Page 8 - Lanter | 2022 Benefits Guide LAF
P. 8
HEALTH SAVINGS ACCOUNT (HSA)
A health savings account (HSA) is a tax-favored personal savings account which works with your HSA plan. HSA
dollars can be used to pay for qualiied medical expenses such as deductibles, dental, and vision care. For a complete
list of qualiied medical expenses, visit www.irs.gov in IRS Publication 502.
HSA Benefits Contributing to Your HSA
X Funds always belong to you Upon enrolling in the HSA medical plan, a Health
X Funds always roll over from year-to-year Savings Bank Account will automatically be opened on
X Lowers your taxable income your behalf with OptumBank.
HSA Triple Tax Savings The IRS limits the amount you can contribute to
X Tax deduction when you contribute to your your HSA each year. Any company funding into your
account HSA applies toward your overall annual limit. At age
55+ you can contribute an additional $1,000 catch-up
X Tax-free earnings through investment contribution per year.
X Tax-free withdrawal for qualiied medical expenses
You can contribute 1/12th of the annual IRS
You are Eligible to Open an HSA if contribution limit for each month you are enrolled in
X You are enrolled in an HSA plan (qualiied high the HSA plan. If you are eligible to contribute to an
deductible health plan) HSA on the irst day of the last month of the tax year,
X You are not covered by your spouse’s health plan, you are considered eligible for the entire year, provided
any other health plan, or lexible spending account you stay enrolled in an HSA the next tax year.
X You are not claimed as a dependent on someone 2021 Contribution Maximum
else’s tax return Coverage Tier IRS Annual from Lanter* Annual
Limit
X You are not enrolled in Medicare, TRICARE, or Employee $3,600 $300 Contribution
$3,300
TRICARE for Life Employee + $7,200 $600 $6,600
X You have not received veterans administration Dependent(s)
beneits in the past 3 months (unless your beneits * Lanter will contribute money to HSA plan enrollees in the amount of
are for a service-related disability) $300 for employee-only coverage or $600 for employee + dependent
coverage. The contributions will be made by Lanter on a quarterly
frequency in the amount of $75 for employee only coverage and $150
Important FSA Note for employee + dependent(s) coverage.
We are keeping your HSA eligibility intact.
If you enrolled in an HSA, your carryover Saving Your HSA Funds
will be placed into an HSA compatible There is no “use it or lose it” rule. Any
Limited Purpose FSA plan. This will allow unused money will remain in your HSA for
to keep your FSA funds for vision and future use. If you leave the company or
dental expenses. retire, you take your HSA funds with you.
8 2021-22 ENROLLMENT GUIDE
A health savings account (HSA) is a tax-favored personal savings account which works with your HSA plan. HSA
dollars can be used to pay for qualiied medical expenses such as deductibles, dental, and vision care. For a complete
list of qualiied medical expenses, visit www.irs.gov in IRS Publication 502.
HSA Benefits Contributing to Your HSA
X Funds always belong to you Upon enrolling in the HSA medical plan, a Health
X Funds always roll over from year-to-year Savings Bank Account will automatically be opened on
X Lowers your taxable income your behalf with OptumBank.
HSA Triple Tax Savings The IRS limits the amount you can contribute to
X Tax deduction when you contribute to your your HSA each year. Any company funding into your
account HSA applies toward your overall annual limit. At age
55+ you can contribute an additional $1,000 catch-up
X Tax-free earnings through investment contribution per year.
X Tax-free withdrawal for qualiied medical expenses
You can contribute 1/12th of the annual IRS
You are Eligible to Open an HSA if contribution limit for each month you are enrolled in
X You are enrolled in an HSA plan (qualiied high the HSA plan. If you are eligible to contribute to an
deductible health plan) HSA on the irst day of the last month of the tax year,
X You are not covered by your spouse’s health plan, you are considered eligible for the entire year, provided
any other health plan, or lexible spending account you stay enrolled in an HSA the next tax year.
X You are not claimed as a dependent on someone 2021 Contribution Maximum
else’s tax return Coverage Tier IRS Annual from Lanter* Annual
Limit
X You are not enrolled in Medicare, TRICARE, or Employee $3,600 $300 Contribution
$3,300
TRICARE for Life Employee + $7,200 $600 $6,600
X You have not received veterans administration Dependent(s)
beneits in the past 3 months (unless your beneits * Lanter will contribute money to HSA plan enrollees in the amount of
are for a service-related disability) $300 for employee-only coverage or $600 for employee + dependent
coverage. The contributions will be made by Lanter on a quarterly
frequency in the amount of $75 for employee only coverage and $150
Important FSA Note for employee + dependent(s) coverage.
We are keeping your HSA eligibility intact.
If you enrolled in an HSA, your carryover Saving Your HSA Funds
will be placed into an HSA compatible There is no “use it or lose it” rule. Any
Limited Purpose FSA plan. This will allow unused money will remain in your HSA for
to keep your FSA funds for vision and future use. If you leave the company or
dental expenses. retire, you take your HSA funds with you.
8 2021-22 ENROLLMENT GUIDE
