Page 6 - 2018 VER Benefit Guide
P. 6
How Does an HSA Work?
Eligible Examples
X Medical expenses: copays, An HSA works in conjunction with your health plan coverage. Your
coinsurance, and deductibles HSA dollars can be used to help pay the health insurance deductible
and qualiied medical expenses, including those not covered by health
X Dental expenses: exams,
cleanings, x-rays, and braces insurance such as dental and vision care. Any funds you withdraw for
non-qualiied healthcare expenses will be taxed at your income tax rate,
X Vision expenses: exams, contact plus 20% if you’re under 65.
lenses and supplies, eyeglasses,
and laser eye surgery
Maximum Contributions for the Plan Year
X Professional services: physical Coverage Level IRS Mandated Maximum Contribution
therapy, chiropractic, and Individual $3,450
acupuncture services Family $6,900
Age 55+ Add an additional $1,000 to these amounts as a catch-up
X Prescription drugs and insulin contribution!
X Over-the-counter healthcare
items: bandages, pregnancy test HSA Eligible and Ineligible Expenses
kits, blood pressure monitors, etc.
Funds withdrawn from your HSA are tax-free when used to pay for
Ineligible Examples qualiied medical expenses as described in Section 213(d) of the Internal
X Babysitting Revenue Service Tax Code. A list of these expenses is available on the
IRS Web site, www.irs.gov in IRS Publication 502, “Medical and Dental
X Cosmetic surgery
Expenses.”
X Funeral expenses
The list to the right provides examples of eligible and ineligible healthcare
X Hair transplant
expenses. This list is not all-inclusive. Remember, the IRS may modify
X Health club dues its list of eligible expenses from time to time. As always, consult your tax
X Insurance premiums advisor should you require speciic tax advice.
X Teeth whitening
Important HSA Note
IRS rules prohibit an employee from having a Healthcare FSA and an HSA at the
Beginning January 1, 2018, VER will same time. In order for you to be able to fund, receive company HSA funding,
implement a tobacco use premium and use an HSA beginning January 1, 2018, you cannot have a balance in a
of $10 per pay period on all plans. Healthcare FSA after December 31, 2017. All funds in this account must be spent
Telephonic and online support for by December 31, 2017, and claims submitted by March 31, 2018.
tobacco cessation are provided
through Cigna Lifestyle Management Medical Contributions—Bi-Weekly*
Program for Tobacco Cessation. PPO HSA
Visit www.myCigna.com or call Employee $30.84 $0
855.246.1873 for more details on Employee + Spouse $64.76 $0
becoming tobacco free. Employee + Children $55.51 $0
Family $98.68 $0
* Does not include tobacco surcharge
6 2018 Benefits Enrollment
Eligible Examples
X Medical expenses: copays, An HSA works in conjunction with your health plan coverage. Your
coinsurance, and deductibles HSA dollars can be used to help pay the health insurance deductible
and qualiied medical expenses, including those not covered by health
X Dental expenses: exams,
cleanings, x-rays, and braces insurance such as dental and vision care. Any funds you withdraw for
non-qualiied healthcare expenses will be taxed at your income tax rate,
X Vision expenses: exams, contact plus 20% if you’re under 65.
lenses and supplies, eyeglasses,
and laser eye surgery
Maximum Contributions for the Plan Year
X Professional services: physical Coverage Level IRS Mandated Maximum Contribution
therapy, chiropractic, and Individual $3,450
acupuncture services Family $6,900
Age 55+ Add an additional $1,000 to these amounts as a catch-up
X Prescription drugs and insulin contribution!
X Over-the-counter healthcare
items: bandages, pregnancy test HSA Eligible and Ineligible Expenses
kits, blood pressure monitors, etc.
Funds withdrawn from your HSA are tax-free when used to pay for
Ineligible Examples qualiied medical expenses as described in Section 213(d) of the Internal
X Babysitting Revenue Service Tax Code. A list of these expenses is available on the
IRS Web site, www.irs.gov in IRS Publication 502, “Medical and Dental
X Cosmetic surgery
Expenses.”
X Funeral expenses
The list to the right provides examples of eligible and ineligible healthcare
X Hair transplant
expenses. This list is not all-inclusive. Remember, the IRS may modify
X Health club dues its list of eligible expenses from time to time. As always, consult your tax
X Insurance premiums advisor should you require speciic tax advice.
X Teeth whitening
Important HSA Note
IRS rules prohibit an employee from having a Healthcare FSA and an HSA at the
Beginning January 1, 2018, VER will same time. In order for you to be able to fund, receive company HSA funding,
implement a tobacco use premium and use an HSA beginning January 1, 2018, you cannot have a balance in a
of $10 per pay period on all plans. Healthcare FSA after December 31, 2017. All funds in this account must be spent
Telephonic and online support for by December 31, 2017, and claims submitted by March 31, 2018.
tobacco cessation are provided
through Cigna Lifestyle Management Medical Contributions—Bi-Weekly*
Program for Tobacco Cessation. PPO HSA
Visit www.myCigna.com or call Employee $30.84 $0
855.246.1873 for more details on Employee + Spouse $64.76 $0
becoming tobacco free. Employee + Children $55.51 $0
Family $98.68 $0
* Does not include tobacco surcharge
6 2018 Benefits Enrollment
