Page 10 - Watermark Retirement Communities 2022 Benefits Guide Logan Square Union Before

Health Savings Account

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the Consumer
Driven Health 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.

START IT BUILD IT USE IT GROW IT

 Contributions to the HSA  All of the money in your  You can withdraw your  Unused money in your
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 by time, as long as you use interest and grow tax-free
you or the company. The the company) even if you it for qualified expenses over time.
company contributes up to leave your job, change (a list can be found on  You decide how to use the
$750 for individual plans or retire. www.irs.gov). HSA money, including
coverage, $1,000 for
 In 2022, the total of your  You can also save this whether to save it or
associate and spouse or contributions and the money and hold onto it for spend it for eligible
associate and child(ren) and company’s can be up to future eligible health care expenses. When your
$1,500 for family coverage.
$3,650 for individual expenses. balance is large enough,
 Plans with an HSA typically coverage and $7,300 for you can invest it —
cost less than other plans so family coverage. tax-free.
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 contribute an additional $1,000 per year.
 You cannot be covered by any other health coverage, unless it is permissible coverage like vision or dental.
 You cannot be enrolled in Medicare.
 You cannot be 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.

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