Page 8 - 2022 Iodine Software Benefit Guide

Health Savings Account

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the HDHP. 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 ● All of the money in your ● You can withdraw your ● Unused money in your
are tax-free for you whether HSA is yours (including money tax-free at any HSA will roll over, earn
they come from you or the any contributions time, as long as you use interest and grow tax-free
company. Iodine Software deposited by the it for qualified expenses over time.
contributes $50/pay period, company) even if you (a list can be found on ● You decide how to
up to $1,200/year for leave your job, change www.irs.gov). use the HSA money,
Employee Only and plans or retire. ● You can also save this including whether
Family Coverage. ● In 2022, the total of your money and hold onto it to save it or spend it for
● Plans with an HSA typically contributions and the for future eligible health eligible expenses. When
cost less than other plans company’s can be up care expenses. your balance is large
so the money you save on to $3,650 for individual enough, you can invest it
premiums can be put into coverage and $7,300 for — tax-free.
your HSA. You save money family coverage.
on taxes and 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 are not allowed to be enrolled in any other health coverage, and cannot have an HSA if you are enrolled in any other
health coverage or Medicare, or claimed as a dependent on someone else’s tax return.
● You cannot participate in the Health Care Flexible Spending Account (FSA) if you have an HSA. Your spouse also cannot have
a Health Care FSA.

Tax Filing
You will receive a 1099SA and a 5498SA and be required to file Form 8889 with your annual tax return. Please see your tax
advisor if you have any questions.
You are responsible for the eligibility of all items and keeping receipts for tax purposes. Not all expenses that are qualified
health care expenses under the HSA count towards the satisfaction of the calendar year deductible.

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