Page 16 - Franklin Madison 2022 Benefits Guide
P. 16
If you enroll in the HSA OAP Plan for 2022, Franklin How Your HSA is Set Up
Madison will fund company contributions as follows: Cigna partners with HSA Bank to provide HSA
Franklin Madison Contribution Level services. HSA OAP Plan participants must elect the
HSA OAP Complete a HSA option to be set up with an HSA account. Once
Coverage 2022 Preventive TOTAL you have enrolled in the HSA OAP Plan and elected
Level Exam the HSA account option, your account will be
Individual $400 $200 $600 activated by HSA Bank. You will receive a welcome
All other kit in the mail from HSA Bank with additional
coverage $1,000 $200 $1,200 information regarding your account. An HSA debit
levels
card will be sent from Cigna with instructions on
how to activate the card. You can access your HSA
Employer Contribution Schedule account through Cigna, www.myCigna.com or
y Paid in 2 equal installments—January and through HSA Bank, www.hsabank.com.
June 2022
y Beneit Eligible January 1st – June 1st = Full
Employer Contribution, Eligible for Preventive HSA Highlights
Once you have more than the minimum balance
Exam Incentive y ($1,000) in your Health Savings Account, you can
y Beneit Eligible July 1st – October 1st = Half of open an investment account. With an investment
account, you can take advantage of access to a
Employer Contribution, Eligible for Preventive diversiied group of mutual funds professionally
Exam Incentive managed by an investment adviser.
y Beneit Eligible November 1st – December 1st = y No taxes are assessed when the money comes out of
your HSA to be used for qualiied medical expenses.
Employer Contribution does not apply. Eligible (If not used for qualiied medical expenses, your
for Preventive Exam Incentive. withdrawals are subject to income tax and a 20%
y To qualify for the preventive exam incentive, the penalty, if you are under age 65 at the time of
withdrawal.)
employee must complete an annual preventive y You enjoy triple tax advantages:
exam during the plan year. Contributions go into your HSA tax free.
y Preventive Exam incentives are paid to the The money in your HSA can be invested and
Health Savings Account quarterly following grow tax free.
conirmation of the claim. When you use your HSA funds for qualiied
medical expenses, your withdrawals are tax free.
y You can use the money in your HSA for retirement
income, as long as you are at least 65 years of age
when you make your withdrawals. (Ordinary federal
income taxes will apply to the money you withdraw
for retirement income purposes).
16
Madison will fund company contributions as follows: Cigna partners with HSA Bank to provide HSA
Franklin Madison Contribution Level services. HSA OAP Plan participants must elect the
HSA OAP Complete a HSA option to be set up with an HSA account. Once
Coverage 2022 Preventive TOTAL you have enrolled in the HSA OAP Plan and elected
Level Exam the HSA account option, your account will be
Individual $400 $200 $600 activated by HSA Bank. You will receive a welcome
All other kit in the mail from HSA Bank with additional
coverage $1,000 $200 $1,200 information regarding your account. An HSA debit
levels
card will be sent from Cigna with instructions on
how to activate the card. You can access your HSA
Employer Contribution Schedule account through Cigna, www.myCigna.com or
y Paid in 2 equal installments—January and through HSA Bank, www.hsabank.com.
June 2022
y Beneit Eligible January 1st – June 1st = Full
Employer Contribution, Eligible for Preventive HSA Highlights
Once you have more than the minimum balance
Exam Incentive y ($1,000) in your Health Savings Account, you can
y Beneit Eligible July 1st – October 1st = Half of open an investment account. With an investment
account, you can take advantage of access to a
Employer Contribution, Eligible for Preventive diversiied group of mutual funds professionally
Exam Incentive managed by an investment adviser.
y Beneit Eligible November 1st – December 1st = y No taxes are assessed when the money comes out of
your HSA to be used for qualiied medical expenses.
Employer Contribution does not apply. Eligible (If not used for qualiied medical expenses, your
for Preventive Exam Incentive. withdrawals are subject to income tax and a 20%
y To qualify for the preventive exam incentive, the penalty, if you are under age 65 at the time of
withdrawal.)
employee must complete an annual preventive y You enjoy triple tax advantages:
exam during the plan year. Contributions go into your HSA tax free.
y Preventive Exam incentives are paid to the The money in your HSA can be invested and
Health Savings Account quarterly following grow tax free.
conirmation of the claim. When you use your HSA funds for qualiied
medical expenses, your withdrawals are tax free.
y You can use the money in your HSA for retirement
income, as long as you are at least 65 years of age
when you make your withdrawals. (Ordinary federal
income taxes will apply to the money you withdraw
for retirement income purposes).
16
