Page 12 - 2018-19 MYNEXUS Benefits Guide
P. 12
2018–19 BENEFITS ENROLLMENT
HSA Eligibility HEALTH SAVINGS
You may open and contribute ACCOUNT (HSA)
pre-tax dollars to an HSA if you
meet the following criteria.
Health Savings Account
Enrolled in an IRS qualiied What can I use the money for? IRS qualified medical, dental, and vision
high deductible health plan expenses incurred by you, your spouse and
(both Base and Buy-Up dependents (even if the dependents are not
Plans are) enrolled in the medical plan)
Can I roll over unused dollars Yes; unused money will remain in your HSA
Not enrolled in a from year to year? for future use
Government sponsored How are expenses paid? You pay for expenses until you reach the
program (Medicare, deductible and then you pay coinsurance
Medicare, TRICARE, etc.) until you reach the out-of-pocket maximum;
you decide whether or not to use your HSA
debit card to pay for medical claims subject
Have not received VA to the deductible and coinsurance expenses
medical beneits within with the funds in your HSA
the last three months How do I access my account? By using your HSA debit card and online
(unless you are receiving banking as provided to you when you
beneits for a service related Does the money earn interest? opened your account
Yes
disability) Can I take the unused balance Yes; if you leave myNEXUS, you take your
Not claimed as a dependent with me? HSA funds with you
Must I report my HSA on my
Yes
on someone else’s tax return federal income tax form?
May I use HSA funds for No; you may only reimburse eligible
Your spouse may not expenses incurred prior to expenses incurred after you open your HSA
contribute to a healthcare opening my HSA?
FSA When can I change the You can make changes to your elections
amounts I contribute? start, or stop HSA deductions at any time.
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 You are responsible for paying the remaining
your HSA or pay out-of-pocket. There are no doctor’s deductible and coinsurance up to the out-of-pocket
office visit copays. You are responsible for paying maximum limits. Once met, the plan pays 100% of
for all non-preventive medical services and non- your eligible medical expenses. You may contribute
preventive prescriptions until you meet your annual additional funds to your HSA at any time during the
deductible. plan year subject to calendar year limits.
Want to pay for your eligible healthcare expenses
There is no “use it or lose it” tax-free?
rule. Any unused money will
remain in your HSA for future Make pre-tax contributions to your HSA through payroll deduction.
use. If you leave myNEXUS, you The IRS contribution limits for 2018 are $3,450 for individuals and
take your HSA funds with you. $6,850 for families. Individuals age 55 and older may contribute an
additional $1,000 to their HSA. These funds can be withdrawn at any
12
time to pay for qualiied healthcare expenses tax-free.
HSA Eligibility HEALTH SAVINGS
You may open and contribute ACCOUNT (HSA)
pre-tax dollars to an HSA if you
meet the following criteria.
Health Savings Account
Enrolled in an IRS qualiied What can I use the money for? IRS qualified medical, dental, and vision
high deductible health plan expenses incurred by you, your spouse and
(both Base and Buy-Up dependents (even if the dependents are not
Plans are) enrolled in the medical plan)
Can I roll over unused dollars Yes; unused money will remain in your HSA
Not enrolled in a from year to year? for future use
Government sponsored How are expenses paid? You pay for expenses until you reach the
program (Medicare, deductible and then you pay coinsurance
Medicare, TRICARE, etc.) until you reach the out-of-pocket maximum;
you decide whether or not to use your HSA
debit card to pay for medical claims subject
Have not received VA to the deductible and coinsurance expenses
medical beneits within with the funds in your HSA
the last three months How do I access my account? By using your HSA debit card and online
(unless you are receiving banking as provided to you when you
beneits for a service related Does the money earn interest? opened your account
Yes
disability) Can I take the unused balance Yes; if you leave myNEXUS, you take your
Not claimed as a dependent with me? HSA funds with you
Must I report my HSA on my
Yes
on someone else’s tax return federal income tax form?
May I use HSA funds for No; you may only reimburse eligible
Your spouse may not expenses incurred prior to expenses incurred after you open your HSA
contribute to a healthcare opening my HSA?
FSA When can I change the You can make changes to your elections
amounts I contribute? start, or stop HSA deductions at any time.
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 You are responsible for paying the remaining
your HSA or pay out-of-pocket. There are no doctor’s deductible and coinsurance up to the out-of-pocket
office visit copays. You are responsible for paying maximum limits. Once met, the plan pays 100% of
for all non-preventive medical services and non- your eligible medical expenses. You may contribute
preventive prescriptions until you meet your annual additional funds to your HSA at any time during the
deductible. plan year subject to calendar year limits.
Want to pay for your eligible healthcare expenses
There is no “use it or lose it” tax-free?
rule. Any unused money will
remain in your HSA for future Make pre-tax contributions to your HSA through payroll deduction.
use. If you leave myNEXUS, you The IRS contribution limits for 2018 are $3,450 for individuals and
take your HSA funds with you. $6,850 for families. Individuals age 55 and older may contribute an
additional $1,000 to their HSA. These funds can be withdrawn at any
12
time to pay for qualiied healthcare expenses tax-free.
