Page 10 - 2016 Open Enrollment Non-Union
P. 10
Beneits Enrollment
Three Ways to Maximize Your HSA Eligibility Requirements
Tax Savings Because there are so many advantages with the HSA, there are a few
Contributions to an HSA are tax- eligibility requirements you must meet in order to open and fund an
free (they can be made through HSA. To open an HSA, you must meet the following criteria.
payroll deduction on a pre-tax
basis when you open an account You must be enrolled in an HSA eligible high deductible health
with Wells Fargo Bank) plan, like Hussmann’s HDHP
The money in this account You must not be covered by any other health plan which is not a
(including interest and investment HDHP
earnings) grows tax-free You must not be covered by a health FSA for the tax year in
As long as the funds are used to which you will claim your HSA deposits as tax deductions
pay for qualiied medical expenses, You must not be eligible to be claimed as a dependent on
they are spent tax-free someone else’s tax return
There are strict regulations governing You must not be enrolled in Medicare, TRICARE, or TRICARE
participation in HSAs and the use for Life
of HSA funds. If you use HSA You must not have received veterans administration beneits
funds for non-qualiied expenses, within the past three months
such as health insurance premiums,
you will be required to pay income Employer Contribution to HSA/“Seed Money”
tax on the amount used for non- To give you a head start to your savings, Hussmann places seed
qualiied expenses as well as a 20 money into all current HSA participant accounts and new HDHP
percent penalty. Note if you wish participants who open an HSA. Hussmann seeds $750 for employees
to use your HSA to pay for eligible enrolled in employee only coverage, and $1,500 for those enrolled in
over-the-counter medications, the family coverage. Please note, Hussmann only places seed money into
medication must be prescribed a Wells Fargo administered HSA. If you choose to go to a inancial
by a doctor; otherwise it will be institution of your choice, then you will not receive the seed money.
considered a non-qualiied expense.
More about HSAs can be found at HSA Contribution Limits for 2016 * Individual Family
www.wellsfargo.com/hsa. Maximum limit per IRS $3,350 $6,750
Hussmann HSA seed money contribution
$750
$1,500
* The annual contribution limit is a combined employee + employer contribution
Note: if you are age 55 or older, you can contribute an additional $1,000
10
Three Ways to Maximize Your HSA Eligibility Requirements
Tax Savings Because there are so many advantages with the HSA, there are a few
Contributions to an HSA are tax- eligibility requirements you must meet in order to open and fund an
free (they can be made through HSA. To open an HSA, you must meet the following criteria.
payroll deduction on a pre-tax
basis when you open an account You must be enrolled in an HSA eligible high deductible health
with Wells Fargo Bank) plan, like Hussmann’s HDHP
The money in this account You must not be covered by any other health plan which is not a
(including interest and investment HDHP
earnings) grows tax-free You must not be covered by a health FSA for the tax year in
As long as the funds are used to which you will claim your HSA deposits as tax deductions
pay for qualiied medical expenses, You must not be eligible to be claimed as a dependent on
they are spent tax-free someone else’s tax return
There are strict regulations governing You must not be enrolled in Medicare, TRICARE, or TRICARE
participation in HSAs and the use for Life
of HSA funds. If you use HSA You must not have received veterans administration beneits
funds for non-qualiied expenses, within the past three months
such as health insurance premiums,
you will be required to pay income Employer Contribution to HSA/“Seed Money”
tax on the amount used for non- To give you a head start to your savings, Hussmann places seed
qualiied expenses as well as a 20 money into all current HSA participant accounts and new HDHP
percent penalty. Note if you wish participants who open an HSA. Hussmann seeds $750 for employees
to use your HSA to pay for eligible enrolled in employee only coverage, and $1,500 for those enrolled in
over-the-counter medications, the family coverage. Please note, Hussmann only places seed money into
medication must be prescribed a Wells Fargo administered HSA. If you choose to go to a inancial
by a doctor; otherwise it will be institution of your choice, then you will not receive the seed money.
considered a non-qualiied expense.
More about HSAs can be found at HSA Contribution Limits for 2016 * Individual Family
www.wellsfargo.com/hsa. Maximum limit per IRS $3,350 $6,750
Hussmann HSA seed money contribution
$750
$1,500
* The annual contribution limit is a combined employee + employer contribution
Note: if you are age 55 or older, you can contribute an additional $1,000
10
