Page 18 - Vidant Health 2021 Benefit Guide
P. 18
2021
Health Savings Account (HSA) The HSA is administered by WEX. You can connect to
If you enroll in the Medical Savings Plan, you will WEX at www.wexinc.com or call 866-451-3399.
Remember your money is saved pre-tax, grows tax-free
be required to contribute a minimum of $25 to your and is withdrawn tax-free. You own your HSA. Your account
Health Savings Account (HSA) during enrollment. To carries over from year to year and goes with you if you take
receive matching contributions from Vidant in your a job with another employer. More information can be found
HSA, you will need to be actively contributing each pay on the WEX, IRS, or AskPhin websites.
period.
Maximum contributions are set by the IRS. For 2021,
The HSA is a savings account used to pay for qualiied the maximum contribution is $3,600 for single coverage,
medical expenses directly with your HSA debit card or or $7,200 per household. An annual catch-up amount
to reimburse yourself at any time for medical expenses of $1,000 is available for team members ages 55-65.
paid out of pocket. There is no time limit to reimburse
yourself. In order to contribute to an HSA, you cannot maintain
a Flexible Spending Account (FSA) except for a Limited
You can contribute to an HSA only if you are enrolled Purpose Flexible Spending Account. If you have a
in the Medical Savings Plan and are not covered by any balance of $550 or less in your FSA as of Dec. 31,
other traditional medical plan (including your spouse’s 2020, your account will be converted to a Limited
plan or Medicare) or lexible spending account. Purpose FSA for 2021. Any amounts over $550 in your
FSA as of Dec. 31, 2020 will be forfeited.
Vidant will make a quarterly matching contribution to
your HSA in 2021: up to $600 for single coverage or If at any point you change medical plans and are no
up to $1,200 for “family” coverage, based upon your longer enrolled in the Medical Savings Plan, you cannot
enrollment date. Note—coverage that takes effect continue to contribute to your HSA. However, you
10/2/21 or later will not receive employer contributions may still use any funds in your HSA to pay for qualiied
for the 2021 year. Family coverage for this plan is medical expenses.
deined as any coverage other than single.
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Health Savings Account (HSA) The HSA is administered by WEX. You can connect to
If you enroll in the Medical Savings Plan, you will WEX at www.wexinc.com or call 866-451-3399.
Remember your money is saved pre-tax, grows tax-free
be required to contribute a minimum of $25 to your and is withdrawn tax-free. You own your HSA. Your account
Health Savings Account (HSA) during enrollment. To carries over from year to year and goes with you if you take
receive matching contributions from Vidant in your a job with another employer. More information can be found
HSA, you will need to be actively contributing each pay on the WEX, IRS, or AskPhin websites.
period.
Maximum contributions are set by the IRS. For 2021,
The HSA is a savings account used to pay for qualiied the maximum contribution is $3,600 for single coverage,
medical expenses directly with your HSA debit card or or $7,200 per household. An annual catch-up amount
to reimburse yourself at any time for medical expenses of $1,000 is available for team members ages 55-65.
paid out of pocket. There is no time limit to reimburse
yourself. In order to contribute to an HSA, you cannot maintain
a Flexible Spending Account (FSA) except for a Limited
You can contribute to an HSA only if you are enrolled Purpose Flexible Spending Account. If you have a
in the Medical Savings Plan and are not covered by any balance of $550 or less in your FSA as of Dec. 31,
other traditional medical plan (including your spouse’s 2020, your account will be converted to a Limited
plan or Medicare) or lexible spending account. Purpose FSA for 2021. Any amounts over $550 in your
FSA as of Dec. 31, 2020 will be forfeited.
Vidant will make a quarterly matching contribution to
your HSA in 2021: up to $600 for single coverage or If at any point you change medical plans and are no
up to $1,200 for “family” coverage, based upon your longer enrolled in the Medical Savings Plan, you cannot
enrollment date. Note—coverage that takes effect continue to contribute to your HSA. However, you
10/2/21 or later will not receive employer contributions may still use any funds in your HSA to pay for qualiied
for the 2021 year. Family coverage for this plan is medical expenses.
deined as any coverage other than single.
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