Page 11 - Hussmann- OE Guide 2015 Plan Year
P. 11
Hussmann Corporation
HSA Eligibility Requirements Three Ways to Maximize Your
Because there are so many advantages with the HSA, there are a few Tax Savings
eligibility requirements that you must meet in order to open and fund X Contributions to an HSA are tax-
an HSA. To open an HSA, you must meet the following criteria: free (they can be made through
payroll deduction on a pre-tax
X You must be enrolled in an HSA eligible high deductible health basis when you open an account
plan, like Hussmann’s CHP. with Wells Fargo Bank).
X You must not be covered by any other health plan that is not a X The money in this account
CHP. (including interest and investment
X You must not be covered by a health FSA for the tax year in which earnings) grows tax-free.
you will claim your HSA deposits as tax deductions. X As long as the funds are used
X You must not be eligible to be claimed as a dependent on someone to pay for qualiied medical
else’s tax return. expenses, they are spent tax-free.
X You must not be enrolled in Medicare, TRICARE, or TRICARE There are strict regulations governing
for Life. participation in HSAs and the use
X You must not have received Veterans Administration Beneits of HSA funds. If you use HSA
within the past three months. funds for non-qualiied expenses,
such as health insurance premiums,
Employer Contribution to HSA/“Seed Money” you will be required to pay income
To give you a head start to your savings, Hussmann places seed money tax on the amount used for non-
into all current HSA participant accounts and new CHP participants qualiied expenses as well as a 20%
that open an HSA. Hussmann seeds $750 for employees enrolled penalty. Note that if you wish to
in employee only coverage, and $1,500 for those enrolled in family use your HSA to pay for eligible
coverage. Please note, Hussmann only places seed money into a Wells over-the-counter medications, the
Fargo administered HSA. If you choose to go to a inancial institution medication must be prescribed
of your choice, then you will not receive the seed money. by a doctor; otherwise it will be
considered a non-qualiied expense.
HSA Contribution Limits for 2015 * Individual Family More about HSAs can be found at
Maximum Limit per IRS $3,350 $6,650 www.wellsfargo.com/hsa.
Hussmann HSA Seed Money Contribution $750 $1,500
* The annual contribution limit is a combined employee + employer contribution
Note: If you are age 55 or older, you can contribute an additional $1,000
11
HSA Eligibility Requirements Three Ways to Maximize Your
Because there are so many advantages with the HSA, there are a few Tax Savings
eligibility requirements that you must meet in order to open and fund X Contributions to an HSA are tax-
an HSA. To open an HSA, you must meet the following criteria: free (they can be made through
payroll deduction on a pre-tax
X You must be enrolled in an HSA eligible high deductible health basis when you open an account
plan, like Hussmann’s CHP. with Wells Fargo Bank).
X You must not be covered by any other health plan that is not a X The money in this account
CHP. (including interest and investment
X You must not be covered by a health FSA for the tax year in which earnings) grows tax-free.
you will claim your HSA deposits as tax deductions. X As long as the funds are used
X You must not be eligible to be claimed as a dependent on someone to pay for qualiied medical
else’s tax return. expenses, they are spent tax-free.
X You must not be enrolled in Medicare, TRICARE, or TRICARE There are strict regulations governing
for Life. participation in HSAs and the use
X You must not have received Veterans Administration Beneits of HSA funds. If you use HSA
within the past three months. funds for non-qualiied expenses,
such as health insurance premiums,
Employer Contribution to HSA/“Seed Money” you will be required to pay income
To give you a head start to your savings, Hussmann places seed money tax on the amount used for non-
into all current HSA participant accounts and new CHP participants qualiied expenses as well as a 20%
that open an HSA. Hussmann seeds $750 for employees enrolled penalty. Note that if you wish to
in employee only coverage, and $1,500 for those enrolled in family use your HSA to pay for eligible
coverage. Please note, Hussmann only places seed money into a Wells over-the-counter medications, the
Fargo administered HSA. If you choose to go to a inancial institution medication must be prescribed
of your choice, then you will not receive the seed money. by a doctor; otherwise it will be
considered a non-qualiied expense.
HSA Contribution Limits for 2015 * Individual Family More about HSAs can be found at
Maximum Limit per IRS $3,350 $6,650 www.wellsfargo.com/hsa.
Hussmann HSA Seed Money Contribution $750 $1,500
* The annual contribution limit is a combined employee + employer contribution
Note: If you are age 55 or older, you can contribute an additional $1,000
11
