Page 8 - 2015 New Hire Guide
P. 8
Open
Enrollment
Health Savings Account
Health Savings Accounts (HSAs) are The IRS has set the following annual limits on the amounts that may be
tax advantaged banking accounts. contributed to HSAs on a tax-free basis:
The contributions you make to HSAs X Calendar year 2015: $3,350 if enrolled in employee only coverage,
are not subject to federal income, $6,650 if covering one or more dependents.
social security, Medicare, and most
state income tax. The earnings on X Catch-up contribution: $1,000 for persons age 55 and older.
the account are tax free. In addition, Fontbonne will contribute $250 into an HSA for each employee who
withdrawals can be made from HSAs newly elects the HSA plan. Fontbonne’s contribution will count toward
on a tax-free basis as long as they are the IRS annual maximum contributions. Contributions cannot be made
used for qualiied health expenses. until the account is established.
To be eligible for an HSA, the Please see Human Resources for details regarding how to set up the
following must be true: HSA banking arrangement.
1. You must have coverage under a
qualiied plan such as Fontbonne’s Qualiied health expenses that may be reimbursed from an HSA on
HSA plan. a tax-free basis are listed in IRS publication 502 and include out-
of-pocket medical, dental, and vision expenses for you and your
2. You cannot have coverage under dependents.
a non-qualiied plan. You cannot
open and contribute money to Here is how the plan works:
an HSA if you are contributing 1. First you put money in your HSA. The most you can contribute to
money to the health Flexible your HSA tax-free in 2015 is: $3,350 (individual coverage) $6,650
Spending Account (FSA). (family coverage).
3. You cannot be enrolled in 2. Money left in your account grows tax-free. The money rolls from
Medicare or Medicaid. plan year to plan year.
4. You cannot be claimed as a 3. You can use your HSA to pay your deductible, coinsurance, or
dependent on another person’s prescription drug copays; or you can pay out-of-pocket and let your
tax return. HSA grow.
5. You cannot have received VA
Medical beneits within the last
three months.
8
Enrollment
Health Savings Account
Health Savings Accounts (HSAs) are The IRS has set the following annual limits on the amounts that may be
tax advantaged banking accounts. contributed to HSAs on a tax-free basis:
The contributions you make to HSAs X Calendar year 2015: $3,350 if enrolled in employee only coverage,
are not subject to federal income, $6,650 if covering one or more dependents.
social security, Medicare, and most
state income tax. The earnings on X Catch-up contribution: $1,000 for persons age 55 and older.
the account are tax free. In addition, Fontbonne will contribute $250 into an HSA for each employee who
withdrawals can be made from HSAs newly elects the HSA plan. Fontbonne’s contribution will count toward
on a tax-free basis as long as they are the IRS annual maximum contributions. Contributions cannot be made
used for qualiied health expenses. until the account is established.
To be eligible for an HSA, the Please see Human Resources for details regarding how to set up the
following must be true: HSA banking arrangement.
1. You must have coverage under a
qualiied plan such as Fontbonne’s Qualiied health expenses that may be reimbursed from an HSA on
HSA plan. a tax-free basis are listed in IRS publication 502 and include out-
of-pocket medical, dental, and vision expenses for you and your
2. You cannot have coverage under dependents.
a non-qualiied plan. You cannot
open and contribute money to Here is how the plan works:
an HSA if you are contributing 1. First you put money in your HSA. The most you can contribute to
money to the health Flexible your HSA tax-free in 2015 is: $3,350 (individual coverage) $6,650
Spending Account (FSA). (family coverage).
3. You cannot be enrolled in 2. Money left in your account grows tax-free. The money rolls from
Medicare or Medicaid. plan year to plan year.
4. You cannot be claimed as a 3. You can use your HSA to pay your deductible, coinsurance, or
dependent on another person’s prescription drug copays; or you can pay out-of-pocket and let your
tax return. HSA grow.
5. You cannot have received VA
Medical beneits within the last
three months.
8
