Page 11 - 2018 Busey Benefit Guide
P. 11
2018 BENEFITS ENROLLMENT
What is a Health Savings Account (HSA)?
When an associate participates in a qualiied CDHP (and is not covered
by another non-CDHP medical plan), associates are eligible to participate
in a Health Savings Account (HSA). An HSA allows associates to pay
for qualiied medical expenses under a CDHP with pre-tax dollars, thus
reducing taxable income. Associates can make contributions to the
account up to the allowed maximum contribution limits. These funds can
be withdrawn at any time to cover qualiied medical expenses as deined
by the IRS, such as deductibles, medical services, pharmacy charges or
post retirement medical expenses, for example. Contributions made to the
account will automatically roll over year after year.
When you participate in an HSA, you are not eligible for the
Healthcare FSA. If you are currently enrolled in a Healthcare FSA,
you cannot contribute to an HSA until you are no longer enrolled
in a Healthcare FSA, unless you elect to participate in a Limited
Health FSA (dental and vision only).
In addition, you may not contribute to an HSA while your spouse is
contributing to a Healthcare FSA through his or her employer. Conversely,
a spouse may not contribute to a Healthcare FSA while you are
contributing to an HSA. Unlike the Healthcare FSA, HSA funds are not
available until they have been accumulated in your HSA account.
FIRST BUSEY CORPORATION 11
What is a Health Savings Account (HSA)?
When an associate participates in a qualiied CDHP (and is not covered
by another non-CDHP medical plan), associates are eligible to participate
in a Health Savings Account (HSA). An HSA allows associates to pay
for qualiied medical expenses under a CDHP with pre-tax dollars, thus
reducing taxable income. Associates can make contributions to the
account up to the allowed maximum contribution limits. These funds can
be withdrawn at any time to cover qualiied medical expenses as deined
by the IRS, such as deductibles, medical services, pharmacy charges or
post retirement medical expenses, for example. Contributions made to the
account will automatically roll over year after year.
When you participate in an HSA, you are not eligible for the
Healthcare FSA. If you are currently enrolled in a Healthcare FSA,
you cannot contribute to an HSA until you are no longer enrolled
in a Healthcare FSA, unless you elect to participate in a Limited
Health FSA (dental and vision only).
In addition, you may not contribute to an HSA while your spouse is
contributing to a Healthcare FSA through his or her employer. Conversely,
a spouse may not contribute to a Healthcare FSA while you are
contributing to an HSA. Unlike the Healthcare FSA, HSA funds are not
available until they have been accumulated in your HSA account.
FIRST BUSEY CORPORATION 11
