Page 5 - Megatel Homes LLC Benefit Guide Effective 8-1-2020_Revised 9-25-2020

H.S.A Information

NEED TO BE ON AGX9-MM 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 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. AGX9-MM 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.

2020 H.S.A. Contribution Limits: 2021 H.S.A. Contribution Limits:

• Individuals (self-only) Coverage: $3,550 $3,600
•
• Family Coverage: $7,100 $7,200
•
• Each Member Over Age 55: Can contribute $1,000 over the annual limit

www.optumbank.com or 866-234-8913

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