Page 20 - Texas Rangers 2022 Front Office Flipbook

HEALTH SAVINGS ACCOUNT (HSA)

An HSA 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.

Medical Plan A, Plan B, and Plan C are High Deductible Health Plans (HDHP) that allow you to enroll in a Health
Savings Account (HSA). 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, HSAs are intended to help you pay for out-of-pocket medical
expenses. You have the choice and the control over how you use your HSA dollars.

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

HSAs Offer Triple Tax Advantages

Money can go in tax-free WHO CAN OPEN AN HSA?
• Any contributions you make through a pre-tax payroll You must be enrolled in either Medical Plan
deduction program may reduce your taxable income. Any A, Plan B, or Plan C. You cannot open an
money you contribute on your own is tax-deductible, subject HSA if you are:
to annual contribution limits.
1. Enrolled in Plan D (dental and vision
Money comes out tax-free plans are not included in this
• You will never be taxed when you use your HSA dollars for restriction).
qualified medical expenses.
2. Enrolled in Medicare.
Interest and earnings are tax-free
• You won’t be taxed on interest and earnings on your account 3. Claimed as a dependent on another
– your money grows tax-free. individuals’ tax return.

HOW MUCH MAY I CONTRIBUTE TO MY HSA?
Contributions to HSAs are limited by the amount established by the IRS guidelines and typically change each calendar year.

2022 HSA Maximum Annual Contributions
Employee Only $3,650
Employee + One or More $7,300
Age 55 Catch-Up * Additional $1,000

*For individuals age 55 and over, or who will become age 55 at any time in 2022, you have the option to contribute an additional
$1,000 under the catch-up provision established by the IRS.

The above is a summary of this benefit option.

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

2022 Rangers Baseball LLC (the Texas Rangers) Benefit Guide Page 20