, but you can still use your Debit Card Issuance $0
account to pay Medicare premiums, deductibles, copays, Replace Lost or Stolen Debit $10*
Card
and coinsurance under any part of Medicare. The one Check Orders $35
expense you cannot use your account for is to purchase ATM Distributions Not allowed but can check
a Medicare supplemental insurance or “Medigap” balance
policy.
* Cannot be deducted from HSA.
Once you turn age 65, you can also use your account to
pay for things other than health expenses. If used for Where Can I Find More Information
other expenses, the amount withdrawn will be taxable on HSAs?
as income but will not be subject to any other penalties. This document is meant to serve as a high level
Individuals under age 65 who use their accounts for summary of HSAs. We encourage you to familiarize
non-medical expenses must pay income tax and a 20% yourself with all of the rules and regulations pertaining
penalty on the amount withdrawn. to HSAs. To view statute, technical guidance and other
consumer friendly information released by the U.S.
To open an HSA at Busey, see a Universal Banker. Department of Treasury, visit www.treasury.gov.
You’ll need the following items.
Your Social Security Number
Your photo ID
Once you have opened your account, you will receive
your HSA debit card within 7–10 days.
17
What are Examples of Ineligible HSA What If I Want to Roll My HSA Over
Expenses? to Busey From a Different Bank?
The following expenses may not be reimbursed from an You do not have to roll over your HSA. However, if
HSA. you would like to move your funds to Busey, please
Premiums for Medicare supplemental policies see a Universal Banker to complete the appropriate
paperwork. Busey does not charge rollover fees when
Expenses covered by another health plan moving your account. The IRS limits rollovers to once
Expenses incurred prior to the date the HSA was every 12 months.
established
Planning for the Future Busey HSA Fees Fee
Item
What will happen to the money in my HSA when I Account Set-Up Fee None
turn 65? You can continue to use your account tax- Monthly Account Fee Busey is covering this cost for
free for out-of-pocket health expenses. When you associates
enroll in any portion of Medicare, you can no longer Paper Statements $0
contribute to an HSA, but you can still use your Debit Card Issuance $0
account to pay Medicare premiums, deductibles, copays, Replace Lost or Stolen Debit $10*
Card
and coinsurance under any part of Medicare. The one Check Orders $35
expense you cannot use your account for is to purchase ATM Distributions Not allowed but can check
a Medicare supplemental insurance or “Medigap” balance
policy.
* Cannot be deducted from HSA.
Once you turn age 65, you can also use your account to
pay for things other than health expenses. If used for Where Can I Find More Information
other expenses, the amount withdrawn will be taxable on HSAs?
as income but will not be subject to any other penalties. This document is meant to serve as a high level
Individuals under age 65 who use their accounts for summary of HSAs. We encourage you to familiarize
non-medical expenses must pay income tax and a 20% yourself with all of the rules and regulations pertaining
penalty on the amount withdrawn. to HSAs. To view statute, technical guidance and other
consumer friendly information released by the U.S.
To open an HSA at Busey, see a Universal Banker. Department of Treasury, visit www.treasury.gov.
You’ll need the following items.
Your Social Security Number
Your photo ID
Once you have opened your account, you will receive
your HSA debit card within 7–10 days.
17
