Page 14 - GLG Benefits Guide
P. 14
Medical Beneits (continued)
Health Savings Account
The HSA enables you to set aside pre-tax funds to pay Fidelity HSA
your unreimbursed qualiied health expenses you incur For new Fidelity registration log on to www.401k.com
in the future. The HSA is a tax advantaged account in and register. Then click on the HSA tile to open
your name. Contributions can be withdrawn at your an account.
discretion to pay for eligible healthcare expenses.
For example, your HSA funds may be used to pay for Employees who already have login credentials with
out-of-pocket costs as you work towards meeting Fidelity can log on with their existing credentials and
your annual deductible, or use it to pay for healthcare click on the HSA tile to open an account.
services not covered by the plan. If you do not incur
any medical expenses, you can use the HSA as a way How do I access my Fidelity HSA?
to save for future healthcare needs. There are multiple ways to use your HSA for payment
Why Have an HSA? or reimbursement of qualiied medical expenses,
including:
An HSA simply helps you plan, save and pay for > Fidelity HSA debit card. The Fidelity HSA debit
healthcare. You own it. The money belongs to you, card can be used to pay for known qualiied
even deposits made by others, such as an employer or medical expenses at the point of sale (such as
family member. You keep it, even if you change jobs or pharmacy prescriptions). Many providers will
health plans. It has triple tax beneits. also accept your Fidelity HSA debit card for
> Money deposited is federal income-tax free payment of an invoice you received in the mail. For
> Savings grow tax-free convenience, you can request debit cards for your
> Withdrawals made for qualiied expenses are also spouse and eligible dependents, too.
income tax-free > HealthExpense. Simplify how you manage your
HSA-eligible health plan and Fidelity Health
You can only contribute to the HSA bank account Savings Account (HSA) by handling your
when you are enrolled in the HSA 1400 Health Plan. expenses, payments, claims, and receipts all in
In order to assist you in paying your deductible GLG one place, on any device smartphone, tablet,
will fund the following amounts per quarter. or computer.
®
GLG HSA Contributions— > Fidelity BillPay for Health Savings Accounts.
Effective January 1, 2020 This online bill paying service enables you to
quickly and easily make payments to healthcare
The GLG HSA contribution will be made upfront providers, companies, and individuals. You can
quarterly (January 15, April 15, July 15, and also set up an automatic payment schedule, and
October 15). To receive the quarterly funding keep track of all payments and activity.
($187.50 employee only/$375 family), your Fidelity
HSA must be open at the time payroll is processed. > Pay out of pocket. To take advantage of the long-
Note, no retros will be processed. term growth potential of your HSA, you may want
to choose to pay for a qualiied medical expense
The maximum 2020 pre-tax contribution to an HSA out of pocket rather than use the funds in your
account is $3,550 for single coverage and $7,100 HSA.
for family coverage and an additional $1,000 for > Reimburse yourself. If you do pay out of pocket,
members over age 55. This includes employer and you have the option to reimburse yourself from
employee contributions. HSA participants by law are your HSA at any time without penalty.
not permitted to be enrolled in any other health plan
(i.e. spouse’s plan).
14
Health Savings Account
The HSA enables you to set aside pre-tax funds to pay Fidelity HSA
your unreimbursed qualiied health expenses you incur For new Fidelity registration log on to www.401k.com
in the future. The HSA is a tax advantaged account in and register. Then click on the HSA tile to open
your name. Contributions can be withdrawn at your an account.
discretion to pay for eligible healthcare expenses.
For example, your HSA funds may be used to pay for Employees who already have login credentials with
out-of-pocket costs as you work towards meeting Fidelity can log on with their existing credentials and
your annual deductible, or use it to pay for healthcare click on the HSA tile to open an account.
services not covered by the plan. If you do not incur
any medical expenses, you can use the HSA as a way How do I access my Fidelity HSA?
to save for future healthcare needs. There are multiple ways to use your HSA for payment
Why Have an HSA? or reimbursement of qualiied medical expenses,
including:
An HSA simply helps you plan, save and pay for > Fidelity HSA debit card. The Fidelity HSA debit
healthcare. You own it. The money belongs to you, card can be used to pay for known qualiied
even deposits made by others, such as an employer or medical expenses at the point of sale (such as
family member. You keep it, even if you change jobs or pharmacy prescriptions). Many providers will
health plans. It has triple tax beneits. also accept your Fidelity HSA debit card for
> Money deposited is federal income-tax free payment of an invoice you received in the mail. For
> Savings grow tax-free convenience, you can request debit cards for your
> Withdrawals made for qualiied expenses are also spouse and eligible dependents, too.
income tax-free > HealthExpense. Simplify how you manage your
HSA-eligible health plan and Fidelity Health
You can only contribute to the HSA bank account Savings Account (HSA) by handling your
when you are enrolled in the HSA 1400 Health Plan. expenses, payments, claims, and receipts all in
In order to assist you in paying your deductible GLG one place, on any device smartphone, tablet,
will fund the following amounts per quarter. or computer.
®
GLG HSA Contributions— > Fidelity BillPay for Health Savings Accounts.
Effective January 1, 2020 This online bill paying service enables you to
quickly and easily make payments to healthcare
The GLG HSA contribution will be made upfront providers, companies, and individuals. You can
quarterly (January 15, April 15, July 15, and also set up an automatic payment schedule, and
October 15). To receive the quarterly funding keep track of all payments and activity.
($187.50 employee only/$375 family), your Fidelity
HSA must be open at the time payroll is processed. > Pay out of pocket. To take advantage of the long-
Note, no retros will be processed. term growth potential of your HSA, you may want
to choose to pay for a qualiied medical expense
The maximum 2020 pre-tax contribution to an HSA out of pocket rather than use the funds in your
account is $3,550 for single coverage and $7,100 HSA.
for family coverage and an additional $1,000 for > Reimburse yourself. If you do pay out of pocket,
members over age 55. This includes employer and you have the option to reimburse yourself from
employee contributions. HSA participants by law are your HSA at any time without penalty.
not permitted to be enrolled in any other health plan
(i.e. spouse’s plan).
14
