Page 8 - Nortek California Employee Guide
P. 8
Open
Enrollment
Comparing the Two Accounts: HRA and HSA
HRA HSA
Who can contribute? Nortek You and Nortek
Can I earn the Wellness Credits Yes . Money you and your spouse or partner Yes . Money you and your spouse or partner
for this account? ($700 single; $1,400 together) earn in ($700 single; $1,400 together) earn in
wellness credits go directly into your HRA wellness credits go directly into your HSA
account . account .
How much can I contribute on $0 The IRS will allow pre-tax contributions of
my own? up to $3,350 for single coverage and up
to $6,650 for family coverage, including
your wellness credits . If you are at or over
the age 55, you can also contribute an
additional $1,000 .
Can I have a Flexible Spending Yes. But eligible health expenses will be paid Only for dependent care. Any pre-tax dollars
Account, too? irst from your HRA account. you want to set aside for health related
expenses must go into your HSA account.
What can I use the money in my Medical expenses Medical, dental and vision expenses
HRA or HSA account for?
How do I access my account? You can go to myuhc .com to track your You can go to myuhc .com to track your
medical claims . medical claims .
Does the money earn interest? No Yes, depending on how big your account is
and how you choose to invest it .
Can I take the unused balance No Yes
with me if I leave the company?
Can I roll over unused dollars Yes Yes
from year to year?
Must I report my account on my No Yes. Just as you report pre-tax dollars you
federal income tax form? contribute to other beneit plans—like a
401(k)—the IRS requires that you report
your pre-tax contributions to your HSA using
a Form 8889 . Your contribution will appear
on your W-2 for easy reference .
The Kaiser HMO does not include any account features . When enrolled in the Kaiser HMO you cannot participate in the wellness
program or utilize the HRA or HSA account programs .
8
Enrollment
Comparing the Two Accounts: HRA and HSA
HRA HSA
Who can contribute? Nortek You and Nortek
Can I earn the Wellness Credits Yes . Money you and your spouse or partner Yes . Money you and your spouse or partner
for this account? ($700 single; $1,400 together) earn in ($700 single; $1,400 together) earn in
wellness credits go directly into your HRA wellness credits go directly into your HSA
account . account .
How much can I contribute on $0 The IRS will allow pre-tax contributions of
my own? up to $3,350 for single coverage and up
to $6,650 for family coverage, including
your wellness credits . If you are at or over
the age 55, you can also contribute an
additional $1,000 .
Can I have a Flexible Spending Yes. But eligible health expenses will be paid Only for dependent care. Any pre-tax dollars
Account, too? irst from your HRA account. you want to set aside for health related
expenses must go into your HSA account.
What can I use the money in my Medical expenses Medical, dental and vision expenses
HRA or HSA account for?
How do I access my account? You can go to myuhc .com to track your You can go to myuhc .com to track your
medical claims . medical claims .
Does the money earn interest? No Yes, depending on how big your account is
and how you choose to invest it .
Can I take the unused balance No Yes
with me if I leave the company?
Can I roll over unused dollars Yes Yes
from year to year?
Must I report my account on my No Yes. Just as you report pre-tax dollars you
federal income tax form? contribute to other beneit plans—like a
401(k)—the IRS requires that you report
your pre-tax contributions to your HSA using
a Form 8889 . Your contribution will appear
on your W-2 for easy reference .
The Kaiser HMO does not include any account features . When enrolled in the Kaiser HMO you cannot participate in the wellness
program or utilize the HRA or HSA account programs .
8
