Benefits for 2022 Health Savings Account (HSA) LABSTEROFFERS A HEALTH SAVINGS ACCOUNT (HSA) TO EMPLOYEES ENROLLED IN THE UHC BRONZE PLAN. THIS IS HOW AN HSA WORKS: A health savings account (HSA) is a health care account and savings account in one. The main purpose of this account is to offset the cost of a qualifying high deductible health plan (HDHP) and provide savings for your out-of-pocket eligible health care expenses – those you and your tax dependentsmayhavenow,inthefuture,andduringyourretirement. This is a “portable” account. You own your HSA! It’s included in your employee benefits package, butafter yousetup youraccount, it’s yours to keep,evenifyou change jobs or retire. Once your HSA is established, you can contribute up to the IRS annual limit to your account and you can then use your HSA dollars tax-free to pay for eligible health care expenses. You save money on expenses you’re already paying for, like doctors’ office visits, prescription drugs, and muchmore.Bestofall,youdecidehowandwhentouseyourHSAdollars. Individuals: may contributeupto $3,650/year Families: may contributeupto$7,300/year WHY IS IT A GOOD IDEA TO HAVE AN HSA? HSAs benefit everyone who is eligible to have this account – single individuals, families, and soon-to-be retirees. You save moneyon taxesinthree ways: › Tax-free deposits – The money › Tax-free earnings – Your › Tax-free withdrawals – The you contribute to your HSA isn’t interest and any investment money used toward eligible taxed (up to the IRS annual limit) earnings grow tax-free. health care expenses isn’t taxed –now or in the future. › Setting aside pre-tax dollars into your HSA means you pay fewer taxes and increase your take-home pay by your tax savings. You save money on eligible expenses that you are paying for out of your pocket. The amountyousavedependsonyourtax bracket. For example, if you are in the 30 percent tax bracket, you can save$30 onevery$100 spentoneligiblehealthcareexpenses. HSAfundsrolloverfromyeartoyearandaccumulateinyouraccount.Thereisno“use-it-or-lose-it”rulewith HSAs, and you decide how and when to use your HSA funds, which can be used for eligible expenses you have now, in the future, or during retirement. And when you have a certain balance in your HSA, investment opportunitiesare available. Refer to your HSA documentation for more information. 2022 Employee Benefit Guide This booklet provides only a summary of your benefits. All services described within are subject to the definitions, limitations, and exclusions set forth in each insurance 14 carrier or provider’s contract.
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