Page 23 - Harvard Maintenance Corporate 2022 Benefits Guide
P. 23
Calendar Year 2022
Benefits Enrollment
Health Savings Account (HSA)
A Health Savings Account (HSA) is HSA Contribution and Limits
a personal bank account that can Harvard Maintenance funding—We will match
be opened with your own bank or contributions into your HSA based on your enrollment tier .
with PayFlex . This account allows Because of the signiicant tax savings with owning an
you to set aside pre-tax money for HSA, the IRS limits the total dollar amount that you can
qualiied healthcare expenses. contribute to these accounts for each year . Below are the
HSA funds can be accessed at IRS funding Limits for 2022 .
any time using a debit card that Harvard’s contribution toward your HSA goes toward the
will be provided to you by PayFlex . IRS annual HSA contribution limits .
Contribution Example: if you enroll in the HDHP with
HSA Advantages employee only coverage and contribute $300 toward your
Security & Afordability— HSA, we will match your contribution of $300 making a total
you could lower your contribution $600 . You will have the ability to contribution an
health insurance premiums additional $3,050 for the year .
and protect against your
High Deductible plan and Harvard Maintenance IRS 2022 Contribution
Limits
Matching
unexpected medical bills . Employee Only $500 $3,650
Tax savings—Money Employee & Spouse $750 $7,300
contributed to your HSA is tax- Employee & Child $750 $7,300
free (when deposited through Family $1,000 $7,300
payroll), the investment HSA Eligibility
earnings are tax-free, and You can contribute to an HSA only if you are enrolled in
withdrawals for qualiied the High Deductible Health Plan (HDHP)
medical, dental, vision, and
other eligible healthcare You cannot be covered by any other medical plan,
expense are tax-free to you . including spouse’s plan or Medicare
Ownership—Funds remain You cannot be enrolled in a Flexible Spending Account
in your HSA from year to
year . You can save money in Using your HSA
your account and let it grow . You can use your HSA to pay for*:
There are no “use it or lose Medical, Dental and Vision Care
it” rules for an HSA . If you
leave Harvard Maintenance or COBRA continuation coverage
retire, the funds in your HSA Qualiied long term care insurance, and Medicare
stay with you . You may even services .
have investment options with Qualiied expenses for yourself, spouse or dependent
this account . children even if they are not covered under your HDHP .
* At any point you change medical plans and are no longer enrolled in the HDHP, you can
no longer contribute to your HSA . However, you can use any funds within your HSA to
pay for qualiied medical expenses.
23
Benefits Enrollment
Health Savings Account (HSA)
A Health Savings Account (HSA) is HSA Contribution and Limits
a personal bank account that can Harvard Maintenance funding—We will match
be opened with your own bank or contributions into your HSA based on your enrollment tier .
with PayFlex . This account allows Because of the signiicant tax savings with owning an
you to set aside pre-tax money for HSA, the IRS limits the total dollar amount that you can
qualiied healthcare expenses. contribute to these accounts for each year . Below are the
HSA funds can be accessed at IRS funding Limits for 2022 .
any time using a debit card that Harvard’s contribution toward your HSA goes toward the
will be provided to you by PayFlex . IRS annual HSA contribution limits .
Contribution Example: if you enroll in the HDHP with
HSA Advantages employee only coverage and contribute $300 toward your
Security & Afordability— HSA, we will match your contribution of $300 making a total
you could lower your contribution $600 . You will have the ability to contribution an
health insurance premiums additional $3,050 for the year .
and protect against your
High Deductible plan and Harvard Maintenance IRS 2022 Contribution
Limits
Matching
unexpected medical bills . Employee Only $500 $3,650
Tax savings—Money Employee & Spouse $750 $7,300
contributed to your HSA is tax- Employee & Child $750 $7,300
free (when deposited through Family $1,000 $7,300
payroll), the investment HSA Eligibility
earnings are tax-free, and You can contribute to an HSA only if you are enrolled in
withdrawals for qualiied the High Deductible Health Plan (HDHP)
medical, dental, vision, and
other eligible healthcare You cannot be covered by any other medical plan,
expense are tax-free to you . including spouse’s plan or Medicare
Ownership—Funds remain You cannot be enrolled in a Flexible Spending Account
in your HSA from year to
year . You can save money in Using your HSA
your account and let it grow . You can use your HSA to pay for*:
There are no “use it or lose Medical, Dental and Vision Care
it” rules for an HSA . If you
leave Harvard Maintenance or COBRA continuation coverage
retire, the funds in your HSA Qualiied long term care insurance, and Medicare
stay with you . You may even services .
have investment options with Qualiied expenses for yourself, spouse or dependent
this account . children even if they are not covered under your HDHP .
* At any point you change medical plans and are no longer enrolled in the HDHP, you can
no longer contribute to your HSA . However, you can use any funds within your HSA to
pay for qualiied medical expenses.
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