Page 10 - 2016 Enrollment
P. 10
Health Savings Accounts (HSA)
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
coverage option under the Intertek current and future healthcare expenses with pre-tax dollars.
health plan to be eligible to open a You must enroll in the Consumer Driven Health Plan (CDHP)
HSA through Intertek to be eligible to open a HSA. Federal tax rules set the basic
design of HSAs.
The HSA allows you to pay for
eligible medical and prescription Your account balance earns interest (tax-free) and you
drug expenses with pre-tax dollars can invest your money in a selection of mutual funds. Any
Annual contributions to a HSA investment growth will also be tax-free.
cannot exceed $3,350 if you have
employee-only CDHP coverage Intertek does not own the account. Your HSA is established
and $6,750 if you have employee between you and the HSA custodian. The company may
+1 or family CDHP coverage contribute to the account and allows you to make contributions
to the HSA on a pre-tax basis. However, you own the account.
Intertek may contribute to If you leave the company, you keep control of the account.
employee accounts in equal
payments once you have made Eligible Expenses
the minimum HSA contribution Expenses which are eligible for payment with HSA funds
amount; each year, at open are deined by the Internal Revenue Service (IRS). These
enrollment, Intertek will announce expenses include:
whether, and in what amount, it
will be contributing to employee Most medical care and services
accounts in the coming year Vision care
Your balance earns interest and Dental care (non-cosmetic)
can be carried forward from year- Orthodontia
to-year Prescription drugs
If you enroll in the Consumer Some over-the-counter drugs that are not covered by
Driven Health Plan, you will health insurance or otherwise
receive a welcome kit outlining HSA expenses can be incurred by you, your spouse, and
how to manage, contribute to and dependents claimed on your personal tax return even if the
use your HSA
dependents are not enrolled in the HSA plan. For a complete
list of eligible expenses, please refer to the HSA page on
wageworks.com.
10
New Hire Enrollment
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
coverage option under the Intertek current and future healthcare expenses with pre-tax dollars.
health plan to be eligible to open a You must enroll in the Consumer Driven Health Plan (CDHP)
HSA through Intertek to be eligible to open a HSA. Federal tax rules set the basic
design of HSAs.
The HSA allows you to pay for
eligible medical and prescription Your account balance earns interest (tax-free) and you
drug expenses with pre-tax dollars can invest your money in a selection of mutual funds. Any
Annual contributions to a HSA investment growth will also be tax-free.
cannot exceed $3,350 if you have
employee-only CDHP coverage Intertek does not own the account. Your HSA is established
and $6,750 if you have employee between you and the HSA custodian. The company may
+1 or family CDHP coverage contribute to the account and allows you to make contributions
to the HSA on a pre-tax basis. However, you own the account.
Intertek may contribute to If you leave the company, you keep control of the account.
employee accounts in equal
payments once you have made Eligible Expenses
the minimum HSA contribution Expenses which are eligible for payment with HSA funds
amount; each year, at open are deined by the Internal Revenue Service (IRS). These
enrollment, Intertek will announce expenses include:
whether, and in what amount, it
will be contributing to employee Most medical care and services
accounts in the coming year Vision care
Your balance earns interest and Dental care (non-cosmetic)
can be carried forward from year- Orthodontia
to-year Prescription drugs
If you enroll in the Consumer Some over-the-counter drugs that are not covered by
Driven Health Plan, you will health insurance or otherwise
receive a welcome kit outlining HSA expenses can be incurred by you, your spouse, and
how to manage, contribute to and dependents claimed on your personal tax return even if the
use your HSA
dependents are not enrolled in the HSA plan. For a complete
list of eligible expenses, please refer to the HSA page on
wageworks.com.
10
New Hire Enrollment
