Page 8 - 2020 Stein Mart Benefits Guide - Weekly
P. 8
HEALTH SAVINGS ACCOUNT (HSA)
"Health Savings Plan" Medical Plan includes a Health
Savings Account (HSA)
FAQ about the HSA
Health Savings Accounts (HSA) and high deductible plans go hand-in-
Am I eligible for an HSA? hand, which is why when you enroll in our "Health Savings Plan"
You are eligible for an HSA if you medical plan, you automatically have an individual Health Savings
enroll in the "Health Savings Plan"
medical plan. In addition, you Account through Optum Bank.
cannot have other coverage that
is considered to be non-qualified What is an HSA?
under IRS Code, including An HSA is a tax-favored personal savings account that allows you to set
Medicare, TRICARE and coverage aside pre-tax dollars to help save and pay for eligible health care
through your spouse’s medical expenses throughout your lifetime.
plan.
HSA dollars can be used to pay for qualified medical expenses such as
Can I enroll in the Health Care FSA
if I have an HSA? deductibles, copays, dental and vision care. For a complete list of
No. This combination of two tax qualified medical expenses, visit www.irs.gov in IRS Publication 502.
advantaged programs violates the
“No Other Health Coverage” Triple Tax Savings
requirement, as defined by the IRS.
An HSA is the only account in the IRS tax code that offers triple tax
Should I contribute to my HSA? savings:
Contributing to an HSA is a 1. Pre-tax contributions
great way to save on taxes. To 2. Tax-free withdrawals for qualified medical expenses
contribute to the account, you 3. Tax-free interest and investment earnings
must elect an amount. (Your per
paycheck premiums are not
contributions.) We encourage Additional Benefits
you to consult with a tax advisor Funds always belong to you, even if you change jobs or retire
for IRS rules and tax implications The entire balance always rolls over, year after year
related to an HSA. The amount you elect to contribute each paycheck decreases your
How can I use my HSA money? taxable income, which means more bring home money
You may use your HSA money to You are able to adjust your contribution amount throughout the
pay for qualified medical, dental, year
vision and pharmacy expenses Helps you build a healthcare nest egg for emergencies or retirement
now or in the future for you and Once your HSA balance reaches $1,000, you are able to invest
qualified dependents.
amounts above this level in select mutual funds
How do I pay for medical expenses
with my HSA? IRS Maximums and Contributions
Optum will provide you with a debit For 2020, the IRS maximum contributions cannot exceed $3,550 for
card that you can use at the time of
care, or when purchasing eligible individuals and $7,100 for families. Associates over 55 can make an
items. In addition, Optum is UHC's additional "catch up" contribution of $1,000.
bank of choice and will link your The combined contributions from you and Stein Mart for the well-
HSA account onto your MyUHC
account. You will receive more being incentive cannot exceed the limits stated above. You will be able
information about account access to contribute the amounts below through payroll deduction.
upon enrollment into the HSA Individual Coverage: $2,950
qualified medical plan. Family Coverage: $5,900
Weekly Store and Weekly Corporate Associates 7
Department Merchandise Managers For 2020 Benefits
"Health Savings Plan" Medical Plan includes a Health
Savings Account (HSA)
FAQ about the HSA
Health Savings Accounts (HSA) and high deductible plans go hand-in-
Am I eligible for an HSA? hand, which is why when you enroll in our "Health Savings Plan"
You are eligible for an HSA if you medical plan, you automatically have an individual Health Savings
enroll in the "Health Savings Plan"
medical plan. In addition, you Account through Optum Bank.
cannot have other coverage that
is considered to be non-qualified What is an HSA?
under IRS Code, including An HSA is a tax-favored personal savings account that allows you to set
Medicare, TRICARE and coverage aside pre-tax dollars to help save and pay for eligible health care
through your spouse’s medical expenses throughout your lifetime.
plan.
HSA dollars can be used to pay for qualified medical expenses such as
Can I enroll in the Health Care FSA
if I have an HSA? deductibles, copays, dental and vision care. For a complete list of
No. This combination of two tax qualified medical expenses, visit www.irs.gov in IRS Publication 502.
advantaged programs violates the
“No Other Health Coverage” Triple Tax Savings
requirement, as defined by the IRS.
An HSA is the only account in the IRS tax code that offers triple tax
Should I contribute to my HSA? savings:
Contributing to an HSA is a 1. Pre-tax contributions
great way to save on taxes. To 2. Tax-free withdrawals for qualified medical expenses
contribute to the account, you 3. Tax-free interest and investment earnings
must elect an amount. (Your per
paycheck premiums are not
contributions.) We encourage Additional Benefits
you to consult with a tax advisor Funds always belong to you, even if you change jobs or retire
for IRS rules and tax implications The entire balance always rolls over, year after year
related to an HSA. The amount you elect to contribute each paycheck decreases your
How can I use my HSA money? taxable income, which means more bring home money
You may use your HSA money to You are able to adjust your contribution amount throughout the
pay for qualified medical, dental, year
vision and pharmacy expenses Helps you build a healthcare nest egg for emergencies or retirement
now or in the future for you and Once your HSA balance reaches $1,000, you are able to invest
qualified dependents.
amounts above this level in select mutual funds
How do I pay for medical expenses
with my HSA? IRS Maximums and Contributions
Optum will provide you with a debit For 2020, the IRS maximum contributions cannot exceed $3,550 for
card that you can use at the time of
care, or when purchasing eligible individuals and $7,100 for families. Associates over 55 can make an
items. In addition, Optum is UHC's additional "catch up" contribution of $1,000.
bank of choice and will link your The combined contributions from you and Stein Mart for the well-
HSA account onto your MyUHC
account. You will receive more being incentive cannot exceed the limits stated above. You will be able
information about account access to contribute the amounts below through payroll deduction.
upon enrollment into the HSA Individual Coverage: $2,950
qualified medical plan. Family Coverage: $5,900
Weekly Store and Weekly Corporate Associates 7
Department Merchandise Managers For 2020 Benefits
