Page 12 - 2015 First Busey Enrollment Guide

Beneits
Enrollment
How an HSA Works with the Consumer-Driven Health Plan
How you use your HSA
You determine how and when to use
your HSA dollars. You can use your
funds to pay for qualiied expenses
covered by the CDHP. If you decide
to use funds to pay for ineligible
expenses, there will be a 20% penalty,
plus income tax payment. You can
also pay for health expenses out of
pocket and let your HSA funds grow.
Any funds remaining at the end of
the year will remain in your account
for future use. Regardless of your
employer, the HSA funds are yours to
keep.
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You are eligible to open and fund an HSA if
X You are covered by an HSA eligible CDHP option
X You are not covered by your spouse’s traditional health plan or FSA
X You are not eligible to be claimed as a dependent on someone else’s
tax return
X You are not enrolled in Medicare, TRICARE, or TRICARE for
Life
X You have not received Veterans Administration Beneits
How you fund your HSA
You can set aside dollars on a pre-tax basis through payroll deduction
or make deposits to your HSA like you would for any other checking
account.