Page 11 - Dent Wizard 2021 Annual Benefits Enrollment
P. 11
2021
Dent Wizard Benefits Enrollment
Opening an HSA
We partner with HSA Bank through ALEX for our HSA program. Prior to 12/31/2020, you can ind
information about your HSA by visiting www.alexhsa.com or call 833.223.5601. You will also receive a
Welcome Kit in the mail which will include your new HSA debit card. If you do not receive this, please reach out
to HSA Bank through ALEX for further instructions.
What Happens to My Previous HRA Balance When I Enroll in My HSA Plan?
Remaining HRA balances up to $1,000 will be forfeited
If you have a remaining HRA balance between $1,000 and $2,500, a one-time, HSA bonus contribution of
$750 will be deposited into your HSA
If you have a remaining HRA balance over $2,500, a one-time, HSA bonus contribution of $1,500 will be
deposited into your HSA
HRA vs. HSA
Health Savings Account (HSA) Health Reimbursement Account (HRA)
What is it? A tax advantaged savings account An account integrated with your medical
(compatible with a high deductible plan set up and funded by your employer
health plan) that you own to help pay for to help pay for eligible healthcare
qualiied healthcare expenses expenses
Who Owns the Account? You Your employer
Who Can Contribute? You and your employer Only your employer
Limit to the Dollar Amount That Can Be Determined by IRS; limit for 2021: Determined by employer
Put In? $3,600 individual and $7,200 family
Can Funds Be Carried Over From Year to Yes, with no limit on rollover amount Yes, up to limit set by employer
Year?
Can I Take the Account With Me? Is it Yes, it belongs to you No
Portable?
Can the Money in the Account Earn Yes No
Interest?
Expenses Covered You can use your HSA to pay for eligible Qualiied medical and prescription
healthcare, dental, and vision expenses expenses for you or any dependents
for yourself, your spouse, or eligible covered by your medical plan
dependents
Can I Use the Money for Things Other Yes, when you reach age 65. When you No
Than Qualiied or Eligible Healthcare withdraw the money, it is subject to
Expenses? income tax only; if you are under age 65,
the money is subject to income tax and a
20% penalty tax if used for non-qualiied
expenses
HSA dollars will be available in your account once deposits have occurred. Employer and associate contributions
are pulled bi-weekly.
11
Dent Wizard Benefits Enrollment
Opening an HSA
We partner with HSA Bank through ALEX for our HSA program. Prior to 12/31/2020, you can ind
information about your HSA by visiting www.alexhsa.com or call 833.223.5601. You will also receive a
Welcome Kit in the mail which will include your new HSA debit card. If you do not receive this, please reach out
to HSA Bank through ALEX for further instructions.
What Happens to My Previous HRA Balance When I Enroll in My HSA Plan?
Remaining HRA balances up to $1,000 will be forfeited
If you have a remaining HRA balance between $1,000 and $2,500, a one-time, HSA bonus contribution of
$750 will be deposited into your HSA
If you have a remaining HRA balance over $2,500, a one-time, HSA bonus contribution of $1,500 will be
deposited into your HSA
HRA vs. HSA
Health Savings Account (HSA) Health Reimbursement Account (HRA)
What is it? A tax advantaged savings account An account integrated with your medical
(compatible with a high deductible plan set up and funded by your employer
health plan) that you own to help pay for to help pay for eligible healthcare
qualiied healthcare expenses expenses
Who Owns the Account? You Your employer
Who Can Contribute? You and your employer Only your employer
Limit to the Dollar Amount That Can Be Determined by IRS; limit for 2021: Determined by employer
Put In? $3,600 individual and $7,200 family
Can Funds Be Carried Over From Year to Yes, with no limit on rollover amount Yes, up to limit set by employer
Year?
Can I Take the Account With Me? Is it Yes, it belongs to you No
Portable?
Can the Money in the Account Earn Yes No
Interest?
Expenses Covered You can use your HSA to pay for eligible Qualiied medical and prescription
healthcare, dental, and vision expenses expenses for you or any dependents
for yourself, your spouse, or eligible covered by your medical plan
dependents
Can I Use the Money for Things Other Yes, when you reach age 65. When you No
Than Qualiied or Eligible Healthcare withdraw the money, it is subject to
Expenses? income tax only; if you are under age 65,
the money is subject to income tax and a
20% penalty tax if used for non-qualiied
expenses
HSA dollars will be available in your account once deposits have occurred. Employer and associate contributions
are pulled bi-weekly.
11
