Page 48 - 2021 Miami Marlins Front Office Benefits Guide

What’s • Medical deductibles
considered a • Prescriptions

qualified medical • Dental care

expense? • Contacts and eyeglasses
• Laser eye surgery

• Orthodontia
• Over-the-counter health products
You can view an extensive list of qualified medical expenses
at highmarkspendingaccounts.com.

How do you HSAs are powerful investment vehicles that can help you save for the
maximize savings long-term, because the tax benefits apply for qualified expenses whether
you use the money today, five years from now, or after you retire.
with an HSA?
• Earn interest like a savings account, but in your HSA you earn
it tax-free.
• Make catch-up contributions at age 55 or older.

• Make an HSA part of your retirement strategy, along with your
IRA or 401(k) plan
• After 65, you can use it for non-medical expenses but withdrawals
are taxed as income.

How much can The IRS sets a limit each year on how much you can contribute to an

you contribute HSA. If you’re 55 or older, you can add an extra amount each year,
called a “catch-up” contribution.
to an HSA? • In 2021, the maximum contribution is $3,600 for an individual

and $7,200 for a family.

• The 2020 “catch-up” amount is $1,000.
• These maximums include any employer contribution.

How can you Your employer may choose to open an HSA for you, or you may have to

open an HSA? open your HSA through your member website. More details will follow
in the coming months.

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