Page 17 - Dawson 2022 Benefits Guide
P. 17
2022 Benefits Guide 17
The chart below outlines some of the specifics regarding an HSA.*
* Please refer to the 2022 HSA guide for more details on any limitations and pro-rating that may be required if you enroll in the
HDHP mid-way through the year and want to fully fund your 2022 HSA. The guide can be found in the resources section of
workforcenow.ADP.com
HOW THE HSA WORKS
To open and contribute to an HSA, you must meet the
following IRS requirements:
• You must be covered under an HSA-qualified HDHP
on the first day of the month in when you open an
HSA or make a contribution to an HSA.
• You may have no other health coverage, unless
permitted under IRS guidelines.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on someone
else’s tax return.
Although you must be an eligible employee to open or
contribute to an HSA, you do not have to be covered
under an HDHP to maintain the account, earn tax-free
interest and investment dividends, or distribute money
from the account for qualified medical expenses.
You get to keep, grow, and spend all of the money in
the account, even if you leave DAWSON or lose your
qualifying HDHP coverage.
The chart below outlines some of the specifics regarding an HSA.*
* Please refer to the 2022 HSA guide for more details on any limitations and pro-rating that may be required if you enroll in the
HDHP mid-way through the year and want to fully fund your 2022 HSA. The guide can be found in the resources section of
workforcenow.ADP.com
HOW THE HSA WORKS
To open and contribute to an HSA, you must meet the
following IRS requirements:
• You must be covered under an HSA-qualified HDHP
on the first day of the month in when you open an
HSA or make a contribution to an HSA.
• You may have no other health coverage, unless
permitted under IRS guidelines.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on someone
else’s tax return.
Although you must be an eligible employee to open or
contribute to an HSA, you do not have to be covered
under an HDHP to maintain the account, earn tax-free
interest and investment dividends, or distribute money
from the account for qualified medical expenses.
You get to keep, grow, and spend all of the money in
the account, even if you leave DAWSON or lose your
qualifying HDHP coverage.
