Page 15 - Parsons and Parsons Corp ODD EE Guide 1 1 17_FINAL 11.1.16

Benefits For Your Health

HEALTH SAVINGS ACCOUNT (HSA)

Optum Bank ® HSA | Health Savings Account
The opportunity to establish and contribute to a Health Savings Account (HSA) is available when you elect the High Deductible
Health 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.

HOW THE HSA WORKS
Here’s an overview of how it works:
• You enroll in the High Deductible Health Plan for Medical coverage and establish your HSA with Optum Bank online (through
bswift) during open enrollment or any time during the year. You will receive a Welcome Packet at your home address with
detailed instructions on how to administer your HSA.
• You may elect to make contributions into your account up to IRS maximums. In 2017, you may defer up to $3,400 for
employee coverage and up to $6,750 for family coverage. If you are age 55 or older, you are also permitted an additional catch
-up contribution of $1,000. The portion of your paycheck that you contribute to your HSA will be taken out before you pay
federal income taxes, Social Security taxes and most state taxes (excluding state taxes in AL, CA and NJ). Any contributions you
make can be increased or decreased over the course of the year.
• You can decide how to manage your money. The money in your HSA is yours to save and spend on eligible health care
expenses whenever you need it, whether this year or during a later year. You can use the funds in your account to pay tax-free
for qualifying out-of-pocket Medical, Dental and Vision expenses such as deductibles, coinsurance and copays. Your account
balance earns interest and the unused balance rolls-over from year to year. The money is yours to keep even if you leave
Parsons, no longer participate in a high deductible health plan (like the High Deductible HSA Medical plan), 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 coverage of your High Deductible HSA coverage if your employment terminates.
• You may NOT elect to open a HSA if you are contributing to, or covered under, a healthcare flexible spending account (FSA).

Eligible HSA Expenses Include:

Medical Dental Vision Other
• Doctors, Nurses • Psychoanalysts • Dentists • Optometrists • COBRA Premiums
• Prescription Drugs • Psychotherapists • Orthodontists • Ophthalmologists • Long-Term Care
• Hospital • Insulin Treatment • Periodontists • Exams Premiums
• Lab work • Alcoholism • Teeth Cleaning • Glasses • Medicare Premiums
• X-Rays Treatment • X-Rays • Contact Lenses • Telemedicine
• Ambulance • Sterilization • Fluoride • Lasik Surgery
• Durable Medical • Acupuncture • Treatments
Equipment • Chiropractic

Ineligible HSA expenses Include: Expenses that are not medical or health related as well as cosmetic surgery.

Questions?
Visit www.myuhc.com or call (800) 791-9361. Customer care professionals are available Monday through
Friday, 8:00 a.m. to 8:00 p.m. Eastern Standard Time.

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