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FOCUS ON BENEFITS 2022
Goodwill-Easter Seals Minnesota
HEALTH SAVINGS ACCOUNT
A health savings account (HSA) is a tax favored savings account
allowing you to save pre-tax dollars in addition to receiving GESMN
contributions to help pay for health-related expenses.
GESMN will continue to contribute towards your HSA for 2022 if you TOP REASONS TO
are enrolled in a GESMN medical plan, are eligible for an HSA, and HAVE AN HSA
have established your HSA account with Associated Bank.
Tax saving & earned interest — Contributions
GESMN’s contributions for 2022 remain at:
are tax-deductible and earn tax-free interest.
$500 Employee only medical coverage = $19.23 per pay Portability — You own your account, so even if
$1,000 Employee + 1 or more medical coverage = $38.46 per pay you change jobs, your HSA funds are yours to
keep.
2022 IRS limits to your HSA: Affordable health coverage — Use the HSA to
cover 100% of out-of-pocket costs for routine
• $3,650/single or $7,300/family (employer and employee medical expenses, such as office visits, lab tests,
contributions combined). and prescription medications.
• Age 55 and older may contribute an additional contribution Long-term savings — Contributions to your HSA
annually of up to $1,000. accumulate and roll over year-to-year with no
limit, which allows the account to grow tax-
deferred.
Additional HSA information:
Retirement bonus — After age 65, funds may
• It is not required for employees to contribute their own HSA be withdrawn for any reason with no penalties.
monies to receive the GESMN HSA employer contribution. (If used for non-medical purposes, however,
• HSA accounts are not available to employees who are eligible for a taxes will be imposed.)
spouse’s medical flexible spending account (FSA), unless the Safety net — An HSA has no “use it or lose it”
spouse’s medical FSA is a limited medical FSA. restrictions, so balances can be built up to use
for major medical events.
• If you are covered on the high deductible health plan (HDHP), but
you are also covered on another group health plan (such as your Coverage for the “extras” — HSA funds may be
used to pay for services often not covered by a
spouse’s group plan) that is not an HDHP, you would also be medical plan, including dental and vision
ineligible to make contributions to an HSA. expenses.
• Contributions cannot be made to the HSA of members who are Money that works for you — Balances over a
entitled to (eligible and enrolled in) benefits under Medicare, or certain amount may be invested.
other disqualifying coverage. It is the employee’s responsibility to Empowerment — Take control of your health
inform benefits administration to stop employer contributions if care decisions, including which providers you
needed. want to use, to ensure your health care dollars
• Employees that fund a new HSA account with the max are spent wisely.
contribution allowed, must be enrolled for the entire plan year,
otherwise penalties will be applied in accordance with
federal/state tax laws.
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