Page 10 - 2018 Harbin Benefit Guide
P. 10
Health Savings Account (HSA)
What is a Health Savings HSA Major Benefits
Account? X Funds always belong to you
An HSA is a tax-favored savings X Funds always roll over to use the following year
account which works in conjunction X Lowers your taxable income
with your health plan coverage.
HSA dollars can be used to pay for HSA Triple Tax Savings
qualiied medical expenses such X Tax deduction when you contribute to your account
as deductibles, copays, dental, and X Tax-free earnings through investment
vision care. For a complete list of
qualiied medical expenses visit X Tax-free withdrawal for qualiied medical expenses
www.irs.gov in IRS Publication 502. You may open an HSA through Optum Bank. See a member of your
Human Resources team for more information.
HSA Eligibility 2018 HSA Funding Limits
You may open and contribute pre- Coverage Level Limit
tax to an HSA under the following Individual Coverage $3,450
circumstances. Family Coverage $6,900
X Enrolled in an IRS qualiied high Age 55 or Older Additional Contribution $1,000
deductible health plan (HDHP) If you enroll in the HSA plan and choose to fund a Health Savings
X Cannot be enrolled in a traditional Account, Harbin Clinic will match every dollar you contribute to your
PPO plan through your spouse or HSA up to $250 for an individual or $350 for a family annually. The
other employer sponsored plan Harbin Clinic HSA contribution is included in the maximum HSA
options
funding limits shown above.
X Cannot be enrolled in a government
sponsored program (Medicare, Newly Hired Employed Physicians—Contribution
Medicaid, Tricare, etc.)
Limits
X Cannot have received VA beneits
within the last three months (unless The limits illustrated are for enrollment in the HSA for the full
receiving beneits for a service calendar year. If have already been contributing to an HSA in 2018,
related disability) you may need to pro-rate your new contribution election. Make
X Cannot be claimed as a dependent sure you consider your HSA contributions during your time at your
on someone else’s tax return previous employer as you are considering your annual maximum for
2018.
X Cannot have an HSA and healthcare
FSA; your spouse cannot have a
healthcare FSA through his/her own
employer
10 2018 Benefits Guide
What is a Health Savings HSA Major Benefits
Account? X Funds always belong to you
An HSA is a tax-favored savings X Funds always roll over to use the following year
account which works in conjunction X Lowers your taxable income
with your health plan coverage.
HSA dollars can be used to pay for HSA Triple Tax Savings
qualiied medical expenses such X Tax deduction when you contribute to your account
as deductibles, copays, dental, and X Tax-free earnings through investment
vision care. For a complete list of
qualiied medical expenses visit X Tax-free withdrawal for qualiied medical expenses
www.irs.gov in IRS Publication 502. You may open an HSA through Optum Bank. See a member of your
Human Resources team for more information.
HSA Eligibility 2018 HSA Funding Limits
You may open and contribute pre- Coverage Level Limit
tax to an HSA under the following Individual Coverage $3,450
circumstances. Family Coverage $6,900
X Enrolled in an IRS qualiied high Age 55 or Older Additional Contribution $1,000
deductible health plan (HDHP) If you enroll in the HSA plan and choose to fund a Health Savings
X Cannot be enrolled in a traditional Account, Harbin Clinic will match every dollar you contribute to your
PPO plan through your spouse or HSA up to $250 for an individual or $350 for a family annually. The
other employer sponsored plan Harbin Clinic HSA contribution is included in the maximum HSA
options
funding limits shown above.
X Cannot be enrolled in a government
sponsored program (Medicare, Newly Hired Employed Physicians—Contribution
Medicaid, Tricare, etc.)
Limits
X Cannot have received VA beneits
within the last three months (unless The limits illustrated are for enrollment in the HSA for the full
receiving beneits for a service calendar year. If have already been contributing to an HSA in 2018,
related disability) you may need to pro-rate your new contribution election. Make
X Cannot be claimed as a dependent sure you consider your HSA contributions during your time at your
on someone else’s tax return previous employer as you are considering your annual maximum for
2018.
X Cannot have an HSA and healthcare
FSA; your spouse cannot have a
healthcare FSA through his/her own
employer
10 2018 Benefits Guide
