Page 18 - Vidant Health 2021 Annual Enrollment Residents
P. 18
2021
Health Savings Account (HSA) The HSA is administered by Discovery Beneits.
If you enroll in the Medical Savings Plan, you will You can connect to Discovery Beneits at
www.discoverybeneits.com or call 866-451-3399.
be required to contribute a minimum of $25 to your Remember your money is saved pre-tax, grows tax-free
Health Savings Account (HSA) during enrollment. To and is withdrawn tax-free. You own your HSA. Your account
receive matching contributions from Vidant in your carries over from year to year and goes with you if you take
HSA, you will need to be actively contributing each pay a job with another employer. More information can be found
period. on the Discovery Beneits, IRS, or AskPhin websites.
The HSA is a savings account used to pay for qualiied Maximum contributions are set by the IRS. For 2021,
medical expenses directly with your HSA debit card or the maximum contribution is $3,600 for single coverage,
to reimburse yourself at any time for medical expenses or $7,200 per household. An annual catch-up amount
paid out of pocket. There is no time limit to reimburse of $1,000 is available for team members ages 55-65.
yourself.
In order to contribute to an HSA, you cannot maintain
You can contribute to an HSA only if you are enrolled a Flexible Spending Account (FSA) except for a Limited
in the Medical Savings Plan and are not covered by any Purpose Flexible Spending Account. If you have a
other traditional medical plan (including your spouse’s balance of $550 or less in your FSA as of Dec. 31,
plan or Medicare) or lexible spending account. 2020, your account will be converted to a Limited
Purpose FSA for 2021. Any amounts over $550 in your
Vidant will make a quarterly matching contribution to FSA as of Dec. 31, 2020 will be forfeited.
your HSA in 2021: up to $600 for single coverage or
up to $1,200 for “family” coverage, based upon your If at any point you change medical plans and are no
enrollment date. Note—coverage that takes effect longer enrolled in the Medical Savings Plan, cannot
10/2/21 or later will not receive employer contributions continue to contribute to your HSA. However, you
for the 2021 year. Family coverage for this plan is may still use any funds in your HSA to pay for qualiied
deined as any coverage other than single. medical expenses.
18
Health Savings Account (HSA) The HSA is administered by Discovery Beneits.
If you enroll in the Medical Savings Plan, you will You can connect to Discovery Beneits at
www.discoverybeneits.com or call 866-451-3399.
be required to contribute a minimum of $25 to your Remember your money is saved pre-tax, grows tax-free
Health Savings Account (HSA) during enrollment. To and is withdrawn tax-free. You own your HSA. Your account
receive matching contributions from Vidant in your carries over from year to year and goes with you if you take
HSA, you will need to be actively contributing each pay a job with another employer. More information can be found
period. on the Discovery Beneits, IRS, or AskPhin websites.
The HSA is a savings account used to pay for qualiied Maximum contributions are set by the IRS. For 2021,
medical expenses directly with your HSA debit card or the maximum contribution is $3,600 for single coverage,
to reimburse yourself at any time for medical expenses or $7,200 per household. An annual catch-up amount
paid out of pocket. There is no time limit to reimburse of $1,000 is available for team members ages 55-65.
yourself.
In order to contribute to an HSA, you cannot maintain
You can contribute to an HSA only if you are enrolled a Flexible Spending Account (FSA) except for a Limited
in the Medical Savings Plan and are not covered by any Purpose Flexible Spending Account. If you have a
other traditional medical plan (including your spouse’s balance of $550 or less in your FSA as of Dec. 31,
plan or Medicare) or lexible spending account. 2020, your account will be converted to a Limited
Purpose FSA for 2021. Any amounts over $550 in your
Vidant will make a quarterly matching contribution to FSA as of Dec. 31, 2020 will be forfeited.
your HSA in 2021: up to $600 for single coverage or
up to $1,200 for “family” coverage, based upon your If at any point you change medical plans and are no
enrollment date. Note—coverage that takes effect longer enrolled in the Medical Savings Plan, cannot
10/2/21 or later will not receive employer contributions continue to contribute to your HSA. However, you
for the 2021 year. Family coverage for this plan is may still use any funds in your HSA to pay for qualiied
deined as any coverage other than single. medical expenses.
18
