Page 11 - 2016 Enrollment
P. 11
You cannot pay the premiums for active-employee healthcare Funding Your Account
coverage with money from a HSA. However, premiums for COBRA You can contribute up to the amount
continuation coverage, qualiied long-term care insurance, and of your annual deductible.
Medicare coverage are considered qualiied healthcare expenses
and can be paid with money in your HSA—another way the HSA Coverage Contribution
Your
helps you accumulate funds for future healthcare expenses. Tier Annual Intertek* Max**
Limit
Using Your Health Savings Account Employee $3,350 $500 $2,850
$500
Employee + $6,750
$6,250
Your HSA comes with a debit card which works just like any other 1 or
family
debit card—just swipe your card at the doctor’s ofice or pharmacy
to make a payment (or you can provide your card number over the * This is the 2016 amount. Each year, at open
phone). You can also withdraw funds directly from your account enrollment, Intertek will explain whether and
in what amount, it will contribute to employee
accounts the following year.
using the debit card or have funds paid directly to you. You can also ** Individuals age 55 and older or individuals who
arrange to have payments made directly to your healthcare provider reach age 55 by December 31, 2016 can make
from your HSA. a catch-up contribution of up to $1,000.
Employee contributions will be made
Since you own the account, there are two important things to over the course of the entire year with
remember when using your HSA debit card. equal increments being deposited in
your account each pay period. Before
1. You cannot overdraw your account. If you do not have enough Intertek will make any contributions
funds to cover the expense you must pay out-of-pocket. for the year, you must contribute
However, you can reimburse yourself through withdrawals as the minimum amount of $120. If you
your balance builds up. leave the company, you may not
receive all employer contributions for
2. If you make a withdrawal for a non-eligible expense, your the year.
withdrawal will be considered taxable income. You will be
required to declare this income on your tax returns and you will
be subject to an ineligible withdrawal penalty of 10 percent by
the IRS.
Account Fees
Like many bank and brokerage accounts, there are certain fees associated with
HSAs. Intertek will pay the monthly administration fee for all employee accounts.
You will be responsible for any ATM withdrawal fees and insuficient fund
charges.
Note: Always keep receipts for your Health Savings Account expenditures for tax
purposes.
11
coverage with money from a HSA. However, premiums for COBRA You can contribute up to the amount
continuation coverage, qualiied long-term care insurance, and of your annual deductible.
Medicare coverage are considered qualiied healthcare expenses
and can be paid with money in your HSA—another way the HSA Coverage Contribution
Your
helps you accumulate funds for future healthcare expenses. Tier Annual Intertek* Max**
Limit
Using Your Health Savings Account Employee $3,350 $500 $2,850
$500
Employee + $6,750
$6,250
Your HSA comes with a debit card which works just like any other 1 or
family
debit card—just swipe your card at the doctor’s ofice or pharmacy
to make a payment (or you can provide your card number over the * This is the 2016 amount. Each year, at open
phone). You can also withdraw funds directly from your account enrollment, Intertek will explain whether and
in what amount, it will contribute to employee
accounts the following year.
using the debit card or have funds paid directly to you. You can also ** Individuals age 55 and older or individuals who
arrange to have payments made directly to your healthcare provider reach age 55 by December 31, 2016 can make
from your HSA. a catch-up contribution of up to $1,000.
Employee contributions will be made
Since you own the account, there are two important things to over the course of the entire year with
remember when using your HSA debit card. equal increments being deposited in
your account each pay period. Before
1. You cannot overdraw your account. If you do not have enough Intertek will make any contributions
funds to cover the expense you must pay out-of-pocket. for the year, you must contribute
However, you can reimburse yourself through withdrawals as the minimum amount of $120. If you
your balance builds up. leave the company, you may not
receive all employer contributions for
2. If you make a withdrawal for a non-eligible expense, your the year.
withdrawal will be considered taxable income. You will be
required to declare this income on your tax returns and you will
be subject to an ineligible withdrawal penalty of 10 percent by
the IRS.
Account Fees
Like many bank and brokerage accounts, there are certain fees associated with
HSAs. Intertek will pay the monthly administration fee for all employee accounts.
You will be responsible for any ATM withdrawal fees and insuficient fund
charges.
Note: Always keep receipts for your Health Savings Account expenditures for tax
purposes.
11
