HEALTH SAVINGS ACCOUNT (H.S.A)
Employees enrolling in the HDHP Medical Plan may open and contribute to a Health Savings Account (H.S.A). With an H.S.A you have the ability to put money side, through payroll deductions, to help pay for H.S.A eligible expenses. The contributions you make are taken pre-tax.
Kisinger Campo and Associates will contribution towards your H.S.A, $1,250 for an individual and $2,750 for those with dependent medical coverage.
2018 IRS Annual Maximum* HSA Contribution Limits
Employee Only
$3,450
Employee + Spouse, Child(ren) or both
$6,900
Additional $1,000 annually catch-up amounts for available for employees 55 years or older
*The above chart with maximum contributions reflects the total annual maximum. Your total annual contributions and those made by KCA may not exceed the maximums listed.
WHAT ARE THE BENEFITS OF A H.S.A?
The money you put aside is PRE-TAX The H.S.A is a bank account in your name. If you retire or should you leave KCA you take this account with you. The account rolls over year to year. You will not have to forfeit any unused funds. You will receive a debit card upon opening an H.S.A for quick and easy utilization of the fund. The list of eligible expenses is vast! These expenses include things covered under the medical, dental, and vision coverage – as well as some items that aren't! FLEXIBLE SPENDING ACCOUNT (F.S.A) You have the option to contribute to a Flexible Spending Account (F.S.A). There are 2 types of F.S.As. (1) Healthcare F.S.A and (2) Dependent Care F.S.A. With an F.S.A you have the ability to put money side, through payroll deductions, to help pay for F.S.A eligible expenses. The contributions you make are taken pre-tax.
If you participate in the H.S.A, you are NOT permitted to participate in the Healthcare F.S.A. You are, however, eligible to participate in the dependent Care F.S.A.
2018 IRS Annual Maximum FSA Contribution Limits
Healthcare F.S.A.
$2,650
Single or married and files a separate tax return
$2,500
Dependent Care F.S.A.
Married and files a joint tax return as single/head of household
$5,000
Examples of H.S.A and Healthcare F.S.A eligible expenses are as follows:
•
Dental expenses
• • • • • • • •
Acupuncture and Chiropractic services Alcohol and drug dependency treatment
• Prescription Drugs and Over the Counter Drugs (when ordered by a doctor) • Eye surgery (laser eye surgery or radial keratotomy) Fertility enhancements • Hearing aids and batteries for use • Long-termcare and Nursing home • Maternity Expenses • Organ transplants • Wheelchairs
Ambulance
Artificial limbs
Contact lenses and solution Physical and speech therapies
8
Smoking-cessation programs and products
Vasectomy
Made with FlippingBook - professional solution for displaying marketing and sales documents online