Page 5 - Cornerstone Systems New Hire Guide
P. 5
Cornerstone Systems
Health Savings
Health Savings Account (HSA) Account (HSA)
An HSA is a special tax-advantaged bank savings account you can use
to pay for qualiied medical expenses including health expenses before
your deductible is reached, prescription drugs, coinsurance charges,
and non-reimbursed dental and vision expenses. Funds are not taxed
when withdrawn for qualiied medical expenses. The HSA accounts are
tied to the team member and are portable. Pre-tax money put into the
account can be used either during the plan year or accumulated in the
account to pay for future medical expenses. Money deposited in the
HSA earns interest tax-free and can be rolled over year after year. HSA
accounts can be rolled over into other HSA accounts.
Each team member may contribute up to $3,350 for individual
coverage or $6,650 for family coverage on a pre-tax basis for 2015. You
can fund your account by either paycheck deduction or money can be
deposited into the account directly. If you are between the ages of 55
and 65, you can contribute an additional $1,000 in pre-tax contributions
to your HSA account. If you do not have an existing HSA, you will
need to set one up at www.myCignaplans.com. Government regulations
require that to be eligible to open an HSA, you must irst be covered by
a High Deductible Health Plan. You cannot have other health insurance
coverage. You must not be claimed as a dependent on another person’s
tax returns. Finally, you may not be enrolled in Medicare.
Beginning January 1, 2015 Cornerstone will fund your HSA with $400
if you elect single coverage, and $1,500 if you elect associate and
spouse, associate and child(ren), or family coverage. If your date of
hire is mid-year, then your Cornerstone HSA funds will be prorated for
2015.
Limited FSA
With an HDHP plan you are eligible to enroll in a limited FSA. A
limited FSA eligible expenses are limited to qualifying dental and vision
expenses.
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Health Savings
Health Savings Account (HSA) Account (HSA)
An HSA is a special tax-advantaged bank savings account you can use
to pay for qualiied medical expenses including health expenses before
your deductible is reached, prescription drugs, coinsurance charges,
and non-reimbursed dental and vision expenses. Funds are not taxed
when withdrawn for qualiied medical expenses. The HSA accounts are
tied to the team member and are portable. Pre-tax money put into the
account can be used either during the plan year or accumulated in the
account to pay for future medical expenses. Money deposited in the
HSA earns interest tax-free and can be rolled over year after year. HSA
accounts can be rolled over into other HSA accounts.
Each team member may contribute up to $3,350 for individual
coverage or $6,650 for family coverage on a pre-tax basis for 2015. You
can fund your account by either paycheck deduction or money can be
deposited into the account directly. If you are between the ages of 55
and 65, you can contribute an additional $1,000 in pre-tax contributions
to your HSA account. If you do not have an existing HSA, you will
need to set one up at www.myCignaplans.com. Government regulations
require that to be eligible to open an HSA, you must irst be covered by
a High Deductible Health Plan. You cannot have other health insurance
coverage. You must not be claimed as a dependent on another person’s
tax returns. Finally, you may not be enrolled in Medicare.
Beginning January 1, 2015 Cornerstone will fund your HSA with $400
if you elect single coverage, and $1,500 if you elect associate and
spouse, associate and child(ren), or family coverage. If your date of
hire is mid-year, then your Cornerstone HSA funds will be prorated for
2015.
Limited FSA
With an HDHP plan you are eligible to enroll in a limited FSA. A
limited FSA eligible expenses are limited to qualifying dental and vision
expenses.
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