Page 5 - 2016 Enrollment
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How Do I Put Money Into My HSA?
You can elect to participate in the BeneitWallet administered HSA,
Anthem’s HSA banking partner, and have payroll deductions taken on a
pre-tax basis and deposited into your account. You may also open an HSA
at a inancial institution of your choice. In that case, you would deposit
funds on an after-tax basis and deduct the amount of your contributions
when you ile your income taxes.
HSA Funding and Limits
The IRS has placed maximum contribution limits on the amounts you can
elect to defer into your HSA. Below are the limits for 2016:
$3,350 for employee only coverage
$6,750 for employee plus dependent coverage
Individuals age 55 and older may make an additional $1,000 annual
contribution to their HSA.
McCormack Baron will continue to contribute seed money to an
employee’s health savings account. McCormack Baron will contribute
$500 to those enrolled in employee only coverage and $1,000 to those
enrolled in employee + dependent coverage. Seed money will only be
contributed to a BeneitWallet administered HSA. Your BeneitWallet
account must be set up by February 29, 2016.
Please note the IRS maximum is an employer + employee contribution
maximum. If you want to contribute the maximum contribution, you
must take into account what McCormack Baron is contributing on your
behalf as seed money.
Flexible Spending Account Note
IRS rules prohibit plan participants from having both a medical FSA and
an HSA at the same time. Any money remaining in your medical FSA on
December 31, 2015, will automatically rollover to a limited purpose FSA
on January 1, 2016. This allows you to utilize the grace period, which ends
March 15, 2016, for any unused elections. Your unused election, however,
can only be used on dental or vision expenses. This will allow you to be
able to contribute to the HSA on January 1, 2016.
2016 Open Enrollment
How Do I Put Money Into My HSA?
You can elect to participate in the BeneitWallet administered HSA,
Anthem’s HSA banking partner, and have payroll deductions taken on a
pre-tax basis and deposited into your account. You may also open an HSA
at a inancial institution of your choice. In that case, you would deposit
funds on an after-tax basis and deduct the amount of your contributions
when you ile your income taxes.
HSA Funding and Limits
The IRS has placed maximum contribution limits on the amounts you can
elect to defer into your HSA. Below are the limits for 2016:
$3,350 for employee only coverage
$6,750 for employee plus dependent coverage
Individuals age 55 and older may make an additional $1,000 annual
contribution to their HSA.
McCormack Baron will continue to contribute seed money to an
employee’s health savings account. McCormack Baron will contribute
$500 to those enrolled in employee only coverage and $1,000 to those
enrolled in employee + dependent coverage. Seed money will only be
contributed to a BeneitWallet administered HSA. Your BeneitWallet
account must be set up by February 29, 2016.
Please note the IRS maximum is an employer + employee contribution
maximum. If you want to contribute the maximum contribution, you
must take into account what McCormack Baron is contributing on your
behalf as seed money.
Flexible Spending Account Note
IRS rules prohibit plan participants from having both a medical FSA and
an HSA at the same time. Any money remaining in your medical FSA on
December 31, 2015, will automatically rollover to a limited purpose FSA
on January 1, 2016. This allows you to utilize the grace period, which ends
March 15, 2016, for any unused elections. Your unused election, however,
can only be used on dental or vision expenses. This will allow you to be
able to contribute to the HSA on January 1, 2016.
2016 Open Enrollment
