Page 13 - 2022 Thrall Benefits Guide

Health Savings Account (HSA)

An individual Health Savings Account (HSA) is established for each employee enrolling in the Choice Fund HSA
healthcare plan. This account is funded with an annual employer contribution and allows you to make
personal, tax-free contributions to pay for medical expenses for you and your dependents.

START IT BUILD IT USE IT GROW IT
▪ Health plans with an HSA ▪ All of the money in your ▪ You can withdraw your ▪ Unused money in your HSA
typically cost less than HSA is yours (including money tax-free at any will roll over year-to-year,
other plans so the money any contributions time, as long as you use earn interest and grow tax-
you save on premiums deposited by the it for IRS qualified free over time.
can be put into your HSA. Company) even if you healthcare expenses ▪ You decide how to use the
You save money on taxes leave your job, change (IRS Publication 502). HSA money, including
and have more flexibility plans or retire. ▪ You can also hold onto your whether to save it or spend
and control over your ▪ In 2022, the total of your savings for future use on it on eligible expenses.
health care dollars. contributions and the eligible health care expenses. When your balance is large
▪ Contributions to the HSA Company’s can be up to: enough, you can invest it –
are tax-free for you $3,650 for individual tax-free.
whether they come from coverage and $7,300 for
you or the Company. The family coverage.
Company contributes Participants aged 55 &
amounts based on your older can contribute an
healthcare enrollment additional $1,000 per
tier: year.
$500 – Employee Only
$750 – Employee + 1
$1,000 – Family

Eligibility Details
▪ HSA participants cannot be covered by any non-High Deductible Health Plan (HDHP) healthcare coverage,
covered by Medicare, or claimed as a dependent on someone else’s tax return.
▪ HSA account holders (and their spouses) cannot participate in a Health Care Flexible Spending Account (FSA).
You may, however, have a Limited Purpose FSA (for dental & vision services only).

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