Page 12 - 2018 Busey Benefit Guide
P. 12
2018 BENEFITS ENROLLMENT
How an HSA Works with the Consumer-Driven Health Plan
How You Use Your HSA When You are Eligible to Open and Fund an HSA
You determine how and when to You are covered by an HSA eligible CDHP option
use your HSA dollars. You can You are not covered by your spouse’s traditional health plan or
use your funds to pay for qualiied healthcare FSA
expenses covered by the CDHP. If
you decide to use funds to pay for You are not eligible to be claimed as a dependent on someone else’s
tax return
ineligible expenses, there will be
a 20 percent penalty, plus income You are not enrolled in Medicare, TRICARE, or TRICARE for Life
tax payment. You can also pay for You have not received Veterans Administration Beneits*
health expenses out of pocket and * VA medical beneits received for a service-related disability will not be taken into
let your HSA funds grow. account when determining eligibility
Any funds remaining at the end How You Fund Your HSA
of the year will remain in your You can set aside dollars on a pre-tax basis through payroll deduction,
account for future use. Regardless which can be changed at anytime through HR, or make deposits to your
of your employer, the HSA funds HSA like you would for any other checking account. If you do the latter,
are yours to keep. remember to take the tax deduction when iling your tax returns.
Per the IRS, the maximum amount you can contribute to your HSA for
2018 is $3,450 for an individual or $6,850 for a family (associates age 55
and older can contribute an additional $1,000 “catch-up” contribution per
year). Please keep in mind that any HSA seed money you earn from the
B Well program will offset the amount you are eligible to contribute to
your HSA if you plan on contributing the 2018 maximum amount.
12 FIRST BUSEY CORPORATION
How an HSA Works with the Consumer-Driven Health Plan
How You Use Your HSA When You are Eligible to Open and Fund an HSA
You determine how and when to You are covered by an HSA eligible CDHP option
use your HSA dollars. You can You are not covered by your spouse’s traditional health plan or
use your funds to pay for qualiied healthcare FSA
expenses covered by the CDHP. If
you decide to use funds to pay for You are not eligible to be claimed as a dependent on someone else’s
tax return
ineligible expenses, there will be
a 20 percent penalty, plus income You are not enrolled in Medicare, TRICARE, or TRICARE for Life
tax payment. You can also pay for You have not received Veterans Administration Beneits*
health expenses out of pocket and * VA medical beneits received for a service-related disability will not be taken into
let your HSA funds grow. account when determining eligibility
Any funds remaining at the end How You Fund Your HSA
of the year will remain in your You can set aside dollars on a pre-tax basis through payroll deduction,
account for future use. Regardless which can be changed at anytime through HR, or make deposits to your
of your employer, the HSA funds HSA like you would for any other checking account. If you do the latter,
are yours to keep. remember to take the tax deduction when iling your tax returns.
Per the IRS, the maximum amount you can contribute to your HSA for
2018 is $3,450 for an individual or $6,850 for a family (associates age 55
and older can contribute an additional $1,000 “catch-up” contribution per
year). Please keep in mind that any HSA seed money you earn from the
B Well program will offset the amount you are eligible to contribute to
your HSA if you plan on contributing the 2018 maximum amount.
12 FIRST BUSEY CORPORATION
