Page 11 - Ampact 2022 Benefit Guide

Health Savings Account

(HSA)

Who is eligible and when:

Regular employees who enroll in either the $2800 or $1500 High Deductible
Health Plan (HDHP) can set up a Health Savings Account (HSA) if they meet
the following requirements:

• Are covered under a high deductible health plan (HDHP) on the
first day of the month.
• Are not enrolled in Medicare.
• Cannot be claimed as a dependent on someone else’s tax return.
• Are not covered under another medical plan that is not a HDHP,
including a Flexible Spending Account (unless it is a Limited-
Purpose account, which can only be used for dental and vision
expenses). If you anticipate large expenses such as orthodontia or
Lasik, please reach out to benefits@ampact.us for options to enroll
in a Limited-Purpose FSA account.

Benefits you receive:

The HSA is a tax-favored account that can be set up to pay for current and future medical expenses. The benefits
of an HSA include:
• Tax-Deductible - Money contributed to the account is tax-deductible
• Tax-Free - Money and interest in the account is tax-free for qualified expenses
• Tax-Deferred - Leftover accumulated money can grow tax-deferred to help fund retirement
• Portable - If you decide to leave Ampact, the money in your account remains yours
• Investing Option – When you reach $1000 in your HSA, you have the option to invest
• Employees can change contributions to their HSAs at any time

Maximum Contribution
Calendar Single Family Age 55+
Year
2022 $3,650 $7,300 $1,000 catch up contribution*
2023 $3,850 $7,750 $1,000 catch up contribution*

*Employees aged 55 and older are eligible to contribute an extra $1,000 per year towards their HSA.

The money in the account can be used to pay for any “qualified medical expense” permitted under federal tax law for
you, your tax dependent(s). Qualified expenses include most medical care and services, dental care, and vision care.
For a complete list of eligible expenses, please visit irs.gov.

According to the IRS, you must keep records sufficient to show that:
• The distributions were exclusively to pay or reimburse qualified medical expenses
• The qualified medical expenses had not been previously paid or reimbursed from another source, and
• The medical expenses had not been taken as an itemized deduction in any year.
• Do not send these records with your tax return. Keep them with your tax records

9 11
Effective August 1, 2022-July 31, 2023