Page 6 - 2016 Enrollment
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How the HSA Works
The Health Savings Account (HSA) is a tax-exempt account established to
pay for medical expenses. The HSA works like a personal savings account,
but you can only use the money to pay for qualiied health-related
expenses. HSAs can be established with a bank, insurance company or
other IRS-approved trustee. Thompson Coburn utilizes Optum Bank for
employee and employer HSA contributions.
As an employee, you may make pre-tax contributions into your HSA
up to the IRS limits. The 2016 HSA limits are $3,350 for individual and
$6,750 for all other HDP tiers. The HSA limits include the employer and
employee contributions. The minimum amount to contribute to an HSA
per pay period is $10.
With an HSA, you can roll over any unused contributions from year-to-
year, allowing you to accumulate a balance for future medical expenses.
Investment options are available once your balance reaches certain levels
(this is different from the medical Flexible Spending Account (FSA),
which does not allow you to roll over unused funds—unused FSA funds
are forfeited at the end of the plan year).
Important Note: If you choose the Thompson Coburn HDP, you
have the option to only participate in the HSA. The Thompson
Coburn Medical FSA is not available to HDP participants.
Thompson Coburn LLP
How the HSA Works
The Health Savings Account (HSA) is a tax-exempt account established to
pay for medical expenses. The HSA works like a personal savings account,
but you can only use the money to pay for qualiied health-related
expenses. HSAs can be established with a bank, insurance company or
other IRS-approved trustee. Thompson Coburn utilizes Optum Bank for
employee and employer HSA contributions.
As an employee, you may make pre-tax contributions into your HSA
up to the IRS limits. The 2016 HSA limits are $3,350 for individual and
$6,750 for all other HDP tiers. The HSA limits include the employer and
employee contributions. The minimum amount to contribute to an HSA
per pay period is $10.
With an HSA, you can roll over any unused contributions from year-to-
year, allowing you to accumulate a balance for future medical expenses.
Investment options are available once your balance reaches certain levels
(this is different from the medical Flexible Spending Account (FSA),
which does not allow you to roll over unused funds—unused FSA funds
are forfeited at the end of the plan year).
Important Note: If you choose the Thompson Coburn HDP, you
have the option to only participate in the HSA. The Thompson
Coburn Medical FSA is not available to HDP participants.
Thompson Coburn LLP
