Page 10 - 2015 Enrollment Guide
P. 10
2015 Employee
Beneits Program
Health Savings Account (HSA)
There are many advantages to owning an HSA. You determine Savings
how and when to use your HSA dollars. Whatever annual You can save the money in your account
amount you elect will be divided by the number of pay periods for future medical expenses and grow your
in the year, and will be deducted from your pay stub and account through investment earnings.
deposited into your HSA.
Control
The IRS regulates how much you are allowed to put into your X You make all the decisions about:
HSA annually. The 2015 contribution limits are as follows. X How much money to put into the account
X $3,350 for an individual * X Whether to save the account for future
X $6,650 for a family * expenses or pay current medical expenses
X If you are age 55 or older you are eligible for an additional X Which medical expenses to pay from the
catch-up contribution of $1,000 annually account
* The IRS limits include any employer funded contribution to your HSA; your X Whether to invest any of the money in the
total contribution in addition to employer HSA funding cannot exceed these account
amounts.
X Which investments to make
Calendar Year HSA Fund Amount Portability
On July 1, HSA plan participants will receive company Accounts are completely portable, meaning
funding into their newly established health savings account. you can keep your HSA even if you
Individuals will receive $250 and enrolled families will receive change jobs or medical coverage, become
$500. Starting on January 1, 2016, the company will contribute unemployed, or retire.
annually to enrollees’ HSAs in the amount of $500 for
individuals and $1,000 for enrolled families. Ownership
Funds remain in the account from year to year,
Advantages of Owning an HSA just like an IRA; there are no “use it or lose it”
Flexibility rules for HSAs.
You can use the funds in your account to pay for current
medical expenses, including expenses that your insurance may Tax Savings
not cover, or save the money in your account for future needs, An HSA provides you triple tax savings.
such as the following.
X Tax deductions when you contribute to
X Health insurance or medical expenses if unemployed your account
X Medical expenses after retirement X Tax-free earnings through investment
X Out-of-pocket expense when covered by an insurance X Tax-free withdrawals for qualiied medical
carrier expenses
X Long-term care expenses and insurance
10
Beneits Program
Health Savings Account (HSA)
There are many advantages to owning an HSA. You determine Savings
how and when to use your HSA dollars. Whatever annual You can save the money in your account
amount you elect will be divided by the number of pay periods for future medical expenses and grow your
in the year, and will be deducted from your pay stub and account through investment earnings.
deposited into your HSA.
Control
The IRS regulates how much you are allowed to put into your X You make all the decisions about:
HSA annually. The 2015 contribution limits are as follows. X How much money to put into the account
X $3,350 for an individual * X Whether to save the account for future
X $6,650 for a family * expenses or pay current medical expenses
X If you are age 55 or older you are eligible for an additional X Which medical expenses to pay from the
catch-up contribution of $1,000 annually account
* The IRS limits include any employer funded contribution to your HSA; your X Whether to invest any of the money in the
total contribution in addition to employer HSA funding cannot exceed these account
amounts.
X Which investments to make
Calendar Year HSA Fund Amount Portability
On July 1, HSA plan participants will receive company Accounts are completely portable, meaning
funding into their newly established health savings account. you can keep your HSA even if you
Individuals will receive $250 and enrolled families will receive change jobs or medical coverage, become
$500. Starting on January 1, 2016, the company will contribute unemployed, or retire.
annually to enrollees’ HSAs in the amount of $500 for
individuals and $1,000 for enrolled families. Ownership
Funds remain in the account from year to year,
Advantages of Owning an HSA just like an IRA; there are no “use it or lose it”
Flexibility rules for HSAs.
You can use the funds in your account to pay for current
medical expenses, including expenses that your insurance may Tax Savings
not cover, or save the money in your account for future needs, An HSA provides you triple tax savings.
such as the following.
X Tax deductions when you contribute to
X Health insurance or medical expenses if unemployed your account
X Medical expenses after retirement X Tax-free earnings through investment
X Out-of-pocket expense when covered by an insurance X Tax-free withdrawals for qualiied medical
carrier expenses
X Long-term care expenses and insurance
10
