Page 10 - 1800Flowers 2022 Benefits Guide

Health Savings Account (HSA)

Why Might an HSA Be the Right Choice For You?
Health Equity

• What is an HSA? A tax advantaged financial account set up through Save your receipts! Health Equity and/or the
your employer that allows you to set aside a portion from your IRS may require you to submit a receipt to
paycheck to be used for qualifying health care expenses such as prove the eligibility of an expense paid for with
prescriptions, deductibles, copays, dental and vision care. HSAs are an HSA.
only offered in conjunction with qualified high deductible medical Important: If your HSA election (including
plans. Money deducted from pay into an HSA is not subject to any contributions from 1-800-FLOWERS.
taxes. COM, Inc.) exceeds the IRS limit, the
• It’s a tax saver. Contributions to your HSA are made with overage will appear on your tax form from
pre-tax dollars. Since your taxable income is decreased by Health Equity as a post-tax contribution.
your contributions, you pay less in taxes. You have the option to adjust your HSA

• It allows for an improved retirement account. Funds roll over at the end contribution throughout the year if you are
of each year and accumulate tax-free, as does the interest on the above or approaching the IRS limit.
account. Also, once you reach the age of 55, you are allowed to
make additional “catch-up” contributions to your HSA until age 65.

• It puts money in your pocket! You never lose unused HSA funds.
They always roll over to the next year.
Eligibility Must be enrolled in the 1-800-FLOWERS.COM medical plan

Can I use this account to satisfy my medical deductible? Yes
Who contributes to the account? 1-800-FLOWERS.COM, Inc. and you
1-800-FLOWERS.COM, Inc. contribution For you: $500 per calendar year
Health well-being dollars For your spouse: $500 per calendar year
Individual: $3,650* / Family: $7,300*
2022 IRS maximum contribution limit
$1,000 catch-up contribution if you are age 55 or older
Eligible Expenses Medical, prescription drugs, dental, orthodontia and vision expenses — and
more.
Associate Fees No monthly maintenance fees; however, fees may apply for certain services.
Unused funds roll over from year to year. Money left in the account earns
Rollover
interest and is yours to keep.
*Amounts have not been reduced by Virgin Pulse well-being dollars.
HSA Eligibility Medicare

You may contribute to an HSA unless you: If you enroll in Medicare while you have an active HSA,
• Are covered by any other health insurance (spouse’s you will no longer be eligible to make contributions to the
plan or parent’s plan, etc.) HSA as of your Medicare enrollment date.

• Are enrolled in Medicare or TRICARE Please notify Human Resources if you are no longer eligible
to contribute to the HSA.
• Are claimed as a dependent on another person’s tax return

• Currently participate in a Health Care Flexible Spending
Account (FSA)

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