Page 9 - 2020 SteinMart Benefit Guide - WEEKLY
P. 9
HEALTH SAVINGS ACCOUNT (HSA)
"Health Savings Plan" Medical Plan includes a
Health Savings Account (HSA)
Health Savings Accounts (HSA) and high deductible plans go FAQ about the HSA
hand-in-hand, which is why when you enroll in our "Health Savings Am I eligible for an HSA?
Plan" medical plan, you automatically have an individual Health You are eligible for an HSA if you
Savings Account through Optum Bank. enroll in the "Health Savings Plan"
medical plan. In addition, you
What is an HSA? cannot have other coverage that
is considered to be non-qualified
An HSA is a tax-favored personal savings account that allows you to set under IRS Code, including
aside pre-tax dollars to help save and pay for eligible health care Medicare, TRICARE and coverage
expenses throughout your lifetime. through your spouse’s medical
plan.
HSA dollars can be used to pay for qualified medical expenses such as
deductibles, copays, dental and vision care. For a complete list of Can I enroll in the Health Care FSA
qualified medical expenses, visit www.irs.gov in IRS Publication 502. if I have an HSA?
No. This combination of two tax
advantaged programs violates the
Triple Tax Savings “No Other Health Coverage”
An HSA is the only account in the IRS tax code that offers triple tax requirement, as defined by the IRS.
savings: Should I contribute to my HSA?
1. Pre-tax contributions Contributing to an HSA is a
2. Tax-free withdrawals for qualified medical expenses great way to save on taxes. To
3. Tax-free interest and investment earnings contribute to the account, you
must elect an amount. (Your per
Additional Benefits paycheck premiums are not
Funds always belong to you, even if you change jobs or retire contributions.) We encourage
you to consult with a tax advisor
The entire balance always rolls over, year after year for IRS rules and tax implications
The amount you elect to contribute each paycheck decreases your related to an HSA.
taxable income, which means more bring home money
You are able to adjust your contribution amount throughout the How can I use my HSA money?
You may use your HSA money to
year pay for qualified medical, dental,
Helps you build a healthcare nest egg for emergencies or retirement vision and pharmacy expenses
Once your HSA balance reaches $1,000, you are able to invest now or in the future for you and
amounts above this level in select mutual funds qualified dependents.
How do I pay for medical expenses
IRS Maximums and Contributions with my HSA?
For 2020, the IRS maximum contributions cannot exceed $3,550 for Optum will provide you with a debit
individuals and $7,100 for families. Associates over 55 can make an card that you can use at the time of
additional "catch up" contribution of $1,000. care, or when purchasing eligible
items. In addition, Optum is UHC's
The combined contributions from you and Stein Mart for the well- bank of choice and will link your
being incentive cannot exceed the limits stated above. You will be able HSA account onto your MyUHC
to contribute the amounts below through payroll deduction. account. You will receive more
information about account access
Individual Coverage: $2,950 upon enrollment into the HSA
Family Coverage: $5,900 qualified medical plan.
Weekly Store and Weekly Corporate Associates 7
Department Merchandise Managers For 2020 Benefits
"Health Savings Plan" Medical Plan includes a
Health Savings Account (HSA)
Health Savings Accounts (HSA) and high deductible plans go FAQ about the HSA
hand-in-hand, which is why when you enroll in our "Health Savings Am I eligible for an HSA?
Plan" medical plan, you automatically have an individual Health You are eligible for an HSA if you
Savings Account through Optum Bank. enroll in the "Health Savings Plan"
medical plan. In addition, you
What is an HSA? cannot have other coverage that
is considered to be non-qualified
An HSA is a tax-favored personal savings account that allows you to set under IRS Code, including
aside pre-tax dollars to help save and pay for eligible health care Medicare, TRICARE and coverage
expenses throughout your lifetime. through your spouse’s medical
plan.
HSA dollars can be used to pay for qualified medical expenses such as
deductibles, copays, dental and vision care. For a complete list of Can I enroll in the Health Care FSA
qualified medical expenses, visit www.irs.gov in IRS Publication 502. if I have an HSA?
No. This combination of two tax
advantaged programs violates the
Triple Tax Savings “No Other Health Coverage”
An HSA is the only account in the IRS tax code that offers triple tax requirement, as defined by the IRS.
savings: Should I contribute to my HSA?
1. Pre-tax contributions Contributing to an HSA is a
2. Tax-free withdrawals for qualified medical expenses great way to save on taxes. To
3. Tax-free interest and investment earnings contribute to the account, you
must elect an amount. (Your per
Additional Benefits paycheck premiums are not
Funds always belong to you, even if you change jobs or retire contributions.) We encourage
you to consult with a tax advisor
The entire balance always rolls over, year after year for IRS rules and tax implications
The amount you elect to contribute each paycheck decreases your related to an HSA.
taxable income, which means more bring home money
You are able to adjust your contribution amount throughout the How can I use my HSA money?
You may use your HSA money to
year pay for qualified medical, dental,
Helps you build a healthcare nest egg for emergencies or retirement vision and pharmacy expenses
Once your HSA balance reaches $1,000, you are able to invest now or in the future for you and
amounts above this level in select mutual funds qualified dependents.
How do I pay for medical expenses
IRS Maximums and Contributions with my HSA?
For 2020, the IRS maximum contributions cannot exceed $3,550 for Optum will provide you with a debit
individuals and $7,100 for families. Associates over 55 can make an card that you can use at the time of
additional "catch up" contribution of $1,000. care, or when purchasing eligible
items. In addition, Optum is UHC's
The combined contributions from you and Stein Mart for the well- bank of choice and will link your
being incentive cannot exceed the limits stated above. You will be able HSA account onto your MyUHC
to contribute the amounts below through payroll deduction. account. You will receive more
information about account access
Individual Coverage: $2,950 upon enrollment into the HSA
Family Coverage: $5,900 qualified medical plan.
Weekly Store and Weekly Corporate Associates 7
Department Merchandise Managers For 2020 Benefits
