Page 10 - 2020 Stein Mart Weekly Benefits
P. 10
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
An HSA is a tax-favored personal savings account that allows you to set is considered to be non-qualified
aside pre-tax dollars to help save and pay for eligible health care under IRS Code, including
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 Can I enroll in the Health Care FSA if
deductibles, copays, dental and vision care. For a complete list of I have an HSA?
qualified medical expenses, visit www.irs.gov in IRS Publication 502. No. This combination of two tax
advantaged programs violates the
Triple Tax Savings “No Other Health Coverage”
requirement, as defined by the IRS.
An HSA is the only account in the IRS tax code that offers triple tax
savings: Should I contribute to my HSA?
1. Pre-tax contributions Your per paycheck premiums are
not contributions. The account
2. Tax-free withdrawals for qualified medical expenses has $0 unless you choose to fund
3. Tax-free interest and investment earnings it. Contributing to an HSA is a great
way to save on taxes, and to build
Additional Benefits a balance. We encourage you to
Funds always belong to you, even if you change jobs or retire consult with a tax advisor for tax
The entire balance always rolls over, year after year implications related to an HSA.
The amount you elect to contribute each paycheck decreases your How do I contribute to my HSA?
taxable income, which means more bring home money To contribute to the account, you
You are able to adjust your contribution amount throughout the year must elect an amount to be payroll
Helps you build a healthcare nest egg for emergencies or retirement deducted.
Once your HSA balance reaches $1,000, you are able to invest How do I pay for medical expenses
amounts above this level in select mutual funds with my HSA?
To pay for a service or make a
IRS Maximums and Contributions purchase, you need to have
For 2020, the IRS maximum contributions cannot exceed $3,550 for available funds in your account.
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 bank of choice and will link your
well-being incentive cannot exceed the limits stated above. You will HSA account onto your MyUHC
be able to contribute the amounts below through payroll deduction. account. You will receive more
Individual Coverage: $2,950 information about account access
Family Coverage: $5,900 upon enrollment into the HSA
qualified medical plan.
Funds are available for use 1-3 business days after each contribution.
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
An HSA is a tax-favored personal savings account that allows you to set is considered to be non-qualified
aside pre-tax dollars to help save and pay for eligible health care under IRS Code, including
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 Can I enroll in the Health Care FSA if
deductibles, copays, dental and vision care. For a complete list of I have an HSA?
qualified medical expenses, visit www.irs.gov in IRS Publication 502. No. This combination of two tax
advantaged programs violates the
Triple Tax Savings “No Other Health Coverage”
requirement, as defined by the IRS.
An HSA is the only account in the IRS tax code that offers triple tax
savings: Should I contribute to my HSA?
1. Pre-tax contributions Your per paycheck premiums are
not contributions. The account
2. Tax-free withdrawals for qualified medical expenses has $0 unless you choose to fund
3. Tax-free interest and investment earnings it. Contributing to an HSA is a great
way to save on taxes, and to build
Additional Benefits a balance. We encourage you to
Funds always belong to you, even if you change jobs or retire consult with a tax advisor for tax
The entire balance always rolls over, year after year implications related to an HSA.
The amount you elect to contribute each paycheck decreases your How do I contribute to my HSA?
taxable income, which means more bring home money To contribute to the account, you
You are able to adjust your contribution amount throughout the year must elect an amount to be payroll
Helps you build a healthcare nest egg for emergencies or retirement deducted.
Once your HSA balance reaches $1,000, you are able to invest How do I pay for medical expenses
amounts above this level in select mutual funds with my HSA?
To pay for a service or make a
IRS Maximums and Contributions purchase, you need to have
For 2020, the IRS maximum contributions cannot exceed $3,550 for available funds in your account.
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 bank of choice and will link your
well-being incentive cannot exceed the limits stated above. You will HSA account onto your MyUHC
be able to contribute the amounts below through payroll deduction. account. You will receive more
Individual Coverage: $2,950 information about account access
Family Coverage: $5,900 upon enrollment into the HSA
qualified medical plan.
Funds are available for use 1-3 business days after each contribution.
Weekly Store and Weekly Corporate Associates 7
Department Merchandise Managers For 2020 Benefits
