Page 6 - 2017 Benefits Enrollment
P. 6
What is a Health Savings Account (HSA)?
You are eligible to open
and fund a health savings When you participate in a qualiied high deductible health plan (QHDHP)
bank account if the you are eligible to contribute to a health savings account (HSA). An
following are true. HSA allows employees to pay for qualiied medical expenses with pre-
X You are covered by a qualiied tax dollars, thus reducing taxable income. You can make contributions to
high deductible health plan the account up to the IRS allowed maximum contribution limits. These
(Option 2—HSA plan)
funds can be withdrawn at any time to pay for qualiied medical expenses
X You are not covered by your as deined by the IRS which you or your family incur such as deductibles,
spouse’s health plan, a healthcare prescriptions, dental charges, vision care, and much more.
lexible spending account (FSA),
health reimbursement account
(HRA), or any other health plan The money in the health savings bank account is always yours, even if
you change health plans or jobs. HSAs allow you to save and “roll over”
X You are not eligible to be claimed money if you do not spend it in the year. An HSA comes with great
as a dependent on someone
else’s tax return tax advantages. It’s like a 401(k) account for medical expenses. There
is no penalty for withdrawing funds for qualiied expenses, and they
X You are not enrolled in Medicare can be accessed at any time. The banking institution has an investment
or TRICARE for Life
threshold and once the threshold is reached, the money in the account
X You are not receiving Social may be invested and the earnings grow tax-free. There are no vesting
Security beneits
requirements or forfeiture provisions.
X You have not received veterans
administration beneits Unlike a traditional lexible spending account (FSA), there is no use-it-or-
lose-it rule with an HSA. Contributions made to your account which are
unused will automatically roll over year after year. If you leave Lanter, you
take your HSA funds with you. When you contribute to an HSA, you will
not be eligible for the traditional healthcare lexible spending account.
If you have made a healthcare lexible spending account (FSA) election for 2017,
you cannot make a contribution to a health savings account until 4/1/2018. The
FSA balance must be $0 on 12/31/2017.
6 2017 Benefits Enrollment
You are eligible to open
and fund a health savings When you participate in a qualiied high deductible health plan (QHDHP)
bank account if the you are eligible to contribute to a health savings account (HSA). An
following are true. HSA allows employees to pay for qualiied medical expenses with pre-
X You are covered by a qualiied tax dollars, thus reducing taxable income. You can make contributions to
high deductible health plan the account up to the IRS allowed maximum contribution limits. These
(Option 2—HSA plan)
funds can be withdrawn at any time to pay for qualiied medical expenses
X You are not covered by your as deined by the IRS which you or your family incur such as deductibles,
spouse’s health plan, a healthcare prescriptions, dental charges, vision care, and much more.
lexible spending account (FSA),
health reimbursement account
(HRA), or any other health plan The money in the health savings bank account is always yours, even if
you change health plans or jobs. HSAs allow you to save and “roll over”
X You are not eligible to be claimed money if you do not spend it in the year. An HSA comes with great
as a dependent on someone
else’s tax return tax advantages. It’s like a 401(k) account for medical expenses. There
is no penalty for withdrawing funds for qualiied expenses, and they
X You are not enrolled in Medicare can be accessed at any time. The banking institution has an investment
or TRICARE for Life
threshold and once the threshold is reached, the money in the account
X You are not receiving Social may be invested and the earnings grow tax-free. There are no vesting
Security beneits
requirements or forfeiture provisions.
X You have not received veterans
administration beneits Unlike a traditional lexible spending account (FSA), there is no use-it-or-
lose-it rule with an HSA. Contributions made to your account which are
unused will automatically roll over year after year. If you leave Lanter, you
take your HSA funds with you. When you contribute to an HSA, you will
not be eligible for the traditional healthcare lexible spending account.
If you have made a healthcare lexible spending account (FSA) election for 2017,
you cannot make a contribution to a health savings account until 4/1/2018. The
FSA balance must be $0 on 12/31/2017.
6 2017 Benefits Enrollment
