Page 8 - PSA 2020-21 New Hire Guide
P. 8
2020-21 Hew Hire Guide
Health Savings Account (HSA)
A health savings account (HSA) is a tax-favored
HSA Eligibility savings account which works in conjunction with your
You may open and contribute pre-tax to an HSA under the health plan coverage. HSA dollars can be used to pay
following circumstances.
for qualiied medical expenses such as deductibles,
X Enrolled in an IRS-qualiied high deductible health plan copays, dental, and vision care. For a complete list of
(HDHP) qualiied medical expenses, visit www.irs.gov in IRS
X Cannot be enrolled in a traditional PPO plan through Publication 502.
your spouse or other employer-sponsored plan options
X Cannot be enrolled in a government-sponsored program
(Medicare, Medicaid, Tricare, etc.) PSI contributes $750 annually ($31.25
X Cannot have received VA beneits within the last three per pay period) to all HSAs.
months (unless receiving beneits for a service-related
disability)
X Cannot be claimed as a dependent on someone else’s HSA Major Benefits
tax return X Funds always belong to you
X Cannot have an HSA and healthcare FSA; your spouse X
cannot have a healthcare FSA through his/her own Funds always roll over from year to year
employer X Lowers your taxable income
HSA Triple Tax Savings
X Tax deduction when you contribute to your account
X Tax-free earnings through investment
X Tax-free withdrawal for qualiied medical expenses
You may open an HSA through Optum Bank. See a
member of your Human Resources team for more
information.
HSA Funding Limits
Coverage Level 2020 Limit
Individual Coverage $3,550
Family Coverage $7,100
Age 55 or Older Contribute an additional
$1,000 on top of these
amounts
The above limits include PSI’s $750 annual contribution to your HSA.
8
Health Savings Account (HSA)
A health savings account (HSA) is a tax-favored
HSA Eligibility savings account which works in conjunction with your
You may open and contribute pre-tax to an HSA under the health plan coverage. HSA dollars can be used to pay
following circumstances.
for qualiied medical expenses such as deductibles,
X Enrolled in an IRS-qualiied high deductible health plan copays, dental, and vision care. For a complete list of
(HDHP) qualiied medical expenses, visit www.irs.gov in IRS
X Cannot be enrolled in a traditional PPO plan through Publication 502.
your spouse or other employer-sponsored plan options
X Cannot be enrolled in a government-sponsored program
(Medicare, Medicaid, Tricare, etc.) PSI contributes $750 annually ($31.25
X Cannot have received VA beneits within the last three per pay period) to all HSAs.
months (unless receiving beneits for a service-related
disability)
X Cannot be claimed as a dependent on someone else’s HSA Major Benefits
tax return X Funds always belong to you
X Cannot have an HSA and healthcare FSA; your spouse X
cannot have a healthcare FSA through his/her own Funds always roll over from year to year
employer X Lowers your taxable income
HSA Triple Tax Savings
X Tax deduction when you contribute to your account
X Tax-free earnings through investment
X Tax-free withdrawal for qualiied medical expenses
You may open an HSA through Optum Bank. See a
member of your Human Resources team for more
information.
HSA Funding Limits
Coverage Level 2020 Limit
Individual Coverage $3,550
Family Coverage $7,100
Age 55 or Older Contribute an additional
$1,000 on top of these
amounts
The above limits include PSI’s $750 annual contribution to your HSA.
8
