Page 14 - Intertek 2021 Benefits Guide
P. 14
You Need to Know For a Healthier Health Savings
You Account
X You must enroll in the CDHP coverage option under
the Intertek health plan to be eligible to open a HSA
X If you enroll in the CDHP, you will receive a welcome What is a Health Savings Account?
kit outlining how to manage, contribute to, and use
your HSA An HSA is a tax-favored account you can use
X Download the HealthEquity mobile app from your to pay for eligible current and future healthcare
smartphone’s app store to manage your account expenses with tax-free dollars. You must enroll in
online
the Consumer Driven Health Plan (CDHP) to be
eligible to open a HSA. There is no use it lose it
rule. Any unused money will remain in your HSA for
future use.
Intertek does not own the account. You own the
account. If you leave the company, you keep the
funds.
Funds may be withdrawn at any time to pay for
qualiied medical expenses tax-free for most
medical, dental, and vision care.
HSA expenses can be incurred by you, your
spouse, and dependents claimed on your personal
tax return even if the dependents are not enrolled
in the CDHP plan. For a complete list of eligible
expenses, please refer to the HSA page on
healthequity.com or IRS Publication 502 at irs.gov.
Funding Your Account
You may contribute up to the amounts listed in the
chart below.
Contribution
Coverage Tier IRS Annual Limit*
Employee $3,600
Employee + 1 or family $7,200
* Individuals age 55 and older or individuals who reach age 55 by
December 31, 2021 can make a catch-up contribution of up to
$1,000.
Employee contributions are divided by the 26 pay periods.
14
You Account
X You must enroll in the CDHP coverage option under
the Intertek health plan to be eligible to open a HSA
X If you enroll in the CDHP, you will receive a welcome What is a Health Savings Account?
kit outlining how to manage, contribute to, and use
your HSA An HSA is a tax-favored account you can use
X Download the HealthEquity mobile app from your to pay for eligible current and future healthcare
smartphone’s app store to manage your account expenses with tax-free dollars. You must enroll in
online
the Consumer Driven Health Plan (CDHP) to be
eligible to open a HSA. There is no use it lose it
rule. Any unused money will remain in your HSA for
future use.
Intertek does not own the account. You own the
account. If you leave the company, you keep the
funds.
Funds may be withdrawn at any time to pay for
qualiied medical expenses tax-free for most
medical, dental, and vision care.
HSA expenses can be incurred by you, your
spouse, and dependents claimed on your personal
tax return even if the dependents are not enrolled
in the CDHP plan. For a complete list of eligible
expenses, please refer to the HSA page on
healthequity.com or IRS Publication 502 at irs.gov.
Funding Your Account
You may contribute up to the amounts listed in the
chart below.
Contribution
Coverage Tier IRS Annual Limit*
Employee $3,600
Employee + 1 or family $7,200
* Individuals age 55 and older or individuals who reach age 55 by
December 31, 2021 can make a catch-up contribution of up to
$1,000.
Employee contributions are divided by the 26 pay periods.
14
