Page 17 - 2021 Miami Marlins Front Office Benefits Guide

HEALTH SAVINGS ACCOUNT (H.S.A)

A H.S.A. is a personal savings account that can be used to pay for medical, dental, vision, prescriptions, and
other qualified medical expenses now or later in life. If you contribute on a pre-tax basis, you will save money
by reducing your taxable gross income, spending pre-tax dollars for medical care, and growing your HSA tax-
free.

Your Medical 80/60 High Deductible Health Plan (HDHP) goes hand-in-hand with an H.S.A. They were designed to
be used together to help you save. Because HDHP’s generally have lower monthly premiums and more out-of-
pocket costs, H.S.A.’s are intended to help you pay for out-of-pocket medical expenses. You have the choice and
the control over how you use your H.S.A dollars.

H.S.A. direct deposits become effective the first pay period following the month the employee was hired and/or after
the employees have established an individual H.S.A bank account.

H.S.A.’s Offer Triple Tax Advantages
WHO CAN OPEN AN H.S.A?
Money can go in tax-free You must be enrolled in the 80/60 HDHP with
• Any contributions you make through a pre-tax payroll H.S.A. You cannot open an H.S.A. if you are:
deduction program may reduce your taxable income.
And, any money you contribute on your own is tax- 1. Enrolled in the 90/70 PPO or 70/50 Value
deductible; subject to annual contribution limits. Plan (dental and vision plans are not
included in this restriction.
Money comes out tax-free
• You will never be taxed when you use your H.S.A. 2. Enrolled in Medicare.

dollars for qualified medical expenses.
3. Claimed as a Dependent on another
individuals’ tax return.
Interest and earnings are tax-free
• You won’t be taxed on interest and earnings on your For more information on the advantages of an
account – your money grows tax-free.
H.S.A., Qualified Expenses, and ways to
contribute to and grow your H.S.A., click here.
HOW MUCH MAY I CONTRIBUTE TO MY H.S.A?
Contributions to H.S.A.’s are limited by the amount established by the IRS guidelines and typically change each calendar year.

2021 H.S.A. Maximum Annual Contributions
Employee Only $3,600
Employee + One or More $7,200
Age 55 Catch-Up (Age 55 by 12/31/21) * Additional $1,000

*For individuals age 55 and over, or who will become age 55 at any time in the calendar year, you have the option to contribute an
additional $1,000 under the catch-up provision established by the IRS.

The above is a brief summary of this benefit option.

Click here for more detailed information on this available benefit option.

Miami Marlins Front Office Employee Benefit Guide Page 17