Page 11 - NYMets_2018_Benefits_Guide
P. 11
BACK TO
HOME
PLATE
at-bat: medical benefits
Health Savings Account (HSA) How Much You Can Save
To be eligible to contribute to a Health Savings Account (HSA), When you enroll in the Premier HDHP with HSA, the Mets will
you must be enrolled in the Premier HDHP offered by the Mets. contribute up to the following amounts into your HSA.
Government regulations require that these savings accounts Single $500
be tied to a high deductible health plan (like the HDHP).
Employee + Family $1,000
You cannot participate in an HSA if you are covered by
outside health insurance or enrolled in Medicare. (Once Company contributions will be made on a quarterly basis and
your Medicare coverage begins, you must stop contributing are subject to proration upon date of entry.
to the HSA. However, you can still use your account to pay For 2018, the maximum annual amounts permissible under
your eligible medical expenses tax-free, including Medicare IRS regulations (your contributions and the Mets contribution
premiums and other plan costs.) combined) you may contribute to your HSA on a pre-tax
How the HSA Works basis are:
Once you elect the Premier HDHP with HSA, you will need to Single $3,450
decide how much you want to contribute on a pre-tax basis. Employee + Family $6,900
Highmark will work with their banking partner to open your
HSA on your behalf. Also, if you are nearing retirement, you can make “catchup”
contributions to your HSA. At age 55 or older, you can put an
If you choose to participate, you will receive a debit card to additional $1,000 in your account each year.
access the money in your HSA. You can use your debit card
to pay your qualified health care expenses directly, or you can Note: These annual amounts are determined by federal
pay qualified expenses out of your own pocket and reimburse regulations and may change from year to year.
yourself from the HSA with available funds. There is no limit to how much you can eventually accumulate.
If you prefer to think of your HSA as a long-term savings Your total savings will depend on the amount you save each
account, you may want to leave your funds alone — and pay year, the number of years you contribute, your returns and
current expenses out of your regular income. Your account how much you use toward current medical expenses.
will continue to grow tax-free, including interest or investment
earnings, for future use — even after retirement.
You can use your HSA to pay eligible medical, dental and
vision expenses — but only up to the amount that is currently
in your account. Then, as additional deposits are made, you setting up & Accessing
can access those funds to pay yourself back or pay providers Your HSA Account
directly from your HSA.
You can access your account anytime by registering
If you leave the Organization, your HSA is portable; you can
take it with you and access your account to pay for eligible and logging on to www.highmarkbcbs.com. You will be
medical expenses. able to see your account balance, recent transactions,
and manage your elections online through the website.
Important! If you use your HSA to pay for ineligible medical
expenses, you will be subject to ordinary income taxes and If you want to learn more about HSAs, how they work,
penalties. how to get started and more, visit www.highmarkbcbs-
hsa.com. Here you will find answers to all your
questions. You can even view ‘how-to’ videos.
9
