Page 9 - Great Circle 2022 Benefits Guide
P. 9
2022
Benefits Guide
Health Savings Account
If you have enrolled in Medical Plan 3 you are eligible to open a health savings account (HSA). An HSA is
a tax-favored savings account which works in conjunction with your health plan coverage. HSA dollars can
be used to pay for qualiied medical expenses such as deductibles, copays, dental, and vision care. For a
complete list of qualiied medical expenses, visit www.irs.gov in IRS Publication 502.
HSA Major HSA Triple Tax Opening Your Account
Benefits Savings
z Your payroll z Tax deduction when If you are enrolling into the HSA
deductions into you contribute to through Central Bank for the irst time,
your account your account visit centralparticipant.lh1ondemand.com/
belong to you and z Tax-free earnings Login.aspx?sec=BOB-G81471. Create an online
go with you through investment banking proile and set up your HSA debit card PIN
z Funds always roll z Tax-free withdrawal during this process. You will also receive a welcome
letter in the mail within two weeks with more
over from year to for qualiied information about your account.
year medical expenses
z Lowers your taxable What You Need to Open Your Account
income z Social Security Number
2022 HSA Funding Limits z Physical address and phone number
Coverage Level Limit
Individual Coverage $3,650 z Drivers’ license info (number, issue and
Family Coverage $7,300 expiration date, state of issuance)
Age 55 or Older Contribute an additional $1,000 on z Conirm information from credit bureau
top of these amounts
For questions or assistance please call the Central
HSA Eligibility Bank of Boone County Relationship Banking
You may open and contribute pre-tax to an HSA under the Department at 573.874.8585.
following circumstances.
If you already have an HSA through Central Bank,
z Enrolled in Medical Plan 3
visit www.hsacentral.net.
z Are not enrolled in a traditional PPO plan through
your spouse
z Are not enrolled in a Government sponsored
program (Medicare, Medicaid, Tricare, etc.)
z Have not received VA beneits within the last three
months (unless receiving beneits for a service
related disability)
z Not claimed as a dependent on someone else’s
tax return
z Do not have an HSA and healthcare FSA; your spouse
cannot have a healthcare FSA through his/her
own employer
9
Benefits Guide
Health Savings Account
If you have enrolled in Medical Plan 3 you are eligible to open a health savings account (HSA). An HSA is
a tax-favored savings account which works in conjunction with your health plan coverage. HSA dollars can
be used to pay for qualiied medical expenses such as deductibles, copays, dental, and vision care. For a
complete list of qualiied medical expenses, visit www.irs.gov in IRS Publication 502.
HSA Major HSA Triple Tax Opening Your Account
Benefits Savings
z Your payroll z Tax deduction when If you are enrolling into the HSA
deductions into you contribute to through Central Bank for the irst time,
your account your account visit centralparticipant.lh1ondemand.com/
belong to you and z Tax-free earnings Login.aspx?sec=BOB-G81471. Create an online
go with you through investment banking proile and set up your HSA debit card PIN
z Funds always roll z Tax-free withdrawal during this process. You will also receive a welcome
letter in the mail within two weeks with more
over from year to for qualiied information about your account.
year medical expenses
z Lowers your taxable What You Need to Open Your Account
income z Social Security Number
2022 HSA Funding Limits z Physical address and phone number
Coverage Level Limit
Individual Coverage $3,650 z Drivers’ license info (number, issue and
Family Coverage $7,300 expiration date, state of issuance)
Age 55 or Older Contribute an additional $1,000 on z Conirm information from credit bureau
top of these amounts
For questions or assistance please call the Central
HSA Eligibility Bank of Boone County Relationship Banking
You may open and contribute pre-tax to an HSA under the Department at 573.874.8585.
following circumstances.
If you already have an HSA through Central Bank,
z Enrolled in Medical Plan 3
visit www.hsacentral.net.
z Are not enrolled in a traditional PPO plan through
your spouse
z Are not enrolled in a Government sponsored
program (Medicare, Medicaid, Tricare, etc.)
z Have not received VA beneits within the last three
months (unless receiving beneits for a service
related disability)
z Not claimed as a dependent on someone else’s
tax return
z Do not have an HSA and healthcare FSA; your spouse
cannot have a healthcare FSA through his/her
own employer
9
