Page 8 - 2022 Fives Landis Corp Benefit Guide
P. 8
HEALTH SAVINGS ACCOUNT
If you enroll in the BCBS CDHP medical option and meet WHAT ARE THE ANNUAL CONTRIBUTION LIMITS?
the eligibility definition you MUST OPEN a Health Savings
Account (HSA) at Fidelity for the Company Contribution to Contributions to the HSA by both employee and employer
be provided. cannot exceed the annual limit set by the IRS.
WHAT IS AN HSA? 2022 Maximum Contribution Limit
— An individually-owned, tax-free account that you Employee Only $3,650
use to pay for eligible medical as well as dental and
vision expenses. Employee + Spouse
— Contributions can be made by you, the company, Employee + Child(ren) $7,300
or both. Family
— Money accumulated in an HSA may earn interest or you
may invest it. It can be withdrawn to pay for qualified — The contribution limits go by the enrollment choice you
medical expenses for you, your spouse or eligible selected for your CDHP.
dependents – even if they are not covered by the CDHP.
— If you and your spouse both have an HSA the total Family
— Unused funds will roll over year to year and will never limit is $7,300 for the both of you combined.
be forfeited.
— A way to accumulate retirement savings. After age 65, — Catch Up Contributions: If you, the accountholder, will
st,
funds can be used for healthcare expenses in retirement reach age 55 by December 31 you can make an
or withdrawn for any purpose without penalty. additional $1,000 contribution to your HSA.
(May be taxable income.)
— You may use the HSA funds for your spouse and
dependents (on your tax return) eligible expenses even
if they are not enrolled in a CDHP.
ELIGIBILITY REQUIREMENTS TO CONTRIBUTE TO AN HSA.
— Employees are responsible for monitoring their account
— You must be enrolled in a CDHP or HDHP medical and verifying they have not exceeded the limits.
option.
— You cannot be covered by any other non-CDHP or EMPLOYER CONTRIBUTION:
HDHP compatible health plan.
Each year, Fives will contribute to your HSA as follows:
— You cannot be claimed as a dependent on another — Contributions paid ½ in January and ½ in July.
person’s tax return. Employee only: $500 | All others $1,000
— You cannot be covered by Medicare A or B, TriCare or — New Hires, paid each quarter following hire date during
have received VA benefits in past 3 months. your first year of employment.
Employee only: $125 | All others $250
— You cannot be covered under a general Medical FSA,
including through your spouse. USING YOUR HSA:
— You must be a U.S. citizen with a U.S. residential — Debit Card: For instant access to your HSA funds.
address. Just swipe your card to pay for eligible expenses.
— Reimburse Yourself: You can make a withdrawal at any
Go to Fidelity for more information on using your account, investments, time. The best option is to transfer the funds directly to
FAQ’s, etc. your own checking or savings account.
New Enrollee: Click the OPEN button by Health Savings Account. — Pay Providers: You may pay providers directly from
your account.
Website: netbenefits.com
Phone: Fidelity Client Service Center: 800-835-5095 — Pay expenses out of pocket and Save your funds to use
later or in retirement.
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