Page 10 - 2018 Fontbonne Benefit Guide
P. 10
To be eligible for an HSA, Health Savings Account
the following must be
true. Health savings accounts (HSAs) are tax advantaged bank accounts. The
1. You must have coverage under a contributions you make to HSAs are not subject to federal income,
qualiied plan such as Fontbonne’s social security, Medicare, and most state income tax. The earnings on the
HSA plan
account are tax free. In addition, withdrawals can be made from HSAs on
2. You cannot have coverage under a tax-free basis as long as they are used for qualiied health expenses.
a non-qualiied plan; for example,
you cannot open and contribute The IRS has set the following annual limits on the amounts which may be
money to an HSA if you are
contributing money to the health contributed to HSAs on a tax-free basis.
lexible spending account (FSA); X
if you have money in the health Calendar year 2018: $3,450 if enrolled in employee only coverage,
FSA on December 31, 2017 $6,900 if covering one or more dependents
(including any rollover funds), X Catch-up contribution: $1,000 for persons age 55 and older
you cannot contribute to an HSA
until the following plan year on Fontbonne will contribute $250 into an HSA for each employee who
January 1, 2018 newly elects the HSA plan. Fontbonne’s contribution will count toward
3. You cannot be enrolled in the IRS annual maximum contributions. Contributions cannot be made
Medicare or Medicaid until the account is established.
4. You cannot be claimed as a
dependent on another person’s Employees who sign up for the high deductible (base) plan will also have
tax return an HSA opened simultaneously.
5. You cannot have received VA Qualiied health expenses which may be reimbursed from an HSA on a
Medical beneits within the last
three months tax-free basis are listed in IRS publication 502 and include out-of-pocket
medical, dental, and vision expenses for you and your dependents.
Here is How the Plan Works
1. First you put money in your HSA
2. Money invested from your account has the ability to grow tax-free;
the money rolls from plan year to plan year (a certain level of funding
in the account must be reached to be eligible for investing)
3. You can use your HSA to pay your deductible, coinsurance, or
prescription drug copays
10 2018 Benefits Enrollment
the following must be
true. Health savings accounts (HSAs) are tax advantaged bank accounts. The
1. You must have coverage under a contributions you make to HSAs are not subject to federal income,
qualiied plan such as Fontbonne’s social security, Medicare, and most state income tax. The earnings on the
HSA plan
account are tax free. In addition, withdrawals can be made from HSAs on
2. You cannot have coverage under a tax-free basis as long as they are used for qualiied health expenses.
a non-qualiied plan; for example,
you cannot open and contribute The IRS has set the following annual limits on the amounts which may be
money to an HSA if you are
contributing money to the health contributed to HSAs on a tax-free basis.
lexible spending account (FSA); X
if you have money in the health Calendar year 2018: $3,450 if enrolled in employee only coverage,
FSA on December 31, 2017 $6,900 if covering one or more dependents
(including any rollover funds), X Catch-up contribution: $1,000 for persons age 55 and older
you cannot contribute to an HSA
until the following plan year on Fontbonne will contribute $250 into an HSA for each employee who
January 1, 2018 newly elects the HSA plan. Fontbonne’s contribution will count toward
3. You cannot be enrolled in the IRS annual maximum contributions. Contributions cannot be made
Medicare or Medicaid until the account is established.
4. You cannot be claimed as a
dependent on another person’s Employees who sign up for the high deductible (base) plan will also have
tax return an HSA opened simultaneously.
5. You cannot have received VA Qualiied health expenses which may be reimbursed from an HSA on a
Medical beneits within the last
three months tax-free basis are listed in IRS publication 502 and include out-of-pocket
medical, dental, and vision expenses for you and your dependents.
Here is How the Plan Works
1. First you put money in your HSA
2. Money invested from your account has the ability to grow tax-free;
the money rolls from plan year to plan year (a certain level of funding
in the account must be reached to be eligible for investing)
3. You can use your HSA to pay your deductible, coinsurance, or
prescription drug copays
10 2018 Benefits Enrollment
