Page 6 - 2016 Enrollment
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6
100 Percent Coverage The Accounts
for In-Network Preventive Each health plan option is paired with a special health account to help you
Care in Both Plans save and pay for eligible healthcare expenses.
Preventive care and preventive ofice
visits are covered in-network at 100
percent in both the HRA and HSA HSA Allows You to Save for Your Future
plans with no charge against your plan An important distinguishing difference in the two plans is the HSA has a
deductibles or out-of-pocket max.
portable inancial savings account which offers signiicant tax advantages.
An HSA account is a personal bank account you own. You build up your
account with voluntary pre-tax payroll deductions up to the IRS limits for
2016* ($3,350 for single coverage, $6,750 for family coverage) (note that
if you are over the age of 55 or turn 55 during 2016, the IRS allows you
to contribute an additional $1,000—beyond the limits named above—as
a “catch-up” contribution to your HSA account). Most states also allow
HSA contributions to be free from state tax as well.
When it comes to paying your medical bills in the High Deductible Health
Plan (HDHP), you decide whether you want to use your accumulated
HSA funds with your OptumBank debit card—or you can simply pay
out of your pocket. If you use HSA funds to meet coinsurance and
deductible obligations, no taxes will be applied.
While many inancial institutions offer HSA accounts, Nortek participants
in the HSA plan will be invited to open HSA accounts at OptumBank,
UnitedHealthcare’s HSA bank. By using Optum Bank, you can arrange
convenient payroll deductions using pre-tax dollars.
The OptumBank Health eSaver HSA is an easy-access account to pay
expenses, with competitive interest rates, modest fees, and the option to
invest in mutual funds once your balance reaches $2,000. The monthly fee
is $3 for balances less than $5,000.
Optum Bank will issue all Nortek HSA participants MasterCard debit
cards to access their account dollars during the plan year.
Nortek
100 Percent Coverage The Accounts
for In-Network Preventive Each health plan option is paired with a special health account to help you
Care in Both Plans save and pay for eligible healthcare expenses.
Preventive care and preventive ofice
visits are covered in-network at 100
percent in both the HRA and HSA HSA Allows You to Save for Your Future
plans with no charge against your plan An important distinguishing difference in the two plans is the HSA has a
deductibles or out-of-pocket max.
portable inancial savings account which offers signiicant tax advantages.
An HSA account is a personal bank account you own. You build up your
account with voluntary pre-tax payroll deductions up to the IRS limits for
2016* ($3,350 for single coverage, $6,750 for family coverage) (note that
if you are over the age of 55 or turn 55 during 2016, the IRS allows you
to contribute an additional $1,000—beyond the limits named above—as
a “catch-up” contribution to your HSA account). Most states also allow
HSA contributions to be free from state tax as well.
When it comes to paying your medical bills in the High Deductible Health
Plan (HDHP), you decide whether you want to use your accumulated
HSA funds with your OptumBank debit card—or you can simply pay
out of your pocket. If you use HSA funds to meet coinsurance and
deductible obligations, no taxes will be applied.
While many inancial institutions offer HSA accounts, Nortek participants
in the HSA plan will be invited to open HSA accounts at OptumBank,
UnitedHealthcare’s HSA bank. By using Optum Bank, you can arrange
convenient payroll deductions using pre-tax dollars.
The OptumBank Health eSaver HSA is an easy-access account to pay
expenses, with competitive interest rates, modest fees, and the option to
invest in mutual funds once your balance reaches $2,000. The monthly fee
is $3 for balances less than $5,000.
Optum Bank will issue all Nortek HSA participants MasterCard debit
cards to access their account dollars during the plan year.
Nortek
