Page 7 - Veritax EE Guide 10-1-2019 Non - CA

BENEFITS

Medical Insurance

How the Health Savings Account (HSA) Works
The opportunity to establish and contribute to a Health Savings Account is available when you
elect the HSA medical plan option. It’s like a personal, tax-free savings account for health care
expenses that earns interest. Any unused money rolls over from year to year.

You may elect to make contributions into your account up
to IRS maximums. IRS maximums for 2019 are:
• Employee: $3,500 Examples of
• Family: $7,000
• Catch-up if you are 55 years of age or older: $1,000 Eligible HSA Expenses

The portion you chose to you contribute to an HSA will be • Providers (Doctors, Specialists,
free of federal income taxes, Social Security taxes and most Nurses)
state taxes (excluding state taxes in AL, CA and NJ). Any • Prescription Drugs
contributions you make can be increased or decreased over • Inpatient Hospital Services
the course of the year. MEDICAL • Laboratory & X-Ray
• Emergency Services
You can decide how to manage your money. The money in • Acupuncture / Chiropractic
your HSA is yours to save and spend on eligible health care
expenses whenever you need it, whether in this plan year
or in future plan years. You can use the funds in your
account to pay tax-free for qualifying out-of-pocket • Providers (Dentists,
Medical, Dental and Vision expenses such as deductibles, Specialists, Orthodontists)
coinsurance and copays. Your account balance earns • Teeth Cleaning
interest and the unused balance rolls-over from year to DENTAL • Dental Treatment
year. The money is yours to keep even if you leave Veri-tax, • Orthodontia
no longer participate in a high deductible health plan (like
the HSA), or retire. You may continue to make
contributions to your HSA if you enroll in another qualified
high deductible health plan, or elect COBRA continuation • Providers (Optometrists,
coverage of your HSA coverage if your employment Ophthalmologists)
terminates. • Exams
• Glasses
Please contact your personal banker to learn more and VISION • Contact Lenses
setup an HSA Bank Account. • Lasik Surgery

• COBRA
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Embedded Deductible: When an individual member of a • Long-Term Care
family unit satisfies the Individual Deductible amount for PREMIUMS • Medicare
the year, no further deductible will be required for him/her
for that year. One member of the family cannot meet the
entire family deductible.
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Limits may apply to Non-Network coverage. Examples of
Ineligible HSA Expenses

Ineligible HSA expenses include expenses that are not
medical or health related as well as cosmetic surgery.

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