KISD Open Enrollment Guide 2020

Killeen ISD 2020 BENEFITS

Hea l t h Sav i ngs Ac coun t (HSA)

HSA’s are designed to help you save and pay for qualified medical expenses, now or in the future. • Deposit money into your HSA. • Use your HSA to pay for qualified medical expenses… Including, but not limited to, Medical Deductibles, Dental and Vision care expenses. • Save on taxes by electing to have your contributions deducted pre-tax from your paycheck • You will have the option to Invest some of your savings in mutual funds and let it grow faster • Any unused funds in your HSA rollover from year to year, and you do NOT lose them. This allows you to save for future medical needs as well.

You will need to save all receipts for items you used your HSA funds for in a tax file each year. You will need to provide this if you are ever audited by the IRS.

*Note that HSA funds that are used for non-qualified medical expenses are taxable as income and subject to a 20% tax penalty. The 20% tax penalty does not apply to account holders age 65+, those who become disabled or enroll in Medicare.

If you have questions , prior to enrolling or after, you may Call Optum Bank customer service (844) 326-7967

Once you have an account you can Visit or download the Mobile App. This will give you access to your account to see your balance as well as other things.

Page 11

Made with FlippingBook - Online Brochure Maker