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Log on to
comparemyhsa.com/
ClearChoice to help How Does an HSA Work?
you determine which If you elect coverage in the high deductible health plan, you may additionally open
plan is right for you a health savings account. Your HSA will allow you to set aside pre-tax dollars from
and your family. 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 2017, if you have
single coverage, the contribution limit is $3,400, while for any other level of coverage
the contribution limit is $6,750.
FAQ about HSAs
Who can contribute? ClearChoice and You
How much can I contribute The IRS will allow pre-tax contributions of up to $3,400 for single
on my own? coverage and up to $6,750 for family coverage. If you are at or
over the age 55, you can also contribute an additional $1,000.
What can I use the money in Medical, dental, and vision expenses.
my HSA account for?
Does the money earn Yes, depending on how big your account is and how you choose
interest? to invest it.
Can I take the unused Yes.
balance with me if I leave the
company?
Can I roll over unused dollars Yes.
from year to year?
Must I report my account on Yes. Just as you report pre-tax dollars you contribute to other
my federal income tax form? benefit plans—like a 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.
6 ClearChoice
comparemyhsa.com/
ClearChoice to help How Does an HSA Work?
you determine which If you elect coverage in the high deductible health plan, you may additionally open
plan is right for you a health savings account. Your HSA will allow you to set aside pre-tax dollars from
and your family. 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 2017, if you have
single coverage, the contribution limit is $3,400, while for any other level of coverage
the contribution limit is $6,750.
FAQ about HSAs
Who can contribute? ClearChoice and You
How much can I contribute The IRS will allow pre-tax contributions of up to $3,400 for single
on my own? coverage and up to $6,750 for family coverage. If you are at or
over the age 55, you can also contribute an additional $1,000.
What can I use the money in Medical, dental, and vision expenses.
my HSA account for?
Does the money earn Yes, depending on how big your account is and how you choose
interest? to invest it.
Can I take the unused Yes.
balance with me if I leave the
company?
Can I roll over unused dollars Yes.
from year to year?
Must I report my account on Yes. Just as you report pre-tax dollars you contribute to other
my federal income tax form? benefit plans—like a 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.
6 ClearChoice
