Page 16 - Dawson 2021 New Hire Guide
P. 16
DAWSON
The chart below outlines some of the speciics regarding an HSA.*
Health Equity Health Savings Account
What can I use the money for? IRS-qualiied medical expenses* incurred by you, your spouse and
dependents (even if the dependents are not enrolled in the HSA Plan)
Can I roll over unused dollars from year to year? Yes; unused money will remain in your HSA for future use
How are expenses paid? You decide whether or not to use your Health Equity HSA debit card to pay
for medical claims subject to the deductible and coinsurance expenses with
the funds in your HSA; you pay for expenses until you reach the annual
out-of-pocket maximum
How do I access my account? By using your Health Equity HSA debit card and online banking as provided
to you when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave DAWSON, you take your HSA funds with you
Can I contribute to a healthcare lexible spending No; participants in the HSA Plan cannot, nor may their spouse, contribute
account (FSA)? to a healthcare FSA
Must I report my HSA on my federal income tax form? Yes
May I use HSA funds to pay for expenses incurred prior No; you may only reimburse eligible expenses incurred after you open your
to opening my HSA? HSA
* Please refer to the 2021 HSA guide for more details on any limitations and pro-rating that may be required if you enroll in the HDHP plan mid-way
through the year and want to fully fund your 2021 HSA. The guide can be found in the resources section of ADP/WFN.
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from your You are responsible for paying the remaining deductible and
HSA or pay out-of-pocket. The HDHP has no copays. You coinsurance up to the out-of-pocket maximum limits. Once
are responsible for paying for all non-preventive medical met, the plan pays 100% of your eligible medical expenses.
services and non-preventive prescriptions until you meet You may contribute funds to your HSA to calendar year
your annual deductible. limits.
There is no “use it or lose it” rule. Want to pay for your eligible medical expenses tax-free?
Any unused money will remain in Make pretax contributions to your HSA through payroll deduction. The IRS
your HSA for future use. If you leave contribution limits for 2021 are $3,600 for individuals and $7,200 for families.
DAWSON, you take your HSA funds Individuals age 55 and older may contribute an additional $1,000 to their HSA.
with you.
These funds can be withdrawn at any time to pay for qualiied medical expenses
tax-free. Refer to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf.
16
The chart below outlines some of the speciics regarding an HSA.*
Health Equity Health Savings Account
What can I use the money for? IRS-qualiied medical expenses* incurred by you, your spouse and
dependents (even if the dependents are not enrolled in the HSA Plan)
Can I roll over unused dollars from year to year? Yes; unused money will remain in your HSA for future use
How are expenses paid? You decide whether or not to use your Health Equity HSA debit card to pay
for medical claims subject to the deductible and coinsurance expenses with
the funds in your HSA; you pay for expenses until you reach the annual
out-of-pocket maximum
How do I access my account? By using your Health Equity HSA debit card and online banking as provided
to you when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave DAWSON, you take your HSA funds with you
Can I contribute to a healthcare lexible spending No; participants in the HSA Plan cannot, nor may their spouse, contribute
account (FSA)? to a healthcare FSA
Must I report my HSA on my federal income tax form? Yes
May I use HSA funds to pay for expenses incurred prior No; you may only reimburse eligible expenses incurred after you open your
to opening my HSA? HSA
* Please refer to the 2021 HSA guide for more details on any limitations and pro-rating that may be required if you enroll in the HDHP plan mid-way
through the year and want to fully fund your 2021 HSA. The guide can be found in the resources section of ADP/WFN.
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from your You are responsible for paying the remaining deductible and
HSA or pay out-of-pocket. The HDHP has no copays. You coinsurance up to the out-of-pocket maximum limits. Once
are responsible for paying for all non-preventive medical met, the plan pays 100% of your eligible medical expenses.
services and non-preventive prescriptions until you meet You may contribute funds to your HSA to calendar year
your annual deductible. limits.
There is no “use it or lose it” rule. Want to pay for your eligible medical expenses tax-free?
Any unused money will remain in Make pretax contributions to your HSA through payroll deduction. The IRS
your HSA for future use. If you leave contribution limits for 2021 are $3,600 for individuals and $7,200 for families.
DAWSON, you take your HSA funds Individuals age 55 and older may contribute an additional $1,000 to their HSA.
with you.
These funds can be withdrawn at any time to pay for qualiied medical expenses
tax-free. Refer to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf.
16
