Page 10 - Benefit Guide_SIPS_2020_Revised 2-12-21

H.S.A Information

NEED TO BE ON MTBCP78AH Plan

What is a Health Savings Account?

A Section 223 Health Savings Account is a personal savings account set up to pay for out
of pocket medical expenses that is regulated by the Internal Revenue Service (IRS).

What are the Advantages of an H.S.A.?

• It is YOUR Personal Savings Account for medical expenses
• You have the opportunity to make contributions to your account through pre-tax payroll
deduction
• Unused money rolls over from year to year

• Triple Tax Benefits! These Include:
1)Pre-tax contributions
2)No tax paid on any payments made on medical expenses
3) Tax-Free earnings through investments

Who can Participate?

Employees and Members signed up on the H.S.A. MTBCP78AH plan

• Does not have underlying health coverage (this includes a spouse with an FSA)

• Does not have Medicare (A or B)

• Cannot be claimed as a dependent on someone else’s taxes

• Has not used V.A. Hospital Benefits in the last 3 months.
2020 H.S.A. Contribution Limits: 2021 H.S.A. Contribution Limits:

• Individuals (self-only) Coverage: $3,550 • $3,600

• Family Coverage: $7,100 • $7,200

• Each Member Over Age 55: Can contribute $1,000 over the annual limit

You can now access your H.S.A. account information on your smartphone with
the Mobile myRSC® app for iPhone
and Android. For more information
see next page or contact Alt Bentley
Yates Customer Service: 817-731-6258

10