Benefits for 2024
Health Savings Account (HSA)
FOR2024RSMELECTRON POWER INC.ISOFFERING AHEALTH SAVINGS ACCOUNT (HSA). 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 dependents may have now, in the future, and during your retirement.
This is a “portable” account. You own your HSA! It’s included in your employee benefits package, but after you set up your account, it’s yours to keep, even if you change jobs or retire.
Once your HSA is established, money is contributed to your account by you, RSM Electron Power Inc. or friends and family, 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 much more. Best of all, you decide how and when to use your HSA dollars.
WHY ISITAGOOD IDEATOHAVE AN HSA?
HSAs benefit everyone who is eligible to have this account – single individuals, families, and soon-to-be retirees. You save money on taxes in three ways:
› Tax-free earnings – Your
› Tax-free deposits – The money you contribute to your HSA isn’t taxed (up to the IRS annual limit)
› Tax-free withdrawals – The money used toward eligible health care expenses isn’t taxed – now or in the future.
interest and any investment earnings grow tax-free.
› This account is only available to employees that elect the HSA plan. RSM will contribute $600 for individuals, and $1,200 for families annually to employees enrolled in the HSA plan. You must enroll to receive the employer contribution, even if you don’t intend to contribute. The maximum contribution is $4,150 (Single) / $8,300 (Family). You may contribute an additional $1,000 if your age is 55 or older. HSA funds roll over from year to year and accumulate in your account. There is no “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 opportunities are available. View your HSA on www.fidelity.com and to make changes www.netbenefits.com
Refer to your HSA documentation for more information.
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 carrier or provider’s contract.
2024 Employee Benefit Guide
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