Page 15 - Franklin Madison 2022 Benefits Guide
P. 15
Health Savings Account
Our Health Savings Account will now be provided by Cigna through HSA Bank. If you enroll in the Cigna
HSA OAP Plan, a Health Savings Account (HSA) through HSA Bank will be established at the time of
enrollment. Franklin Madison will contribute $400 for individual coverage or $1,000 for family coverage.
If you complete a preventive health exam in 2022, Franklin Madison will contribute an additional wellness
incentive in the amount of $200.
The HSA is a bank account that you own and may HSA Contributions
take with you regardless of where you work. It You do not need to make HSA contributions yourself
enables you to set aside tax-free money to: to receive the Franklin Madison contribution. You
y Pay for your medical expenses incurred before may, however, choose to make pre-tax contributions
you meet your annual Plan deductible; to your HSA. The amount you are allowed
y Cover ongoing out-of-pocket costs for qualiied to contribute is governed by federal law. For
medical, prescription, dental and vision employees who elect individual coverage in 2022,
expenses; or the limit is $3,650; for family coverage, the limit is
$7,300. If you are age 55 or older, you may make
y Build savings to cover future medical expenses additional pre-tax catch-up contributions of up to
or even retirement. $1,000 a year. Contribution limits are generally
When you have an eligible health expense, you may indexed each year for inlation.
access your funds using your HSA debit card or
online banking and bill payment. You can start, stop or change the amount of your
HSA contributions prospectively anytime during
Plan Eligibility the year. If you are married and your spouse is
also enrolled in a separate high-deductible health
You must enroll in the HSA OAP Plan to be eligible plan (like the HSA OAP Plan), your combined HSA
to participate in the HSA. In addition, in order to be contributions cannot exceed the federal maximum
eligible to participate in an HSA, you must not: for HSA contributions noted above.
y Be claimed as a dependent on someone else’s Health Savings Account
tax return; Franklin Madison
Up to $600 individual coverage
y Have other health plan coverage that provides Contribution & Up to $1,200 for all other coverage
beneits covered under the HSA OAP Plan Preventive Exam levels
Incentive
(for example, a Healthcare Flexible Spending $3,650 (employee only coverage) or
Account, a separate prescription drug plan, or a $7,300 (all other coverage levels), less
spouse’s medical plan that covers you); Contribution Limit any Franklin Madison contributions.
Employees age 55 or older may
per year
y Have a spouse with a Healthcare Flexible contribute up to an additional $1,000
Spending Account that could reimburse your per year.
medical expenses; nor Eligible Expenses Out-of-pocket medical, prescription,
dental and vision costs.
y Be enrolled in a government health plan, such
as Medicare or Medicaid.
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Our Health Savings Account will now be provided by Cigna through HSA Bank. If you enroll in the Cigna
HSA OAP Plan, a Health Savings Account (HSA) through HSA Bank will be established at the time of
enrollment. Franklin Madison will contribute $400 for individual coverage or $1,000 for family coverage.
If you complete a preventive health exam in 2022, Franklin Madison will contribute an additional wellness
incentive in the amount of $200.
The HSA is a bank account that you own and may HSA Contributions
take with you regardless of where you work. It You do not need to make HSA contributions yourself
enables you to set aside tax-free money to: to receive the Franklin Madison contribution. You
y Pay for your medical expenses incurred before may, however, choose to make pre-tax contributions
you meet your annual Plan deductible; to your HSA. The amount you are allowed
y Cover ongoing out-of-pocket costs for qualiied to contribute is governed by federal law. For
medical, prescription, dental and vision employees who elect individual coverage in 2022,
expenses; or the limit is $3,650; for family coverage, the limit is
$7,300. If you are age 55 or older, you may make
y Build savings to cover future medical expenses additional pre-tax catch-up contributions of up to
or even retirement. $1,000 a year. Contribution limits are generally
When you have an eligible health expense, you may indexed each year for inlation.
access your funds using your HSA debit card or
online banking and bill payment. You can start, stop or change the amount of your
HSA contributions prospectively anytime during
Plan Eligibility the year. If you are married and your spouse is
also enrolled in a separate high-deductible health
You must enroll in the HSA OAP Plan to be eligible plan (like the HSA OAP Plan), your combined HSA
to participate in the HSA. In addition, in order to be contributions cannot exceed the federal maximum
eligible to participate in an HSA, you must not: for HSA contributions noted above.
y Be claimed as a dependent on someone else’s Health Savings Account
tax return; Franklin Madison
Up to $600 individual coverage
y Have other health plan coverage that provides Contribution & Up to $1,200 for all other coverage
beneits covered under the HSA OAP Plan Preventive Exam levels
Incentive
(for example, a Healthcare Flexible Spending $3,650 (employee only coverage) or
Account, a separate prescription drug plan, or a $7,300 (all other coverage levels), less
spouse’s medical plan that covers you); Contribution Limit any Franklin Madison contributions.
Employees age 55 or older may
per year
y Have a spouse with a Healthcare Flexible contribute up to an additional $1,000
Spending Account that could reimburse your per year.
medical expenses; nor Eligible Expenses Out-of-pocket medical, prescription,
dental and vision costs.
y Be enrolled in a government health plan, such
as Medicare or Medicaid.
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