![]() You decide how and when to use available HSA funds. You will receive a Benny ® prepaid debit card you can use to draw on your account at any time for eligible expenses, up to the amount in your account at the time.Any reward amounts that exceed the maximum annual contribution will be deposited in a post-deductible health reimbursement account. You may choose to credit your Shared Savings Program rewards to your HSA, up to the maximum annual contribution amount. ![]() You decide what to contribute during Open Enrollment and can change the amount during the year. Once your HSA Advantage TM account is opened the state will make its tax-free contribution during the year on a monthly basis you can do the same but you aren’t required to contribute.If you enroll in an HDHP, and HSA through People First: Even when you pay no income taxes, the Social Security tax savings is about 7.5% - or $7.50 for each $100 you spend. The savings could be more - depending on your income tax rate. If you pay federal income tax and Social Security tax, this creates at least a 20% savings on most of the healthcare services you buy. Money you elect to contribute to your HSA is taken off the top of your pay before taxes. How much can I reduce my taxes using an HSA? Your account must be open before you can deposit or you can access money.įederal rules allow "catch-up" contributions to an HSA - up to an extra $1,000 if you are 55+ or you will turn 55 any time during the plan year. If additional information is needed during this process, Chard Snyder will contact you. When you enroll in a high deductible PPO or HMO, and an HSA through People First, you must elect enrollment in an HSA through People First and Chard Snyder will automatically open an HSA Advantage TM account for you. Save for future healthcare costs - next year or longer-termīe sure to review the Chard Snyder Benefit Card page and frequently asked questions ( 141.77 KB ).Pay for other healthcare like dental and vision not covered by HSA or other plans.Pay for expenses while meeting deductible.Here's how it works if you enroll in a high deductible health plan (HDHP) and participate in an HSA for the entire calendar year: Any unused HSA funds at the end of a year carry forward to the next year you may also take unused HSA balances with you if you stop working for the state.Īn HSA is like a personal savings account for healthcare, except it's all tax-free. ![]()
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