Page 7 - Benefit Guide - SIPS - Non NY 2019 Revised 032520

H.S.A Information

NEED TO BE ON MMH6 Plan

What is a Health Savings Account?

A Section 223 Health Savings Account is a personal savings account set up to pay for out

What are the Advantages of an H.S.A.?

• It is YOUR Personal Savings Account for medical expenses

• You have the opportunity to make contributions to your account through pre-tax pay-
roll deduction

• Unused money rolls over from year to year

• Triple Tax Benefits! These Include:

1) Pre-tax contributions

2) No tax paid on any payments made on medical expenses

Who can Participate?

Employees and Members signed up on the H.S.A. MMH6 plan

• Does not have underlying health coverage (this includes a spouse with an FSA)

• Does not have Medicare (A or B)

• Cannot be claimed as a dependent on someone else’s taxes

• Has not used V.A. Hospital Benefits in the last 3 months.
2019 H.S.A. Contribution Limits: 2020 H.S.A. Contribution Limits:

• Individuals (self-only) Coverage: $3,500 $3,550
•
• Family Coverage: $7,000 • $7,100

• Each Member Over Age 55: Can contribute $1,000 over the annual limit

You can now access your H.S.A. account information on your smartphone with
the Mobile myRSC® app for iPhone
and Android. For more information
see next page or contact Alt Bentley
Yates Customer Service: 817-731-6258

7