Page 5 - ITC Service Group 2022 Benefit Guide

HEALTH SAVINGS ACCOUNT

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the Cigna medical plans. 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  All of the money in  You can withdraw  Unused money in
HSA are tax-free for your HSA is yours your money tax-free your
you. even if you leave at any time, as long HSA will roll over,
 Plans with an HSA your job, change as you use it for earn interest and
typically cost less plans or retire. qualified expenses grow tax-free over
than other plans so  In 2022, the total of (a list can be found time.
the money you save your contributions on www.irs.gov).  You decide how to
on premiums can be can be up to $3,650  You can also save use the HSA money,
put into your HSA. for individual this money and hold including whether to
You save money on coverage and onto it for future save it or spend it
taxes and have $7,300 for family eligible health care for eligible
more flexibility and coverage. expenses. expenses. When
control over your your balance is large
health care dollars. enough, you can
invest it —
tax-free.

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.