Page 14 - 2016 ACProducts Non-Union
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2016 Beneits Guide
Health Savings Accounts
Eligibility to participate in the ACPI Health Savings Accounts is
limited to employees enrolled in the Qualiied High Deductible
Health Plan (HDHP). If you enroll in the HDHP, you automatically
receive an HSA regardless of whether you contribute your own
pre-tax contributions. Your must re-enroll during Open Enrollment
indicating your annual election for 2016; this beneit DOES NOT
rollover.
ACPI will contribute $350 for an individual and $600 for a family.
Employer contributions will only occur if you are employed and
enrolled in the HDHP. ACPI funding will be pro-rated over the 12
month plan year period and deposited into your HSA account on a
monthly basis. For new hires, ACPI funding will be pro-rated over
the months your coverage is in effect during that plan year. IRS
limits include both employer and employee contributions; therefore,
employee contributions are limited to $3,000 for an individual and
$6,050 for family when receiving the full annual employer portion.
An additional $1,000 catch-up contribution is available for those age
55 or older and enrolled in the HDHP.
Funds in your HSA rollover from year to year and can be used
whenever you have eligible medical expenses. Based on the amount
you would like to contribute, your HSA elections will be deducted
from your paycheck per pay period in equal deductions. The USA
Patriot Act of 2001, Section 326, requires all new accounts to
go through a veriication process. Please note this can take up to
90 days and may delay your HSA card. Once it is approved, your
contributions are funded to your account.
Keep in mind, HSAs are similar to a debit account in that you cannot
use the funds or reimburse yourself from the account until funds
have accumulated. HSAs are considered a triple-tax beneit in that
you can save funds pre-tax (lowering your taxable income), spend
funds tax-free on eligible expenses, and earn interest on your savings
tax free once you reach a speciic savings threshold.
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Health Savings Accounts
Eligibility to participate in the ACPI Health Savings Accounts is
limited to employees enrolled in the Qualiied High Deductible
Health Plan (HDHP). If you enroll in the HDHP, you automatically
receive an HSA regardless of whether you contribute your own
pre-tax contributions. Your must re-enroll during Open Enrollment
indicating your annual election for 2016; this beneit DOES NOT
rollover.
ACPI will contribute $350 for an individual and $600 for a family.
Employer contributions will only occur if you are employed and
enrolled in the HDHP. ACPI funding will be pro-rated over the 12
month plan year period and deposited into your HSA account on a
monthly basis. For new hires, ACPI funding will be pro-rated over
the months your coverage is in effect during that plan year. IRS
limits include both employer and employee contributions; therefore,
employee contributions are limited to $3,000 for an individual and
$6,050 for family when receiving the full annual employer portion.
An additional $1,000 catch-up contribution is available for those age
55 or older and enrolled in the HDHP.
Funds in your HSA rollover from year to year and can be used
whenever you have eligible medical expenses. Based on the amount
you would like to contribute, your HSA elections will be deducted
from your paycheck per pay period in equal deductions. The USA
Patriot Act of 2001, Section 326, requires all new accounts to
go through a veriication process. Please note this can take up to
90 days and may delay your HSA card. Once it is approved, your
contributions are funded to your account.
Keep in mind, HSAs are similar to a debit account in that you cannot
use the funds or reimburse yourself from the account until funds
have accumulated. HSAs are considered a triple-tax beneit in that
you can save funds pre-tax (lowering your taxable income), spend
funds tax-free on eligible expenses, and earn interest on your savings
tax free once you reach a speciic savings threshold.
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