Page 15 - Gray_2020 Benefit Guide
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Quick Contact Details:
PHONE: 800-357-6246
Your Health WEBSITE: hsabank.com
HEALTH Login to your HSA account
at hsabank.com
SAVINGS
ACCOUNT
What expenses are eligible?
A Health Savings Account (HSA) works An eligible medical expense is an
in combination with a high deductible expense that pays for healthcare
health plan, allowing you to contribute services, equipment or medications as
funds on a pre-tax or tax-deductible basis, described in IRS Publication 502.* In
which you may use to pay for eligible general, your HSA can be used for:
medical expenses. HSAs are also an
important financial benefit. Learn more Expenses applied to your
about the advantages on page 30. health plan deductible
Am I eligible for a Health
Savings Account? Dental care services
The main requirement for opening an HSA
is having a high-deductible health plan. To Vision care services
be eligible and qualify for an HSA, you must
also meet the following requirements:
Prescription drugs and medicines
• You are not covered by
another health plan.
• You are not enrolled in Medicare. Certain medical expenses
• You do not receive health
benefits under TRICARE. *A list of Qualified Medical Expenses can be found in IRS
• You have not received Veterans Publication 502 at https://www.irs.gov/pub/irs-pdf/p502.pdf
Administration (VA) benefits
within the past three months. What are the account limits?
• You cannot be claimed as a dependent
on another person’s tax return. The maximum amount that can be
• You are not covered by a general contributed to an HSA for 2020 is $3,550
purpose healthcare flexible for individuals and $7,100 for families.
spending account (FSA) or health The “catch up contribution” limit for
reimbursement account (HRA). individuals who will attain age 55 by the
end of the year remains at $1,000.
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