Page 10 - 2016 Open Enrollment
P. 10
Open
Enrollment
The Health Savings Plan and Health Savings Account
You Should Also Know the Following
About An HSA
The Health Savings Plan is designed to give you more control over your X Pay for eligible expenses with
healthcare expenses. In this plan, you use your HSA account to help ofset your HSA at point of service or
your out of pocket exposure. Money is contributed from the company and reimburse yourself later
your tax-free payroll contribuions. This money is yours to keep even if you X If you have an HSA, you and your
do not use it during the year. spouse cannot contribute to a
healthcare FSA
How the HSA Works X Your unused HSA dollars roll over
The HSA works just like a bank account. You own the funds in your HSA as each year
soon as they are deposited. You control your HSA funds and may decide to X Unless you’re disabled or are age
spend them for current medical expenses or pay out-of-pocket now and 65 or older, any HSA payments
save your HSA money for the future. for non-qualiied expenses will be
taxed and penalized
Important! If you elect coverage under the HSA Plan you won’t be eligible X If you are not enrolled in the Health
to contribute to a healthcare FSA. Instead, you may use your HSA account Savings Plan you cannot contribute
to pay for eligible medical, dental, and vision out-of-pocket expenses. dollars to your HSA
2016 IRS Annual Mandated HSA Limits
Individual $3,350
Family $6,750
Annual Catch-up Contribuion (age 55+) $1,000
HSA Quarterly Company Funding *
Employee $125
Employee + 1 or more dependents $250
* Your total pre-tax contribuion cannot exceed the IRS mandated limits which include your
company funded HSA dollars. If you receive the full company funding in 2016, you can only contribute
up to $2,850 for individual coverage and $5,750 for family coverage next year.
For addiional informaion about
the Health Savings Plan and the
beneits of owning an HSA visit
www.welcometoUHC.com/beneitsPLUS
10
Enrollment
The Health Savings Plan and Health Savings Account
You Should Also Know the Following
About An HSA
The Health Savings Plan is designed to give you more control over your X Pay for eligible expenses with
healthcare expenses. In this plan, you use your HSA account to help ofset your HSA at point of service or
your out of pocket exposure. Money is contributed from the company and reimburse yourself later
your tax-free payroll contribuions. This money is yours to keep even if you X If you have an HSA, you and your
do not use it during the year. spouse cannot contribute to a
healthcare FSA
How the HSA Works X Your unused HSA dollars roll over
The HSA works just like a bank account. You own the funds in your HSA as each year
soon as they are deposited. You control your HSA funds and may decide to X Unless you’re disabled or are age
spend them for current medical expenses or pay out-of-pocket now and 65 or older, any HSA payments
save your HSA money for the future. for non-qualiied expenses will be
taxed and penalized
Important! If you elect coverage under the HSA Plan you won’t be eligible X If you are not enrolled in the Health
to contribute to a healthcare FSA. Instead, you may use your HSA account Savings Plan you cannot contribute
to pay for eligible medical, dental, and vision out-of-pocket expenses. dollars to your HSA
2016 IRS Annual Mandated HSA Limits
Individual $3,350
Family $6,750
Annual Catch-up Contribuion (age 55+) $1,000
HSA Quarterly Company Funding *
Employee $125
Employee + 1 or more dependents $250
* Your total pre-tax contribuion cannot exceed the IRS mandated limits which include your
company funded HSA dollars. If you receive the full company funding in 2016, you can only contribute
up to $2,850 for individual coverage and $5,750 for family coverage next year.
For addiional informaion about
the Health Savings Plan and the
beneits of owning an HSA visit
www.welcometoUHC.com/beneitsPLUS
10
