Page 8 - Sonsio 2021 Annual Benefits Enrollment
P. 8
Health Savings Account (HSA)
A health savings account (HSA) is a tax-favored personal savings account which works with your high deductible
health plan. HSA dollars can be used to pay for qualiied medical expenses such as deductibles, copays, dental,
and vision care. For a complete list of qualiied medical expenses visit www.irs.gov in IRS Publication 502.
Dealer Tire will be contributing the following: HSA Triple Tax Savings
Associate only: $300 Tax deduction when you contribute to your
account
Associate and spouse: $500 Tax-free earnings through investment
Associate and child(ren): $500 Tax-free withdrawal for qualiied medical expenses
Family: $700
2021 HSA Funding Limits
HSA Major Benefits Coverage Level Limit
Funds always belong to you Individual Coverage $3,600
$7,200
Funds always roll over from year to year Family Coverage Contribute an additional $1,000 on
Age 55 or Older
Lowers your taxable income top of these amounts
Helps you build a healthcare nest egg for
emergencies or retirement Opening an HSA
We partner with HSA Bank through ALEX for
our HSA program. Prior to 12/31/2020, you
HSA Eligibility can ind information about your HSA by visiting
You may open and contribute pre-tax to an HSA under the www.alexhsa.com or call 833.223.5601. You will also
following circumstances. receive a Welcome Kit in the mail which will include
Enrolled in an IRS qualiied high deductible health your new HSA debit card. If you do not receive this,
plan (HDHP) please reach out to HSA Bank through ALEX for
Not enrolled in a traditional PPO plan through your
spouse or other employer sponsored plan options further instructions.
Not enrolled in a Government sponsored program
(Medicare, Medicaid, Tricare, etc.) HSA dollars will be available in your account once
Have not received VA beneits within the last three deposits have occurred. Employer and associate
months (unless receiving beneits for a service related contributions are pulled bi-weekly.
disability)
Not claimed as a dependent on someone else’s tax
return
Cannot be enrolled in a Healthcare FSA, your spouse
also cannot have a Healthcare FSA through his/her
own employer
8
A health savings account (HSA) is a tax-favored personal savings account which works with your high deductible
health plan. HSA dollars can be used to pay for qualiied medical expenses such as deductibles, copays, dental,
and vision care. For a complete list of qualiied medical expenses visit www.irs.gov in IRS Publication 502.
Dealer Tire will be contributing the following: HSA Triple Tax Savings
Associate only: $300 Tax deduction when you contribute to your
account
Associate and spouse: $500 Tax-free earnings through investment
Associate and child(ren): $500 Tax-free withdrawal for qualiied medical expenses
Family: $700
2021 HSA Funding Limits
HSA Major Benefits Coverage Level Limit
Funds always belong to you Individual Coverage $3,600
$7,200
Funds always roll over from year to year Family Coverage Contribute an additional $1,000 on
Age 55 or Older
Lowers your taxable income top of these amounts
Helps you build a healthcare nest egg for
emergencies or retirement Opening an HSA
We partner with HSA Bank through ALEX for
our HSA program. Prior to 12/31/2020, you
HSA Eligibility can ind information about your HSA by visiting
You may open and contribute pre-tax to an HSA under the www.alexhsa.com or call 833.223.5601. You will also
following circumstances. receive a Welcome Kit in the mail which will include
Enrolled in an IRS qualiied high deductible health your new HSA debit card. If you do not receive this,
plan (HDHP) please reach out to HSA Bank through ALEX for
Not enrolled in a traditional PPO plan through your
spouse or other employer sponsored plan options further instructions.
Not enrolled in a Government sponsored program
(Medicare, Medicaid, Tricare, etc.) HSA dollars will be available in your account once
Have not received VA beneits within the last three deposits have occurred. Employer and associate
months (unless receiving beneits for a service related contributions are pulled bi-weekly.
disability)
Not claimed as a dependent on someone else’s tax
return
Cannot be enrolled in a Healthcare FSA, your spouse
also cannot have a Healthcare FSA through his/her
own employer
8
