Page 10 - AFL 2022 Manufacturing Guide with Legal Notices
P. 10


        A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the High
        Deductible Health Plan (HDHP). This information does not apply to those that select one of the PPO
        Plans. 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.

                 START IT                   BUILD IT                    USE IT                    GROW IT
             ΅ Contributions to the HSA     ΅ All of the money in your    ΅ You can withdraw your     ΅ Unused money in your
            are tax-free for you.      HSA is yours (including any  money tax-free at any    HSA will roll over, earn
             ΅ Plans with an HSA typically   contributions deposited  time, as long as you use    interest and grow tax-free
            cost less than other plans   by the company) even if  it for qualified expenses    over time.
            so the money you save on   you leave your job, change  (a list can be found on     ΅ You decide how to use
            premiums can be put into   plans or retire.               the HSA money, including
            your HSA. You save money     ΅ In 2022, the total of your    ΅ You can also save this   whether to save it or spend
            on taxes and have more     contributions can be upto   money and hold onto it for   it for eligible expenses.
            flexibility and control over   $3,650 for individual  future eligible health care   When your balance is large
            your health care dollars.  coverage and $7,300 for    expenses.                  enough, you can invest it
                                       family coverage.                                      — tax-free.

                                                      Eligibility Details
             ΅ If you are age 55 or older, you can contribute an additional $1,000 per year.
             ΅ 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 Health Care Flexible Spending Account (FSA) if you have an HSA. Your spouse also cannot have a
            Health Care FSA.

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