Page 4 - 2020 Wiese Benefits Guide
P. 4
CHOICE MEDICAL PLAN WITH
THE HSA
Optum Bank
If you elect the Choice Health Plan, you have the option to open and
contribute to a health savings account through payroll deductions. UMR
uses Optum bank for their health savings accounts.
What is a Health Savings Account (HSA)?
HSAs allow team members to contribute pre-tax dollars deducted from
their paycheck into an account which can be used for medical expenses.
Unused funds roll over each year and the money is yours to keep if you
change jobs or health plans.
An HSA is like a checking account; you must have money in the account
in order to use it. As long as you have funds in the account, you can
simply pay for qualiied services with your HSA card, just like you pay
for groceries with your debit card. If you don’t have funds in your HSA
and must pay out-of-pocket with cash or another bank account, you
can reimburse yourself from the HSA at a later date when the funds
are available.
The IRS Mandates Maximum Contribution Limits
to HSAs Annually
The 2020 contribution limits are as follows.
$3,550 for an individual
$7,100 for a family
If you are age 55 or older you are eligible for an additional catch-up
contribution of $1,000 annually
“Seed” Money for HSAs
For those team members electing the Choice Plan, Wiese will contribute
money into your Optum HSA account to use towards your out-of-
pocket expenses.
$1,000 for team member only coverage
$1,500 for all other coverage tiers
4
THE HSA
Optum Bank
If you elect the Choice Health Plan, you have the option to open and
contribute to a health savings account through payroll deductions. UMR
uses Optum bank for their health savings accounts.
What is a Health Savings Account (HSA)?
HSAs allow team members to contribute pre-tax dollars deducted from
their paycheck into an account which can be used for medical expenses.
Unused funds roll over each year and the money is yours to keep if you
change jobs or health plans.
An HSA is like a checking account; you must have money in the account
in order to use it. As long as you have funds in the account, you can
simply pay for qualiied services with your HSA card, just like you pay
for groceries with your debit card. If you don’t have funds in your HSA
and must pay out-of-pocket with cash or another bank account, you
can reimburse yourself from the HSA at a later date when the funds
are available.
The IRS Mandates Maximum Contribution Limits
to HSAs Annually
The 2020 contribution limits are as follows.
$3,550 for an individual
$7,100 for a family
If you are age 55 or older you are eligible for an additional catch-up
contribution of $1,000 annually
“Seed” Money for HSAs
For those team members electing the Choice Plan, Wiese will contribute
money into your Optum HSA account to use towards your out-of-
pocket expenses.
$1,000 for team member only coverage
$1,500 for all other coverage tiers
4
