Page 8 - Nortek Open Enrollment
P. 8
New Hire
Guide
Comparing the Two Accounts: HRA and HSA
HRA HSA
Who can contribute? Nortek You and Nortek
Can I earn the Wellness Credits Yes. Money you and your spouse or partner Yes. Money you and your spouse or partner
for this account? ($700 single; $1,400 together) earn in ($700 single; $1,400 together) earn in
wellness credits go directly into your HRA wellness credits go directly into your HSA
account. account.
How much can I contribute on $0 The IRS will allow pre-tax contributions of
my own? up to $3,350 for single coverage and up
to $6,650 for family coverage, including
your wellness credits. If you are at or over
the age 55, you can also contribute an
additional $1,000.
Can I have a Flexible Spending Yes. But eligible health expenses will be paid Only for dependent care. Any pre-tax dollars
Account, too? irst from your HRA account. you want to set aside for health related
expenses must go into your HSA account.
What can I use the money in my Medical expenses Medical, dental and vision expenses
HRA or HSA account for?
How do I access my account? You can go to myuhc.com to track your You can go to myuhc.com to track your
medical claims. medical claims.
Does the money earn interest? No Yes, depending on how big your account is
and how you choose to invest it.
Can I take the unused balance No Yes
with me if I leave the company?
Can I roll over unused dollars Yes Yes
from year to year?
Must I report my account on my No Yes. Just as you report pre-tax dollars you
federal income tax form? contribute to other beneit plans—like a
401(k)—the IRS requires that you report
your pre-tax contributions to your HSA using
a Form 8889. Your contribution will appear
on your W-2 for easy reference.
8
Guide
Comparing the Two Accounts: HRA and HSA
HRA HSA
Who can contribute? Nortek You and Nortek
Can I earn the Wellness Credits Yes. Money you and your spouse or partner Yes. Money you and your spouse or partner
for this account? ($700 single; $1,400 together) earn in ($700 single; $1,400 together) earn in
wellness credits go directly into your HRA wellness credits go directly into your HSA
account. account.
How much can I contribute on $0 The IRS will allow pre-tax contributions of
my own? up to $3,350 for single coverage and up
to $6,650 for family coverage, including
your wellness credits. If you are at or over
the age 55, you can also contribute an
additional $1,000.
Can I have a Flexible Spending Yes. But eligible health expenses will be paid Only for dependent care. Any pre-tax dollars
Account, too? irst from your HRA account. you want to set aside for health related
expenses must go into your HSA account.
What can I use the money in my Medical expenses Medical, dental and vision expenses
HRA or HSA account for?
How do I access my account? You can go to myuhc.com to track your You can go to myuhc.com to track your
medical claims. medical claims.
Does the money earn interest? No Yes, depending on how big your account is
and how you choose to invest it.
Can I take the unused balance No Yes
with me if I leave the company?
Can I roll over unused dollars Yes Yes
from year to year?
Must I report my account on my No Yes. Just as you report pre-tax dollars you
federal income tax form? contribute to other beneit plans—like a
401(k)—the IRS requires that you report
your pre-tax contributions to your HSA using
a Form 8889. Your contribution will appear
on your W-2 for easy reference.
8
