Page 2 - 2017 FutureSteps
P. 2
HSA Eligibility
All employees are eligible to participate in the medical plan. You are eligible to
open and fund an HSA if:
You are covered by an HSA eligible plan on the irst day of the month
You are not covered by any other non-HSA-compatible health plan, including
Medicare Part A and B
You are not covered by your spouse’s health plan or FSA
You are not covered by TRICARE, or TRICARE for Life
You have not accessed VA medical beneits in the past 90 days (to contribute
to an HSA)
You are not eligible to be claimed as a dependent on someone else’s tax
return (unless it’s your spouse).
Note: If you are not eligible to participate in the HSA, there will be an alternative program
available to you. There will be a meeting for those who fall into this category. Please
call or email us for details.
2017 Contribution Limits
You can contribute pre-tax savings from your paycheck directly into your HSA
each pay period. What a convenient way to save!
Maximum
W&T HSA
Coverage Level Contribution IRS Mandated Contribution
Employee
Maximum
Contribution
Individual (covering just
yourself) $1,500 $3,400 $1,900
Family (covering
yourself and any $1,500 $6,750 $5,250
number of dependents)
Age 55 or older Add an additional $1,000 to these amounts
as a catch-up contribution
$375 will be deposited into your HSA at the start of each quarter (January, April,
July, and October) for a total of $1,500 into your HSA by the end of the year.
Catch Up Contributions
If you are an eligible individual who is age 55 or older at the end of your tax
year, your pre-tax contribution limit is increased by $1,000. Eligibility includes:
Health Savings account holder; age 55 or older (regardless of when in the year
an account holder turns 55); not enrolled in Medicare (if an account holder
enrolls in Medicare mid-year, catch-up contributions should be prorated).
Authorized signers who are 55 or older must have their own HSA in order to
make the catch-up contribution.
All employees are eligible to participate in the medical plan. You are eligible to
open and fund an HSA if:
You are covered by an HSA eligible plan on the irst day of the month
You are not covered by any other non-HSA-compatible health plan, including
Medicare Part A and B
You are not covered by your spouse’s health plan or FSA
You are not covered by TRICARE, or TRICARE for Life
You have not accessed VA medical beneits in the past 90 days (to contribute
to an HSA)
You are not eligible to be claimed as a dependent on someone else’s tax
return (unless it’s your spouse).
Note: If you are not eligible to participate in the HSA, there will be an alternative program
available to you. There will be a meeting for those who fall into this category. Please
call or email us for details.
2017 Contribution Limits
You can contribute pre-tax savings from your paycheck directly into your HSA
each pay period. What a convenient way to save!
Maximum
W&T HSA
Coverage Level Contribution IRS Mandated Contribution
Employee
Maximum
Contribution
Individual (covering just
yourself) $1,500 $3,400 $1,900
Family (covering
yourself and any $1,500 $6,750 $5,250
number of dependents)
Age 55 or older Add an additional $1,000 to these amounts
as a catch-up contribution
$375 will be deposited into your HSA at the start of each quarter (January, April,
July, and October) for a total of $1,500 into your HSA by the end of the year.
Catch Up Contributions
If you are an eligible individual who is age 55 or older at the end of your tax
year, your pre-tax contribution limit is increased by $1,000. Eligibility includes:
Health Savings account holder; age 55 or older (regardless of when in the year
an account holder turns 55); not enrolled in Medicare (if an account holder
enrolls in Medicare mid-year, catch-up contributions should be prorated).
Authorized signers who are 55 or older must have their own HSA in order to
make the catch-up contribution.
