Page 10 - 2015/2016 Benefits Guide
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How the HSA Works
When You Whether You Once you Once You Meet
Have a Use Your HSA meet your The Out-of-
Healthcare Account or Pay deductible Pocket Max
Expense Out-of-Pocket You pay a TheBANK pays 100%
You decide whether to You are responsible small portion of of your remaining
use your HSA funds or for paying the your expenses covered medical
pay out-of-pocket. deductible. (coinsurance) till expenses for the year.
you meet the out-of-
pocket maximum.
Any Leftover Want to Pay Your Deductible
Money in Your Tax-Free?
HSA at the End Make pre-tax contributions to your HSA. If
of the Year you don’t spend this money, it stays in your
Automatically rolls account and earns interest.
over to the next year. You own the account and the money is yours
to keep if you leave or retire.
HSA
Who can contribute? You and TheBANK
How much can I contribute on my own? The IRS will allow pre-tax contributions of up to $3,350 for single
coverage and up to $6,650 for family coverage, including your
wellness credits. If you are at or over the age 55, you can also
contribute an additional $1,000.
Can I have a Flexible Spending Account, too? Only for dependent care. Any pre-tax dollars you want to set aside
for health related expenses must go into your HSA account.
What can I use the money in my HSA account for? Medical, dental and vision expenses
How do I access my account? You can go to umr.com to track your medical claims.
Does the money earn interest? Yes, depending on how big your account is and how you choose to
invest it.
Can I take the unused balance with me if I leave Yes
the company?
Can I roll over unused dollars from year to year? Yes
Must I report my account on my federal income Yes. Just as you report pre-tax dollars you contribute to other beneit
tax form? plans—like a 401(k)—the IRS requires that you report your pre-tax
contributions to your HSA using a Form 8889. Your contribution will
appear on your W-2 for easy reference.
TheBANK of Edwardsville
How the HSA Works
When You Whether You Once you Once You Meet
Have a Use Your HSA meet your The Out-of-
Healthcare Account or Pay deductible Pocket Max
Expense Out-of-Pocket You pay a TheBANK pays 100%
You decide whether to You are responsible small portion of of your remaining
use your HSA funds or for paying the your expenses covered medical
pay out-of-pocket. deductible. (coinsurance) till expenses for the year.
you meet the out-of-
pocket maximum.
Any Leftover Want to Pay Your Deductible
Money in Your Tax-Free?
HSA at the End Make pre-tax contributions to your HSA. If
of the Year you don’t spend this money, it stays in your
Automatically rolls account and earns interest.
over to the next year. You own the account and the money is yours
to keep if you leave or retire.
HSA
Who can contribute? You and TheBANK
How much can I contribute on my own? The IRS will allow pre-tax contributions of up to $3,350 for single
coverage and up to $6,650 for family coverage, including your
wellness credits. If you are at or over the age 55, you can also
contribute an additional $1,000.
Can I have a Flexible Spending Account, too? Only for dependent care. Any pre-tax dollars you want to set aside
for health related expenses must go into your HSA account.
What can I use the money in my HSA account for? Medical, dental and vision expenses
How do I access my account? You can go to umr.com to track your medical claims.
Does the money earn interest? Yes, depending on how big your account is and how you choose to
invest it.
Can I take the unused balance with me if I leave Yes
the company?
Can I roll over unused dollars from year to year? Yes
Must I report my account on my federal income Yes. Just as you report pre-tax dollars you contribute to other beneit
tax form? plans—like a 401(k)—the IRS requires that you report your pre-tax
contributions to your HSA using a Form 8889. Your contribution will
appear on your W-2 for easy reference.
TheBANK of Edwardsville
