Page 4 - Wiese 2021 Benefits Guide
P. 4
2021
Choice Medical Plan with the HSA
Optum Bank What is a Health Savings Account
If you elect the Choice Health Plan, you have the (HSA)?
option to open and contribute to a health savings HSAs allow team members to contribute pre-tax dollars
account through payroll deductions. UMR uses Optum deducted from your paycheck into an account which
Bank for their health savings accounts. can be used for medical expenses.
Unused funds roll over each year and the money is
yours to keep if you change jobs or health plans.
An HSA is like a checking account; you must have
money in the account in order to use it. As long as
you have funds in the account, you can simply pay for
qualiied services with your HSA card, just like you
pay for groceries with your debit card. If you don’t
have funds in your HSA and must pay out-of-pocket
with cash or another bank account, you can reimburse
yourself from the HSA at a later date when the funds
are available.
The IRS Mandates Maximum
Contribution Limits to HSAs
Annually
The 2021 contribution limits are as follows.
$3,600 for an individual
$7,200 for a family
If you are age 55 or older you are eligible for an
additional catch-up contribution of $1,000 annually
“Seed” Money for HSAs
For those team members electing the Choice Plan,
Wiese will contribute money into your Optum HSA
account to use towards your out-of-pocket expenses.
$1,000 for team member only coverage
$1,500 for all other coverage tiers
4
Choice Medical Plan with the HSA
Optum Bank What is a Health Savings Account
If you elect the Choice Health Plan, you have the (HSA)?
option to open and contribute to a health savings HSAs allow team members to contribute pre-tax dollars
account through payroll deductions. UMR uses Optum deducted from your paycheck into an account which
Bank for their health savings accounts. can be used for medical expenses.
Unused funds roll over each year and the money is
yours to keep if you change jobs or health plans.
An HSA is like a checking account; you must have
money in the account in order to use it. As long as
you have funds in the account, you can simply pay for
qualiied services with your HSA card, just like you
pay for groceries with your debit card. If you don’t
have funds in your HSA and must pay out-of-pocket
with cash or another bank account, you can reimburse
yourself from the HSA at a later date when the funds
are available.
The IRS Mandates Maximum
Contribution Limits to HSAs
Annually
The 2021 contribution limits are as follows.
$3,600 for an individual
$7,200 for a family
If you are age 55 or older you are eligible for an
additional catch-up contribution of $1,000 annually
“Seed” Money for HSAs
For those team members electing the Choice Plan,
Wiese will contribute money into your Optum HSA
account to use towards your out-of-pocket expenses.
$1,000 for team member only coverage
$1,500 for all other coverage tiers
4
