Page 12 - Emmis 2022 Benefit Guide

Health Savings Accounts

Opening an HSA
What is a Health Savings Account?
The HSA is administered by Health Equity who will
A Health Savings Account (HSA) is offered alongside the CDHP Health send you an email asking you to register. Once you
plan. It allows you to make tax-free contributions to a savings account complete enrollment from the Health Equity email
to pay for current and future medical expenses for you and your your account is open and you will receive a debit
dependents.
card from Health Equity for managing your HSA
START IT reimbursements. Funds available for reimbursement
are limited to the balance in your HSA. To view your
• Contributions to the HSA are tax-free for you.
account information, you must register online at
• Plans with an HSA typically cost less than other plans so the money http://www.healthequity.com to activate your
you save on contributions can be put into your HSA. You save account.
money on taxes and have more flexibility and control over your
health care dollars. You, not Emmis, are responsible for maintaining all
records and receipts for HSA reimbursements in the
BUILD IT event of an IRS Audit.
• All of the money in your HSA is yours even if you leave your job,
change plans or retire. Always ask your doctor or provider to file charges
with Anthem or Delta Dental first so the network
USE IT discount can be applied. Then, pay the provider with
your HSA debit card based on the balance due after
• You can withdraw your money tax-free at any time, as long as you discount.
use it for qualified expenses (a list can be found on www.irs.gov,
Healthy Equity or in EmmisPlan Portal).
• You can also save this money and hold onto it for future eligible You are eligible to open and fund an HSA if you:
health care expenses.

GROW IT • Are enrolled in an HSA-eligible plan – the
Anthem CDHP
• Unused money in your HSA will roll over, earn interest and grow
tax-free over time. • Are not covered by another non-CDHP plan,
such as your spouse’s health plan, Health Care
• You decide how to use the HSA money, including whether to save it
or spend it for eligible expenses. When your balance is large Flexible Spending Account (unless it is a
limited FSA) or Health Reimbursement
enough, you can invest it – tax-free. Account
• If you are age 55 or older, you can contribute an additional $1,000 • Are not eligible to be claimed as a dependent
per year. on someone else’s tax return
• A minimum balance of $1,000 is required to invest the funds. Your •
account, (including interest and investment earnings) grows tax Your spouse also cannot have a Health Care
FSA
free, and as long as the funds are used to pay for qualified medical
expenses, they are spent tax-free. • Are not enrolled in Medicare or TRICARE

HSA contributions may not exceed the annual
maximum amount established by the IRS. The
annual contribution maximum is based on the
coverage option you elect:
• Individual coverage - $3,650
• Family coverage - $7,300

• Members age 55 and older are allowed to
For detailed plan documents, visit EmmisPlan Portal. make an additional annual “catch-up”
contribution of $1,000

Your Benefits Guide 2022 11