Page 20 - Enrollment Guide
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Health Savings Accounts
Company Money For Qualified Healthcare
Expenses
EnTrans will provide a matching contribution to your HSA based on
your level of coverage. Employees covering just themselves will receive
an employer match up to $500, employee plus spouse or employee plus
child(ren) coverage will be matched up to $750, and up to $1,000 will be
matched for anyone carrying full family coverage.
When you enroll in the high deductible medical plan (HDHP), your
Health Savings Account will be established through Health Equity on
your behalf. You may be asked to supply additional information in order
to open your new Health Equity HSA. Upon being approved, you will
receive a welcome packet from Health EquityBank.
You can use HSA funds on any tax deductible dependent, regardless of if
they are covered by a high deductible or non-high deductible health plan.
You can set up regular payroll deductions to contribute to your HSA
before tax. There is an IRS annual maximum contribution (including
your contributions and the company’s) for your HSA that varies by your
coverage level. The 2016 maximum allowable annual contribution is
$3,350 for employee only or $6,750 for other coverage levels. If you are
55 or over, you could add $1,000 to the allowable annual contribution
amount. You can elect the annual payroll deduction amount to contribute
to your HSA when you enroll in the HDHP with HSA medical option.
You can also start, stop or change this amount at any time during the year.
You cannot be covered by a non-high deductible health plan while
contributing to the HSA.
Health Equity will send you an HSA debit card after your account is
established, along with a welcome kit including information on ordering
extra debit cards for family members. The debit card works just like your
personal debit card. Remember, you should only use the HSA debit card
to pay for qualiied healthcare expenses as designated by the IRS.
Health Savings Accounts
Company Money For Qualified Healthcare
Expenses
EnTrans will provide a matching contribution to your HSA based on
your level of coverage. Employees covering just themselves will receive
an employer match up to $500, employee plus spouse or employee plus
child(ren) coverage will be matched up to $750, and up to $1,000 will be
matched for anyone carrying full family coverage.
When you enroll in the high deductible medical plan (HDHP), your
Health Savings Account will be established through Health Equity on
your behalf. You may be asked to supply additional information in order
to open your new Health Equity HSA. Upon being approved, you will
receive a welcome packet from Health EquityBank.
You can use HSA funds on any tax deductible dependent, regardless of if
they are covered by a high deductible or non-high deductible health plan.
You can set up regular payroll deductions to contribute to your HSA
before tax. There is an IRS annual maximum contribution (including
your contributions and the company’s) for your HSA that varies by your
coverage level. The 2016 maximum allowable annual contribution is
$3,350 for employee only or $6,750 for other coverage levels. If you are
55 or over, you could add $1,000 to the allowable annual contribution
amount. You can elect the annual payroll deduction amount to contribute
to your HSA when you enroll in the HDHP with HSA medical option.
You can also start, stop or change this amount at any time during the year.
You cannot be covered by a non-high deductible health plan while
contributing to the HSA.
Health Equity will send you an HSA debit card after your account is
established, along with a welcome kit including information on ordering
extra debit cards for family members. The debit card works just like your
personal debit card. Remember, you should only use the HSA debit card
to pay for qualiied healthcare expenses as designated by the IRS.
