Page 12 - Watkins Associated Industries, Inc - 2022 Benefits Guide
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HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the CDHPs plan. It allows you to make tax-free contributions
to a savings account to pay for current and future medical expenses for you and your dependents.
START IT BUILD IT USE IT GROW IT
• Contributions to the HSA are tax-free • All of the money in your • You can withdraw your money • Unused money in your HSA will
for you whether they come from you or HSA is yours (including any tax-free at any time, as long roll over, earn interest and grow
the company. The company contributes contributions deposited by the as you use it for qualified tax-free over time.
$1,000 for individual coverage and company) even if you leave expenses (a list can be found • You decide how to use the HSA
$2,000 for family coverage for the your job, change plans or retire. on www.irs.gov). money, including whether to
Select or Choice CDHP plan. • In 2022, the total of your • You can also save this money save it or spend it for eligible
• Plans with an HSA typically cost less contributions and the company’s and hold onto it for future expenses. When your balance
than other plans so the money you can be up to $3,650 for eligible health care expenses. is large enough, you can invest
save on premiums can be put into your individual coverage and it — tax-free.
HSA. You save money on taxes and $7,300 for family coverage.
have more flexibility and control over
your health care dollars.
Eligibility Details
• If you are age 55 or older, you can contribute an additional $1,000 per year.
• You cannot contribute to an HSA if you are enrolled in any other health coverage that is not a qualified HDHP, enrolled in Medicare, or claimed as
a dependent on someone else's tax return.
• If you or your spouse are participating in a Health Care Flexible Spending Account (FSA) you cannot contribute to an HSA account.
WELLBEING
WELCOME BENEFIT BASICS MEDICAL DENTAL VISION HSA FSA DISABILITY/LIFE ADDITIONAL BENEFITS 401(k) CONTACTS 12
PROGRAM
