Page 19 - Brady Corporation 2021 Annual Benefits Florida
P. 19
Brady Benefits Guide
Health Savings Account (HSA)
If you are enrolled in the High Deductible Health Plan (HDHP), you may elect to open a
Health Savings Account (HSA).
Here’s an important note if you are nearing
The HSA is an optional savings account used to Medicare enrollment age. You cannot contribute
pay for qualiied medical expenses directly with to an HSA if you are enrolled in any part of
=
your HSA debit card or to reimburse yourself Medicare. Therefore, you may want to postpone
at any time for medical expenses you paid out enrolling. Be sure to contact your local Social
of pocket. There is no time limit to reimburse Security oice to discuss your options and
yourself. eligibility since delaying enrollment can incur
penalties.
If at any point you change medical plans and
You can contribute to an HSA only if you are are no longer enrolled in the High Deductible
enrolled in the HDHP and you are not covered Health Plan, you can no longer contribute to
by any other medical plan (including spouse’s your HSA. However, you can still use any funds
plan or Medicare) or lexible spending account. within your HSA to pay for qualiied medical
expenses.
Remember your money is saved pretax, grows tax-free and is withdrawn tax-free. You own your HSA. Your account
carries over from year to year and goes with you if you take a job with another employer.
Brady HSA Contribution
If you enroll in the HDHP for 2021, Brady will deposit money in your HSA–up to $500 if you cover yourself or
$1,000 if you cover yourself and any dependents (pro-rated based on the chart below). Deposits are made
quarterly in January, April, July and October in equal installments based on your event or hire date.
Pro-Rated Brady HSA Contributions for New Hires
Event/Hire Date Annual Employer Contribution Quarterly Funding Date Quarterly Funding Amount
First Bi-Weekly Payroll In:
Employee Only All Other Employee Only All Other
Coverage Coverage Tiers Coverage Coverage Tiers
Annual Enrollment $500 $1,000 January $125 $250
January–February $375 $750 April $125 $250
March–May $250 $500 July $125 $250
June–August $125 $250 October $125 $250
September– $0 $0 N/A—eligible with next N/A N/A
December annual enrollment election
2021 HSA Funding Limits Ready to Learn More?
Coverage Level Limit
You Only $3,600 For more on health savings accounts, go to:
You and Any Dependents $7,200 brainshark.com/LocktonSTL/21HSA
Anyone Age 55 or Older Contribute an additional $1,000
on top of these amounts
The IRS limits the amount of funding that can be
made to an HSA. Those limits are shown in the table
below. Remember, any Brady funding to your HSA
applies toward your annual IRS limit. 19
Health Savings Account (HSA)
If you are enrolled in the High Deductible Health Plan (HDHP), you may elect to open a
Health Savings Account (HSA).
Here’s an important note if you are nearing
The HSA is an optional savings account used to Medicare enrollment age. You cannot contribute
pay for qualiied medical expenses directly with to an HSA if you are enrolled in any part of
=
your HSA debit card or to reimburse yourself Medicare. Therefore, you may want to postpone
at any time for medical expenses you paid out enrolling. Be sure to contact your local Social
of pocket. There is no time limit to reimburse Security oice to discuss your options and
yourself. eligibility since delaying enrollment can incur
penalties.
If at any point you change medical plans and
You can contribute to an HSA only if you are are no longer enrolled in the High Deductible
enrolled in the HDHP and you are not covered Health Plan, you can no longer contribute to
by any other medical plan (including spouse’s your HSA. However, you can still use any funds
plan or Medicare) or lexible spending account. within your HSA to pay for qualiied medical
expenses.
Remember your money is saved pretax, grows tax-free and is withdrawn tax-free. You own your HSA. Your account
carries over from year to year and goes with you if you take a job with another employer.
Brady HSA Contribution
If you enroll in the HDHP for 2021, Brady will deposit money in your HSA–up to $500 if you cover yourself or
$1,000 if you cover yourself and any dependents (pro-rated based on the chart below). Deposits are made
quarterly in January, April, July and October in equal installments based on your event or hire date.
Pro-Rated Brady HSA Contributions for New Hires
Event/Hire Date Annual Employer Contribution Quarterly Funding Date Quarterly Funding Amount
First Bi-Weekly Payroll In:
Employee Only All Other Employee Only All Other
Coverage Coverage Tiers Coverage Coverage Tiers
Annual Enrollment $500 $1,000 January $125 $250
January–February $375 $750 April $125 $250
March–May $250 $500 July $125 $250
June–August $125 $250 October $125 $250
September– $0 $0 N/A—eligible with next N/A N/A
December annual enrollment election
2021 HSA Funding Limits Ready to Learn More?
Coverage Level Limit
You Only $3,600 For more on health savings accounts, go to:
You and Any Dependents $7,200 brainshark.com/LocktonSTL/21HSA
Anyone Age 55 or Older Contribute an additional $1,000
on top of these amounts
The IRS limits the amount of funding that can be
made to an HSA. Those limits are shown in the table
below. Remember, any Brady funding to your HSA
applies toward your annual IRS limit. 19
