Page 16 - Dentons 2021 Benefits Guide Mainland
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HEALTH SAVINGS ACCOUNT
Per IRS guidelines, Healthcare FSA participants (excluding Limited FSA), as well as Medicare
enrollees may not fund a Health Savings Account.
A Health Savings Account (HSA) is a personal bank account that can be opened with your own
bank or with PayFlex through Aetna. This account allows you to set aside pre-tax money for
qualified healthcare expenses.
HSA funds can be accessed at any time using a debit card that will be provided to you by PayFlex.
HSA Advantages HSA Contribution Limits
Tax savings – Money contributed to your Because of the significant tax savings with
HSA is tax-free (when deposited through owning an HSA, the IRS limits the total
payroll), the investment earnings are tax- dollar amount that you can contribute to
free, and withdrawals for qualified medical, these accounts each year. Below are the
dental, vision, and other eligible healthcare IRS funding limits for 2021.
expenses are tax-free to you.
Ownership – Funds remain in your HSA Contribution Limits
from year to year. You can save the money Single Coverage — $3,600
in your account and let it grow. There are
no “use it or lose it” rules for an HSA. If you Family Coverage — $7,200
leave the Firm or retire, the funds in your Catch-up (age 55 or older) — $1,000
HSA stay with you. You may even have
investment options with this account.
Firm funding – The Firm will help fund your The Firm’s contribution toward your HSA goes
HSA, depending on the plan and coverage toward the IRS annual HSA contribution limits.
level you choose. Partners and Principals In consideration of your enrollment in either
are not eligible for Firm funding. the CDHP 1500 or CDHP 3000 medical plans,
the Firm will help fund your HSA on a per-pay-
period basis by the amounts shown below.
Annual Firm Contribution
CDHP 1500 CDHP 3000
Single All other Single All other
coverage coverage coverage coverage
$750 $1,500 $1,250 $2,500
The Firm will make a pro-rated annual contribution that will
be based on when the plan is elected.
You are not required to contribute to your HSA to be
eligible for Firm contributions.
There are two parts to the Firm contribution: The first 50%
of the FIrm’s contribution is deposited on the first pay
period your coverage is effective and the remaining funds
will be deposited evenly over the remaining paychecks
throughout the year.
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Per IRS guidelines, Healthcare FSA participants (excluding Limited FSA), as well as Medicare
enrollees may not fund a Health Savings Account.
A Health Savings Account (HSA) is a personal bank account that can be opened with your own
bank or with PayFlex through Aetna. This account allows you to set aside pre-tax money for
qualified healthcare expenses.
HSA funds can be accessed at any time using a debit card that will be provided to you by PayFlex.
HSA Advantages HSA Contribution Limits
Tax savings – Money contributed to your Because of the significant tax savings with
HSA is tax-free (when deposited through owning an HSA, the IRS limits the total
payroll), the investment earnings are tax- dollar amount that you can contribute to
free, and withdrawals for qualified medical, these accounts each year. Below are the
dental, vision, and other eligible healthcare IRS funding limits for 2021.
expenses are tax-free to you.
Ownership – Funds remain in your HSA Contribution Limits
from year to year. You can save the money Single Coverage — $3,600
in your account and let it grow. There are
no “use it or lose it” rules for an HSA. If you Family Coverage — $7,200
leave the Firm or retire, the funds in your Catch-up (age 55 or older) — $1,000
HSA stay with you. You may even have
investment options with this account.
Firm funding – The Firm will help fund your The Firm’s contribution toward your HSA goes
HSA, depending on the plan and coverage toward the IRS annual HSA contribution limits.
level you choose. Partners and Principals In consideration of your enrollment in either
are not eligible for Firm funding. the CDHP 1500 or CDHP 3000 medical plans,
the Firm will help fund your HSA on a per-pay-
period basis by the amounts shown below.
Annual Firm Contribution
CDHP 1500 CDHP 3000
Single All other Single All other
coverage coverage coverage coverage
$750 $1,500 $1,250 $2,500
The Firm will make a pro-rated annual contribution that will
be based on when the plan is elected.
You are not required to contribute to your HSA to be
eligible for Firm contributions.
There are two parts to the Firm contribution: The first 50%
of the FIrm’s contribution is deposited on the first pay
period your coverage is effective and the remaining funds
will be deposited evenly over the remaining paychecks
throughout the year.
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