Page 13 - 2016 Open Enrollment
P. 13
Three Ways to Maximize Your Tax Savings
1. Contributions to an HSA are tax-free
2. The money in this account (may include interest and investment earnings) grows
tax-free
3. As long as the funds are used to pay for qualiied medical expenses, they are
spent tax-free
Seed Money
To give you a head start in funding your HSA, F+W will continue to
contribute seed money to HSAs for all eligible High Deductible plan
participants. For 2016, F+W will seed $250 for employees enrolled in
employee only coverage, $500 for employees enrolled in employee +
spouse or employee + child(ren) coverage, and $750 for employees
enrolled in family coverage. The seed money will be deposited, on a per
pay period basis, directly into your Paylex account.
HSA Funding and Limits
The 2016 IRS annual maximum contributions for the HSA
X $3,350 for employee only coverage
X $6,750 for family coverage
Limit for employee only coverage remains unchanged and the limit for
family increased from $6,650.
The annual maximum is a combined employee + employer contribution. Please take
this into account when making your election.
Catch-Up Contribution
Individuals age 55 and older may make an additional $1,000 annual contribution to
their HSA.
Since the HSA is an individually owned bank account and no one is substantiating
your claims, remember to save your receipts in the event you are audited by the IRS.
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1. Contributions to an HSA are tax-free
2. The money in this account (may include interest and investment earnings) grows
tax-free
3. As long as the funds are used to pay for qualiied medical expenses, they are
spent tax-free
Seed Money
To give you a head start in funding your HSA, F+W will continue to
contribute seed money to HSAs for all eligible High Deductible plan
participants. For 2016, F+W will seed $250 for employees enrolled in
employee only coverage, $500 for employees enrolled in employee +
spouse or employee + child(ren) coverage, and $750 for employees
enrolled in family coverage. The seed money will be deposited, on a per
pay period basis, directly into your Paylex account.
HSA Funding and Limits
The 2016 IRS annual maximum contributions for the HSA
X $3,350 for employee only coverage
X $6,750 for family coverage
Limit for employee only coverage remains unchanged and the limit for
family increased from $6,650.
The annual maximum is a combined employee + employer contribution. Please take
this into account when making your election.
Catch-Up Contribution
Individuals age 55 and older may make an additional $1,000 annual contribution to
their HSA.
Since the HSA is an individually owned bank account and no one is substantiating
your claims, remember to save your receipts in the event you are audited by the IRS.
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