Page 10 - 2019 Fontbonne
P. 10
2019 Benefits Guide
HEALTH SAVINGS ACCOUNT (HSA)
An HSA is a tax-favored savings account which works in conjunction
with your health plan coverage. If you enroll in a qualiied high deductible
health plan (Fontbonne’s HSA Plan) and meet all eligibility requirements
set by the IRS, you may contribute to an HSA account. Please note, 2018
elections do not carryover to 2019. You must make a new election each
year.
An HSA is similar to a checking account; you must have money in the
account in order to use it. If you don’t have funds in your HSA and must
pay out-of-pocket with cash or another bank account, you can reimburse
yourself from the HSA at a later date when the funds are available.
HSA Major Benefits
z Funds always belong to you (even if you leave/retire)
z Funds always rollover to use the following year (no “use it or lose it”
provision)
z Your contribution lowers your taxable income
HSA Triple Tax Savings
z Tax-free deductions when you contribute to your account
z Tax-free earnings through investment opportunities
z Tax-free withdrawals for qualiied medical expenses
2019 HSA Funding Limits
Coverage Level Limit
Individual Coverage $3,500
Family Coverage $7,000
Age 55 or Older Additional $1,000
Fontbonne Contributes to Your HSA!
Fontbonne continues to contribute money into an HSA account, called
seed money, for employees who newly elect the HSA Plan. This $250 seed
contribution will count toward the IRS annual maximum contributions.
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HEALTH SAVINGS ACCOUNT (HSA)
An HSA is a tax-favored savings account which works in conjunction
with your health plan coverage. If you enroll in a qualiied high deductible
health plan (Fontbonne’s HSA Plan) and meet all eligibility requirements
set by the IRS, you may contribute to an HSA account. Please note, 2018
elections do not carryover to 2019. You must make a new election each
year.
An HSA is similar to a checking account; you must have money in the
account in order to use it. If you don’t have funds in your HSA and must
pay out-of-pocket with cash or another bank account, you can reimburse
yourself from the HSA at a later date when the funds are available.
HSA Major Benefits
z Funds always belong to you (even if you leave/retire)
z Funds always rollover to use the following year (no “use it or lose it”
provision)
z Your contribution lowers your taxable income
HSA Triple Tax Savings
z Tax-free deductions when you contribute to your account
z Tax-free earnings through investment opportunities
z Tax-free withdrawals for qualiied medical expenses
2019 HSA Funding Limits
Coverage Level Limit
Individual Coverage $3,500
Family Coverage $7,000
Age 55 or Older Additional $1,000
Fontbonne Contributes to Your HSA!
Fontbonne continues to contribute money into an HSA account, called
seed money, for employees who newly elect the HSA Plan. This $250 seed
contribution will count toward the IRS annual maximum contributions.
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