Page 12 - 2016 Open Enrollment
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How an HSA Works with the Consumer-Driven Health Plan
How you use your HSA You are eligible to open and fund an HSA if:
You determine how and when to ■ You are covered by an HSA eligible CDHP option
use your HSA dollars. You can ■ You are not covered by your spouse’s traditional health plan or
use your funds to pay for qualiied healthcare FSA
expenses covered by the CDHP. ■ You are not eligible to be claimed as a dependent on someone else’s
If you decide to use funds to pay
for ineligible expenses, there will tax return
be a 20% penalty, plus income ■ You are not enrolled in Medicare, TRICARE, or TRICARE for Life
tax payment. You can also pay for ■ You have not received Veterans Administration Beneits
health expenses out of pocket and
let your HSA funds grow. How you fund your HSA
You can set aside dollars on a pre-tax basis through payroll deduction,
Any funds remaining at the end which can be changed at anytime through HR, or make deposits to your
of the year will remain in your HSA like you would for any other checking account.
account for future use. Regardless
of your employer, the HSA funds Per the IRS, the maximum amount you can contribute to your HSA for
are yours to keep. 2016 is $3,350 for an individual or $6,750 for a family (associates age 55
and older can contribute an additional $1,000 “catch-up” contribution per
year). Please keep in mind that any HSA seed money you earn from the
B Well program will offset the amount you are eligible to contribute to
your HSA if you plan on contributing the 2016 maximum amount.
First Busey Corporation
How an HSA Works with the Consumer-Driven Health Plan
How you use your HSA You are eligible to open and fund an HSA if:
You determine how and when to ■ You are covered by an HSA eligible CDHP option
use your HSA dollars. You can ■ You are not covered by your spouse’s traditional health plan or
use your funds to pay for qualiied healthcare FSA
expenses covered by the CDHP. ■ You are not eligible to be claimed as a dependent on someone else’s
If you decide to use funds to pay
for ineligible expenses, there will tax return
be a 20% penalty, plus income ■ You are not enrolled in Medicare, TRICARE, or TRICARE for Life
tax payment. You can also pay for ■ You have not received Veterans Administration Beneits
health expenses out of pocket and
let your HSA funds grow. How you fund your HSA
You can set aside dollars on a pre-tax basis through payroll deduction,
Any funds remaining at the end which can be changed at anytime through HR, or make deposits to your
of the year will remain in your HSA like you would for any other checking account.
account for future use. Regardless
of your employer, the HSA funds Per the IRS, the maximum amount you can contribute to your HSA for
are yours to keep. 2016 is $3,350 for an individual or $6,750 for a family (associates age 55
and older can contribute an additional $1,000 “catch-up” contribution per
year). Please keep in mind that any HSA seed money you earn from the
B Well program will offset the amount you are eligible to contribute to
your HSA if you plan on contributing the 2016 maximum amount.
First Busey Corporation
