Page 16 - 2017 Benefits Enrollment
P. 16
Using Your HSA Funds Contributions to the HSA
When you set up your HSA GESM will make a contribution each pay period to your HSA if the following
account, you will receive a debit criteria are met.
card to use to pay for eligible
healthcare expenses. You choose X You are enrolled in the $2,600 or $3,000 high deductible medical plan
when to use your HSA funds X You are eligible to participate in the HSA
and can choose to save them for X You have opened a health savings account (HSA) with Associated Bank
the future. Funds accumulate X You have submitted your HSA account information (bank name,
year after year; there is no “use routing number, and account number) to Beneits Administration
it or lose it” rule, like with the (beneits@goodwilleasterseals.org)
lexible spending accounts. Even
if you leave GESM, the funds in If you do not submit your HSA account information to Beneits, you are forfeiting
your HSA and the account itself any GESM HSA contributions as well as your own HSA deductions until Beneits
is yours to keep. It’s important receives your account information
to note if distributions are made
from an HSA account for non- If you complete the above criteria, GESM will contribute the following.
qualiied health care expenses, X $19.23 (up to $500/year) each pay period for the remainder of the year for
the distributions are considered employee only coverage
taxable income and are subject X $38.63 (up to $1,000/year) each pay period for the remainder of the year for all
to an additional 20% excise other medical coverages
tax. Over-the-counter drugs, You may also elect to contribute pre-taxed contributions to your HSA account
unless prescribed by a physician, through payroll deduction utilizing direct deposit. Be advised, your contribution and
with the exception of insulin, GESM’s contribution to your HSA account, may not exceed the annual HSA funding
are not an eligible expense. limits. The 2017 HSA funding limits are below. Contact Beneits Administration for
For a complete list of eligible the applicable form to contribute through payroll deduction.
expenses, go to irs.gov.
2017 HSA Funding Limits
Coverage Level Limit*
Individual Coverage $3,400
Family Coverage $6,750
Age 55 or Older Contribute an additional $1,000 on top of these amounts
* Limits include the GESM contribution
GESM
16
When you set up your HSA GESM will make a contribution each pay period to your HSA if the following
account, you will receive a debit criteria are met.
card to use to pay for eligible
healthcare expenses. You choose X You are enrolled in the $2,600 or $3,000 high deductible medical plan
when to use your HSA funds X You are eligible to participate in the HSA
and can choose to save them for X You have opened a health savings account (HSA) with Associated Bank
the future. Funds accumulate X You have submitted your HSA account information (bank name,
year after year; there is no “use routing number, and account number) to Beneits Administration
it or lose it” rule, like with the (beneits@goodwilleasterseals.org)
lexible spending accounts. Even
if you leave GESM, the funds in If you do not submit your HSA account information to Beneits, you are forfeiting
your HSA and the account itself any GESM HSA contributions as well as your own HSA deductions until Beneits
is yours to keep. It’s important receives your account information
to note if distributions are made
from an HSA account for non- If you complete the above criteria, GESM will contribute the following.
qualiied health care expenses, X $19.23 (up to $500/year) each pay period for the remainder of the year for
the distributions are considered employee only coverage
taxable income and are subject X $38.63 (up to $1,000/year) each pay period for the remainder of the year for all
to an additional 20% excise other medical coverages
tax. Over-the-counter drugs, You may also elect to contribute pre-taxed contributions to your HSA account
unless prescribed by a physician, through payroll deduction utilizing direct deposit. Be advised, your contribution and
with the exception of insulin, GESM’s contribution to your HSA account, may not exceed the annual HSA funding
are not an eligible expense. limits. The 2017 HSA funding limits are below. Contact Beneits Administration for
For a complete list of eligible the applicable form to contribute through payroll deduction.
expenses, go to irs.gov.
2017 HSA Funding Limits
Coverage Level Limit*
Individual Coverage $3,400
Family Coverage $6,750
Age 55 or Older Contribute an additional $1,000 on top of these amounts
* Limits include the GESM contribution
GESM
16
