Page 11 - TimkenSteel 2022 Benefit Guide

HEALTH SAVINGS ACCOUNT

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the
Health+Savings 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. Effective 1/1/2022, Cigna will take
over HSA administration from the current vendor, HealthEquity. For instructions on transferring your
account with HealthEquity to Cigna, please refer to SteelNet and the enrollment messages.

START IT BUILD IT USE IT GROW IT
• Contributions to the • All of the money in your • You can withdraw your • Unused money in your
HSA are tax-free for you HSA is yours (including any money tax-free at any HSA will roll over, earn
whether they come from contributions deposited time, as long as you use interest and grow tax-free
you or the company. by the company) even if it for qualified expenses over time.
The company contributes you leave your job, (a list can be found on • You decide how to use
$500 for individual change plans or retire. www.irs.gov). the HSA money, including
coverage and $1,000 for • In 2022, the total of your • You can also save this whether to save it or spend
family coverage. contributions and the money and hold onto it it for eligible expenses.
• Plans with an HSA typically company’s can be up for future eligible health When your balance is
cost less than other plans to $3,650 for individual care expenses. large enough, you can
so the money you save on coverage and $7,300 for invest it — tax-free.
premiums can be put into family coverage.
your HSA. You save money
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.
• If you are enrolled in Medicare part A, B, or D, you cannot contribute.

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