Page 11 - 2017 Benefits Enrollment
P. 11
2017 New Hire Guide
Health Savings Account You Need to Know
What is a Health Savings Account? You must enroll in the CDHP
An HSA is a tax-favored account you can use to pay for eligible current coverage option under the
Intertek health plan to be
and future healthcare expenses with tax-free dollars. You must enroll eligible to open a HSA
in the Consumer Driven Health Plan (CDHP) to be eligible to open a If you enroll in the CDHP,
HSA. There is no use it lose it rule. Any unused money will remain in you will receive a welcome
your HSA for future use. kit outlining how to manage,
contribute to, and use your
Intertek does not own the account. You own the account. If you leave HSA
the company, you keep the funds. If you choose to make contributions For 2017, Intertek will
to your HSA on a pre-tax basis, the company may also contribute to contribute a pro-rated amount
your account. up to $500 based on your
date of hire, as long as you
Funds may be withdrawn at any time to pay for qualiied medical contribute the minimum
expenses tax-free for most medical, dental, and vision care. toward your account
Download the WageWorks
HSA expenses can be incurred by you, your spouse, and dependents mobile app from your
claimed on your personal tax return even if the dependents are not smartphone’s app store to
enrolled in the CDHP plan. For a complete list of eligible expenses, manage your account online
please refer to the HSA page on wageworks.com or IRS Publication
502 at irs.gov.
Funding Your Account
You may contribute up to the amounts listed in the chart below.
Contribution
Coverage Tier
IRS Annual Limit Intertek* Your Maximum**
Employee $3,400 $500 $2,900
Employee + 1 or family $6,750 $500 $6,250
Before Intertek will make any contributions for the year, you must contribute the minimum amount
of $120. If you leave the company, you may not receive all employer contributions for the year.
* This is the 2017 contribution from Intertek. Each year, at annual enrollment, Intertek will
announce whether and in what amount, it will contribute to employee accounts the following
year.
** Individuals age 55 and older or individuals who reach age 55 by December 31, 2017 can
make a catch-up contribution of up to $1,000.
Employee contributions are divided by the 26 pay periods and Intertek’s matching contributions
are also based on 26 pay periods. If an employee stops contributing but has met the minimum of
$120 in contributions, Intertek will continue to provide the full annual match.
11
Health Savings Account You Need to Know
What is a Health Savings Account? You must enroll in the CDHP
An HSA is a tax-favored account you can use to pay for eligible current coverage option under the
Intertek health plan to be
and future healthcare expenses with tax-free dollars. You must enroll eligible to open a HSA
in the Consumer Driven Health Plan (CDHP) to be eligible to open a If you enroll in the CDHP,
HSA. There is no use it lose it rule. Any unused money will remain in you will receive a welcome
your HSA for future use. kit outlining how to manage,
contribute to, and use your
Intertek does not own the account. You own the account. If you leave HSA
the company, you keep the funds. If you choose to make contributions For 2017, Intertek will
to your HSA on a pre-tax basis, the company may also contribute to contribute a pro-rated amount
your account. up to $500 based on your
date of hire, as long as you
Funds may be withdrawn at any time to pay for qualiied medical contribute the minimum
expenses tax-free for most medical, dental, and vision care. toward your account
Download the WageWorks
HSA expenses can be incurred by you, your spouse, and dependents mobile app from your
claimed on your personal tax return even if the dependents are not smartphone’s app store to
enrolled in the CDHP plan. For a complete list of eligible expenses, manage your account online
please refer to the HSA page on wageworks.com or IRS Publication
502 at irs.gov.
Funding Your Account
You may contribute up to the amounts listed in the chart below.
Contribution
Coverage Tier
IRS Annual Limit Intertek* Your Maximum**
Employee $3,400 $500 $2,900
Employee + 1 or family $6,750 $500 $6,250
Before Intertek will make any contributions for the year, you must contribute the minimum amount
of $120. If you leave the company, you may not receive all employer contributions for the year.
* This is the 2017 contribution from Intertek. Each year, at annual enrollment, Intertek will
announce whether and in what amount, it will contribute to employee accounts the following
year.
** Individuals age 55 and older or individuals who reach age 55 by December 31, 2017 can
make a catch-up contribution of up to $1,000.
Employee contributions are divided by the 26 pay periods and Intertek’s matching contributions
are also based on 26 pay periods. If an employee stops contributing but has met the minimum of
$120 in contributions, Intertek will continue to provide the full annual match.
11
