Page 15 - 2021 Gray Solutions Benefits Guide
P. 15
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Website: healthequity.com
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What expenses are eligible?
A Health Savings Account (HSA) works in An eligible medical expense is an expense
combination with a high deductible health plan, that pays for healthcare services, equipment
allowing you to contribute funds on a pre-tax or medications as described in IRS Publication
or tax-deductible basis, which you may use 502.* In general, your HSA can be used for:
to pay for eligible medical expenses. HSAs
are also an important financial benefit. Learn
more about the advantages on page 29. Expenses applied to your
health plan deductible
Am I eligible for a Health Savings
Account? Dental care services
The main requirement for opening an HSA
is having a high-deductible health plan. To Vision care services
be eligible and qualify for an HSA, you must
also meet the following requirements: Prescription drugs and medicines
• You are not covered by another health plan.
• You are not enrolled in Medicare. Certain medical expenses
• You do not receive health
benefits under TRICARE.
• You have not received Veterans *A list of Qualified Medical Expenses can be found in IRS Publication
Administration (VA) benefits 502 at https://www.irs.gov/pub/irs-pdf/p502.pdf
within the past three months.
• You cannot be claimed as a dependent What are the account limits?
on another person’s tax return.
• You are not covered by a general purpose The maximum amount that can be contributed
healthcare Flexible Spending Account (FSA) to an HSA for 2021 is $3,600 for individuals and
or Health Reimbursement Account (HRA). $7,200 for families. The “catch up contribution”
limit for individuals who will attain age 55 by
the end of the year remains at $1,000.
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