Page 11 - 2019 Benefits Enrollment
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What is a Health Savings Account (HSA)?
When an associate participates in a qualiied CDHP (and is not covered
by another non-CDHP medical plan), associates are eligible to participate
in a Health Savings Account (HSA). An HSA allows associates to pay
for qualiied medical expenses under a CDHP with pre-tax dollars, thus
reducing taxable income. Associates can make contributions to the
account up to the allowed maximum contribution limits. These funds can
be withdrawn at any time to cover qualiied medical expenses as deined
by the IRS, such as deductibles, medical services, pharmacy charges, or
post retirement medical expenses, for example. Contributions made to the
account will automatically roll over year after year.
When you participate in an HSA, you are not eligible for the
Healthcare FSA. If you are currently enrolled in a Healthcare FSA,
you cannot contribute to an HSA until you are no longer enrolled
in a Healthcare FSA. However, you may elect to participate in a
Limited Health FSA (dental and vision only) if you participate in
an HSA.
In addition, you may not contribute to an HSA while your spouse
is contributing to a Healthcare FSA through his or her employer.
Conversely, a spouse may not contribute to a Healthcare FSA while you
are contributing to an HSA. Unlike the Healthcare FSA, HSA funds are
not available until they have been accumulated in your HSA account.
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When an associate participates in a qualiied CDHP (and is not covered
by another non-CDHP medical plan), associates are eligible to participate
in a Health Savings Account (HSA). An HSA allows associates to pay
for qualiied medical expenses under a CDHP with pre-tax dollars, thus
reducing taxable income. Associates can make contributions to the
account up to the allowed maximum contribution limits. These funds can
be withdrawn at any time to cover qualiied medical expenses as deined
by the IRS, such as deductibles, medical services, pharmacy charges, or
post retirement medical expenses, for example. Contributions made to the
account will automatically roll over year after year.
When you participate in an HSA, you are not eligible for the
Healthcare FSA. If you are currently enrolled in a Healthcare FSA,
you cannot contribute to an HSA until you are no longer enrolled
in a Healthcare FSA. However, you may elect to participate in a
Limited Health FSA (dental and vision only) if you participate in
an HSA.
In addition, you may not contribute to an HSA while your spouse
is contributing to a Healthcare FSA through his or her employer.
Conversely, a spouse may not contribute to a Healthcare FSA while you
are contributing to an HSA. Unlike the Healthcare FSA, HSA funds are
not available until they have been accumulated in your HSA account.
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