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P. 6
Open Enrollment
Health Savings Account You can explore a comprehensive list of the eligible expenses at
(HSA) www.irs.gov in Section 213(d) of the IRS tax code. If you decide
Employees who enroll in the High to pay for ineligible expenses with your HSA, there will be a 20%
Deductible Health Plan are eligible penalty, plus income tax payment on those expenses.
to open a Health Savings Account With our HSA plan, you will have more lexibility over how you
(HSA) through Optum Health Bank, a spend your healthcare dollars. You own your HSA and you control
UnitedHealthcare company. An HSA when and how you spend those funds so long as they are spent
is an individually owned bank account on qualiied expenses. With the HSA, there is no “use it or lose it”
to which you can contribute pre-tax provision. The funds in the account are yours and any money left at
dollars, net of income tax, and pay for year-end rolls over to the next. You can even take these funds with
qualiied medical, dental and vision you if you leave the company. HSA contributions are subject to the
expenses. The contributions to this following annual IRS limits.
account are not only tax-free when you
put the money in, but are also tax- Coverage Level 2015 Annual IRS HSA Limits
free when you take the money out for Individual (cover just yourself on the $3,350
plan)
qualiied expenses. You will use your Family (cover yourself and any other $6,650
Optum Health HSA Debit Card to pay family members)
for these expenses. Age 55 or older? Eligible to contribute an additional
$1,000 annually on top of these
amounts
Some examples of qualiied expenses
which are not covered in full by your
HDHP include the following. Unfortunately You Cannot Participate in an HSA If:
You have other coverage which is not a qualiied high deductible
Payment toward your deductible plan. For example, you may not open an HSA if you are enrolled
Payment toward your coinsurance in the Traditional Plan.
Payment for prescription drugs You are enrolled in Medicare/Medicaid/TRICARE
Payment for your dependents’ You are claimed as a dependent on a person’s tax return
eligible expenses (even if they You received VA medical beneits within three months prior to
aren’t enrolled) opening
You contribute to or have a balance remaining in a
traditional Healthcare FSA
6
Health Savings Account You can explore a comprehensive list of the eligible expenses at
(HSA) www.irs.gov in Section 213(d) of the IRS tax code. If you decide
Employees who enroll in the High to pay for ineligible expenses with your HSA, there will be a 20%
Deductible Health Plan are eligible penalty, plus income tax payment on those expenses.
to open a Health Savings Account With our HSA plan, you will have more lexibility over how you
(HSA) through Optum Health Bank, a spend your healthcare dollars. You own your HSA and you control
UnitedHealthcare company. An HSA when and how you spend those funds so long as they are spent
is an individually owned bank account on qualiied expenses. With the HSA, there is no “use it or lose it”
to which you can contribute pre-tax provision. The funds in the account are yours and any money left at
dollars, net of income tax, and pay for year-end rolls over to the next. You can even take these funds with
qualiied medical, dental and vision you if you leave the company. HSA contributions are subject to the
expenses. The contributions to this following annual IRS limits.
account are not only tax-free when you
put the money in, but are also tax- Coverage Level 2015 Annual IRS HSA Limits
free when you take the money out for Individual (cover just yourself on the $3,350
plan)
qualiied expenses. You will use your Family (cover yourself and any other $6,650
Optum Health HSA Debit Card to pay family members)
for these expenses. Age 55 or older? Eligible to contribute an additional
$1,000 annually on top of these
amounts
Some examples of qualiied expenses
which are not covered in full by your
HDHP include the following. Unfortunately You Cannot Participate in an HSA If:
You have other coverage which is not a qualiied high deductible
Payment toward your deductible plan. For example, you may not open an HSA if you are enrolled
Payment toward your coinsurance in the Traditional Plan.
Payment for prescription drugs You are enrolled in Medicare/Medicaid/TRICARE
Payment for your dependents’ You are claimed as a dependent on a person’s tax return
eligible expenses (even if they You received VA medical beneits within three months prior to
aren’t enrolled) opening
You contribute to or have a balance remaining in a
traditional Healthcare FSA
6
