Page 7 - Catalyst 2022 Benefit Guide
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H.S.A Information
NEED TO BE ON G9K4CHC GOLD Plan
What is a Health Savings Account?
A Section 223 Health Savings Account is a personal savings account set up to pay for out
of pocket medical expenses that is regulated by the Internal Revenue Service (IRS).
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 payroll
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
3) Tax-Free earnings through investments
Who can Participate?
Employees and Members signed up on the H.S.A. MTBCP005H 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.
2022 H.S.A. Contribution Limits: Individual $3,650 / Family $7,300
• Each Member Over Age 55: Can contribute $1,000 over the annual limit
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