Page 10 - Immucor Benefit Guide

Health Savings Account

A Health Savings Account (HSA) is a savings account that belongsto you that is paired with a High Deductible
Health Plan (HDHP). It allows you to make tax-free contributions to a savings account to pay for current and
futuremedical expenses for you and your dependents.

START IT BUILD IT USE IT GROW IT
 Contributions to the HSA  All of the money in yourHSA  You can withdraw your  Unused money in your HSA
are tax-free foryou whether is yours (including any money tax-free at any time, will roll over, earn interest
they come from you or the contributions deposited by as long as you use it for andgrowtax-freeovertime.
company. The company the company) even if you qualified expenses (a listcan  You decide how to use the
contributes $360for leave your job, change plans be found onwww.irs.gov). HSA money, including
individual coverage, $540 for or retire.  You can also save thismoney whether to save it or spend it
individual + spouse, $540 for  In 2022, thetotalofyour and hold onto it for future for eligible expenses. When
individual + child(ren) and contributions and the eligible health careexpenses. your balance is largeenough,
$720 for family coverage, company’s can beup you can invest it —tax-free.
prorated for new hires based on to $3,650 for individual
hire date. coverage and $7,300for
 Plans with an HSA typically family coverage.
costless than other plans so
the money you save on
premiums can be put into
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 contributean additional$1,000 per year.
 You are not allowed to be enrolled in any other health coverage and cannothave an HSA if you are enrolledin any other
health coverage or Medicare or claimed as a dependenton someone else’s tax return.
 You cannotparticipatein the Health Care Flexible SpendingAccount (FSA) if you have an HSA. Your spouse also cannot
have a Health CareFSA.
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