Page 11 - Benefit Guide 2022

Health Savings Account (HSA)

A Health Savings Account (HSA) is a savings account that belongs to you and paired with the High Deductible
Health Plans (HDHP Low and HDHP High). It allows you to make tax-free contributions to a savings account
to pay for current and future medical expenses for you and your dependents. Hillyard also helps you fund this
account by contributing to your HSA annually.

START IT BUILD IT USE IT GROW IT

• Contributions to the • All of the money in • You can withdraw your • Unused money in your
HSA are tax-free for your HSA is yours, money tax-free at any HSA will roll over, earn
you whether they even if you leave your time, as long as you interest and grow tax-
come from you or the job, change medical use it for qualified ex- free over time.
company. plans or retire. penses.
• You decide how to use
• Plans with an HSA cost • In 2022, the total of • You can also save this the HSA money, in-
less than other plans your contributions and money and hold onto it cluding whether to
so the money you save the company’s can be fur future eligible save it or spend it for
on premiums can be up to $3,650 for indi- health care expenses. eligible expenses.
put into your HSA. You vidual coverage and When your balance is
save money on taxes $7,300 for family. large enough, you can
and have more flexibil- invest it—tax-free.
ity and control over • If you are age 55 or
your health care dol- older, you can contrib-
lars. ute an additional
$1,000 per year.

Annual Company Contribution

Hillyard will make a $500 contribution to your HSA in January if you are enrolled in one of the HDHP medical plans and
have elected the Health Savings Account during enrollment. An additional $250 contribution will be made in July for
those enrolled in Employee + Spouse or Employee + Children coverage and an additional $500 for those enrolled in
Family HDHP coverage. If you terminate employment with Hillyard or change coverage prior to July 1, you will not
receive the second HSA contribution.

Fidelity HSA
Log in to your 401k NetBenefits.com account and click your HSA Summary to activate your HSA, set up or change
personal contributions, order additional debit cards, and set up a beneficiary for your account.

Eligibility Details

• You are not allowed to be enrolled in any other health coverage, and cannot have an HSA if you are enrolled in any
other health coverage or Medicare, or claimed as a dependent on someone else’s tax return.

• You cannot participate in the HSA if your spouse has a Health Care FSA.

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