Page 14 - 2022 Oerlikon Benefits Guide

Health Savings Account

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the HDHP plan. 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 • You can withdraw your • Unused money in
are tax-free for you whether your HSA is yours money tax-free at any your HSA will roll
they come from you or (including any time, as long as you use over, earn interest
Oerlikon. Oerlikon contributions it for qualified expenses and grow tax-free
contributes $500 for deposited by Oerlikon) (a list can be found on over time.
individual coverage, $1,000 even if you leave your www.irs.gov). • You decide how to use
for individual + spouse or job, change plans or • You can also save this the HSA money,
child(ren), and $1,500 for retire. money and hold onto it including whether to
family coverage. • In 2022, the total of for future eligible health save it or spend it for
• Plans with an HSA typically your and Oerlikon’s care expenses. eligible expenses.
cost less than other plans so contributions can be When your balance is
the money you save on up to $3,650 for large enough, you can
premiums can be put into individual coverage invest it — tax-free.
your HSA. You save money on and $7,300 for family
taxes and have more flexibility coverage.
and control over your health
care dollars.

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 hea lth 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.
Activate Your HSA Account
• In order to receive employer HSA contributions, you must successfully open an HSA through Highmark.
• Accounts will automatically activate. A welcome kit will be sent to every member and your HSA debit card will arrive separate ly. Members
should call the number on the sticker attached to their debit card to activate their HSA debit cards.
• If you receive outreach from Highmark requesting further information from you to open your HSA, be sure to respond. If you do not, your
account may not be opened.
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