Page 10 - Dent Wizard 2021 Annual Benefits Enrollment
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Health Savings Account (HSA)
A health savings account (HSA) is a tax-favored personal savings account which works with your high deductible
health plan. HSA dollars can be used to pay for qualiied medical expenses such as deductibles, copays, dental,
and vision care. For a complete list of qualiied medical expenses, visit www.irs.gov in IRS Publication 502.
Dent Wizard will be contributing the following: HSA Triple Tax Savings
Associate only: $300 Tax deduction when you contribute to your
account
Associate and spouse: $500 Tax-free earnings through investment
Associate and child(ren): $500 Tax-free withdrawal for qualiied medical expenses
Family: $700
2021 HSA Funding Limits
HSA Major Benefits Coverage Level Limit
Funds always belong to you Individual Coverage $3,600
$7,200
Funds always roll over from year to year Family Coverage Contribute an additional $1,000 on
Age 55 or Older
Lowers your taxable income top of these amounts
Helps you build a healthcare nest egg for
emergencies or retirement
HSA Eligibility
You may open and contribute pre-tax to an HSA under the following circumstances.
Enrolled in an IRS-qualiied high deductible health plan Have not received VA beneits within the last three
(HDHP) months (unless receiving beneits for a service-related
Not enrolled in a traditional PPO plan through your spouse disability)
or other employer-sponsored plan options Not claimed as a dependent on someone else’s tax return
Not enrolled in a government-sponsored program Do not have an HSA and healthcare FSA; your spouse
(Medicare, Medicaid, Tricare, etc.) also cannot have a healthcare FSA through his/her own
employer
10
A health savings account (HSA) is a tax-favored personal savings account which works with your high deductible
health plan. HSA dollars can be used to pay for qualiied medical expenses such as deductibles, copays, dental,
and vision care. For a complete list of qualiied medical expenses, visit www.irs.gov in IRS Publication 502.
Dent Wizard will be contributing the following: HSA Triple Tax Savings
Associate only: $300 Tax deduction when you contribute to your
account
Associate and spouse: $500 Tax-free earnings through investment
Associate and child(ren): $500 Tax-free withdrawal for qualiied medical expenses
Family: $700
2021 HSA Funding Limits
HSA Major Benefits Coverage Level Limit
Funds always belong to you Individual Coverage $3,600
$7,200
Funds always roll over from year to year Family Coverage Contribute an additional $1,000 on
Age 55 or Older
Lowers your taxable income top of these amounts
Helps you build a healthcare nest egg for
emergencies or retirement
HSA Eligibility
You may open and contribute pre-tax to an HSA under the following circumstances.
Enrolled in an IRS-qualiied high deductible health plan Have not received VA beneits within the last three
(HDHP) months (unless receiving beneits for a service-related
Not enrolled in a traditional PPO plan through your spouse disability)
or other employer-sponsored plan options Not claimed as a dependent on someone else’s tax return
Not enrolled in a government-sponsored program Do not have an HSA and healthcare FSA; your spouse
(Medicare, Medicaid, Tricare, etc.) also cannot have a healthcare FSA through his/her own
employer
10