Page 7 - 2015 Reznor Salary Enrollment Guide
P. 7
Nortek
The Accounts
Each health plan option is paired with a special health account to help Optum Bank will issue all Nortek
you save and pay for eligible healthcare expenses. HSA participants MasterCard debit
cards to access their account dollars
HSA Allows You to Save for Your Future during the plan year.
An important distinguishing difference in the two plans is the HSA Remember: an HSA account is all
has a portable inancial savings account which offers signiicant tax yours. You keep whatever is in the
advantages. account, even if you leave Nortek,
An HSA account is a personal bank account you own. You build up and the money rolls over, year after
your account with voluntary pre-tax payroll deductions up to the IRS year: there is no “use it or lose it”
limits for 2015 ($3,350 for single coverage, $6,650 for family coverage) rule.
(note that if you are over the age of 55 or turn 55 during 2015, the To learn more about Optum Bank
IRS allows you to contribute an additional $1,000—beyond the limits and how HSA accounts earn
named above—as a “catch-up” contribution to your HSA account). interest and can be invested, visit
Most states also allow HSA contributions to be free from state tax as www.optumbank.com.
well.
When it comes to paying your medical bills, you decide whether you HRA Accounts More
want to use your accumulated HSA funds—or you can simply pay Restricted
out of your pocket. If you use HSA funds to meet coinsurance and The HRA account does not allow for
deductible obligations, no taxes will be applied. voluntary contributions. However,
any accumulated funds in the HRA
While many inancial institutions offer HSA accounts, Nortek account carry over year to year, just
participants in the HSA plan will be invited to open HSA accounts at like the HSA accounts. An HRA
Optum Bank, UnitedHealthcare’s HSA bank. By using Optum Bank, account is not portable. If you are in
you can arrange convenient payroll deductions using pre-tax dollars. the HRA and leave the company, any
money in your account stays with the
The Health eSaver is an easy-access account to pay expenses, with company.
competitive interest rates, modest fees, and the option to invest in
mutual funds once your balance reaches $2,000. The monthly fee is $3
for balances less than $5,000.
100% Coverage for in-network preventive care in both plans
Preventive care and preventive ofice visits are covered in-network at 100% in both the HRA and HSA plans with no
charge against your plan deductibles or out-of-pocket max.
7
The Accounts
Each health plan option is paired with a special health account to help Optum Bank will issue all Nortek
you save and pay for eligible healthcare expenses. HSA participants MasterCard debit
cards to access their account dollars
HSA Allows You to Save for Your Future during the plan year.
An important distinguishing difference in the two plans is the HSA Remember: an HSA account is all
has a portable inancial savings account which offers signiicant tax yours. You keep whatever is in the
advantages. account, even if you leave Nortek,
An HSA account is a personal bank account you own. You build up and the money rolls over, year after
your account with voluntary pre-tax payroll deductions up to the IRS year: there is no “use it or lose it”
limits for 2015 ($3,350 for single coverage, $6,650 for family coverage) rule.
(note that if you are over the age of 55 or turn 55 during 2015, the To learn more about Optum Bank
IRS allows you to contribute an additional $1,000—beyond the limits and how HSA accounts earn
named above—as a “catch-up” contribution to your HSA account). interest and can be invested, visit
Most states also allow HSA contributions to be free from state tax as www.optumbank.com.
well.
When it comes to paying your medical bills, you decide whether you HRA Accounts More
want to use your accumulated HSA funds—or you can simply pay Restricted
out of your pocket. If you use HSA funds to meet coinsurance and The HRA account does not allow for
deductible obligations, no taxes will be applied. voluntary contributions. However,
any accumulated funds in the HRA
While many inancial institutions offer HSA accounts, Nortek account carry over year to year, just
participants in the HSA plan will be invited to open HSA accounts at like the HSA accounts. An HRA
Optum Bank, UnitedHealthcare’s HSA bank. By using Optum Bank, account is not portable. If you are in
you can arrange convenient payroll deductions using pre-tax dollars. the HRA and leave the company, any
money in your account stays with the
The Health eSaver is an easy-access account to pay expenses, with company.
competitive interest rates, modest fees, and the option to invest in
mutual funds once your balance reaches $2,000. The monthly fee is $3
for balances less than $5,000.
100% Coverage for in-network preventive care in both plans
Preventive care and preventive ofice visits are covered in-network at 100% in both the HRA and HSA plans with no
charge against your plan deductibles or out-of-pocket max.
7
