Page 11 - 2019 Franke Enrollment Guide
P. 11
Franke
The chart below outlines some of the specifics regarding an HSA.
Choice Fund
Health Savings Account
What can I use the money for? IRS qualified medical expenses* incurred by you, your spouse and
dependents (even if the dependents are not enrolled in the HSA
Plan)
Can I roll over unused dollars from year to Yes; unused money will remain in your HSA for future use
year?
How are expenses paid? You decide whether or not to use your HSA debit card to pay for
medical claims subject to the deductible and coinsurance expenses
with the funds in your HSA; you pay for expenses until you reach
the annual out-of-pocket maximum
How do I access my account? By using your HSA debit card and online banking as provided to
you when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave Franke, you take your HSA funds with you
Can I contribute to a Healthcare Flexible No; participants in the HSA Plan can only have a limited purpose
Spending Account (FSA)? healthcare FSA
Must I report my HSA on my federal income Yes
tax form?
May I use HSA funds expenses incurred prior No; you may only reimburse eligible expenses incurred after you
to opening my HSA? open your HSA
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from
your HSA or pay out-of-pocket. There are no copays. You are responsible for paying the remaining
You are responsible for paying for all non-preventive deductible and coinsurance up to the out-of-pocket
medical services and non-preventive prescriptions maximum limits. Once met, the plan pays 100
until you meet your annual deductible. percent of your eligible medical expenses. You may
contribute funds to your HSA to calendar year limits.
There is no “use it or lose it” Want to pay for your eligible medical expenses
rule. Any unused money will tax-free?
remain in your HSA for future Make pre-tax contributions to your HSA through payroll deduction.
use. If you leave Franke, you The IRS contribution limits for 2019 are $3,500 for individuals and
take your HSA funds with you. $7,000 for families. Individuals age 55 and older may contribute
an additional $1,000 to their HSA. These funds can be withdrawn
at any time to pay for qualiied medical expenses tax-free. Refer
to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf.
11
The chart below outlines some of the specifics regarding an HSA.
Choice Fund
Health Savings Account
What can I use the money for? IRS qualified medical expenses* incurred by you, your spouse and
dependents (even if the dependents are not enrolled in the HSA
Plan)
Can I roll over unused dollars from year to Yes; unused money will remain in your HSA for future use
year?
How are expenses paid? You decide whether or not to use your HSA debit card to pay for
medical claims subject to the deductible and coinsurance expenses
with the funds in your HSA; you pay for expenses until you reach
the annual out-of-pocket maximum
How do I access my account? By using your HSA debit card and online banking as provided to
you when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave Franke, you take your HSA funds with you
Can I contribute to a Healthcare Flexible No; participants in the HSA Plan can only have a limited purpose
Spending Account (FSA)? healthcare FSA
Must I report my HSA on my federal income Yes
tax form?
May I use HSA funds expenses incurred prior No; you may only reimburse eligible expenses incurred after you
to opening my HSA? open your HSA
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from
your HSA or pay out-of-pocket. There are no copays. You are responsible for paying the remaining
You are responsible for paying for all non-preventive deductible and coinsurance up to the out-of-pocket
medical services and non-preventive prescriptions maximum limits. Once met, the plan pays 100
until you meet your annual deductible. percent of your eligible medical expenses. You may
contribute funds to your HSA to calendar year limits.
There is no “use it or lose it” Want to pay for your eligible medical expenses
rule. Any unused money will tax-free?
remain in your HSA for future Make pre-tax contributions to your HSA through payroll deduction.
use. If you leave Franke, you The IRS contribution limits for 2019 are $3,500 for individuals and
take your HSA funds with you. $7,000 for families. Individuals age 55 and older may contribute
an additional $1,000 to their HSA. These funds can be withdrawn
at any time to pay for qualiied medical expenses tax-free. Refer
to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf.
11
