Page 6 - 2022 Benefit Guide DyAG-DTS

Health Savings Account

If you enroll in the BCBS CDHP medical option and meet the
eligibility definition you have the option to enroll in a Health
Savings Account (HSA) of your choice to make personal
contributions.
Eligibility Requirements — to contribute to an HSA:
What is an HSA? • You must be enrolled in a CDHP or HDHP medical
option.
• An individually-owned, tax-free account that you use to pay • You cannot be covered by any other non-CDHP or HDHP
for eligible medical as well as dental and vision expenses. compatible health plan.

• Money accumulated in an HSA may earn interest or you may • You cannot be claimed as a dependent on another
invest it. It can be withdrawn to pay for qualified medical person’s tax return.
expenses for you, your spouse or eligible dependents – even if • You cannot be covered by Medicare A or B, TriCare or
they are not covered by the CDHP. have received VA benefits in past 3 months.
• You cannot be covered under a general Medical FSA,
• Unused funds will roll over year to year and will never be including through your spouse.
forfeited.
• You must be a U.S. citizen with a U.S. residential
• Accumulate funds for the future. After age 65, funds can be address.
used for healthcare expenses in retirement or withdrawn for
any purpose without penalty. (May be taxable income.) Choosing an HSA Provider:

• You may use the HSA funds for your spouse and dependents
(on your tax return) eligible expenses even if they are not • You may choose a Health Savings Account provider
enrolled in a CDHP. of your choice.
• If you have an account from a prior employer you
may contribute personal contributions to that
account.
What are the Annual Contribution limits?
• Contributions to the HSA cannot exceed the annual limit set by • Contributing personal contributions is a great way
the IRS. to save money for out of pocket expenses.
Contributions are tax-free and are reported when
2022 Maximum Contribution Limit filing your income taxes.

Employee Only $3,650
Using Your HSA:
Employee+Spouse
Opening an HSA allows these convenient ways to pay for out of
Employee+Child(ren) $7,300
pocket eligible expenses.
Family
• Debit Card: For instant access to your HSA funds. Just swipe
your card to pay for eligible expenses.
• The contribution limits go by the enrollment choice you
selected for your CDHP. • Reimburse Yourself: You can make a withdrawal at any time.
The best option is to transfer the funds directly to your own
• If you and your spouse both have an HSA the total Family limit
is $7,300 for the both of you combined. checking or savings account.
• Pay Providers: You may pay providers directly from your
• Catch Up Contributions: If you, the accountholder, will reach
age 55 by December 31 , you can make an additional $1,000 account.
st
contribution to your HSA. • Pay expenses out of pocket and Save your funds to use later
or in retirement.
• Employees are responsible for monitoring their account and
verifying they have not exceeded the limits.

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