Smokey Bones Online Benefits Information

HEALTH SAVINGS ACCOUNT

A Health Savings Account (HSA) is an individually-owned, tax-advantaged account that you can use to pay for current or future IRS-qualified medical expenses. With an HSA, you’ll have the potential to build more savings for healthcare expenses or additional retirement savings through self-directed investment options¹.

How an HSA works:

  • You can contribute to your HSA via payroll deduction, online banking transfer, or by sending a personal check to HSA Bank. Your employer or third parties, such as a spouse or parent, may contribute to your account as well.
  • You can pay for qualified medical expenses with your Health Benefits Debit Card directly to your medical provider or pay out-of-pocket.  You can either choose to reimburse yourself or keep the funds in your HSA to grow your savings.
  • Unused funds will roll over year to year. After age 65, funds can be withdrawn for any purpose without penalty (subject to ordinary income taxes).
  • Check balances and account information via HSA Bank’s Member Website or mobile device 24/7.

Are you eligible for an HSA?

If you have a qualified High Deductible Health Plan (HDHP) - either through your employer, through your spouse, or one you’ve purchased on your own - chances are you can open an HSA. Additionally:

  • You cannot be covered by any other non-HSA-compatible health plan, including Medicare Parts A and B.
  • You cannot be covered by TriCare.
  • You cannot have accessed your VA medical benefits in the past 90 days (to contribute to an HSA).
  • You cannot be claimed as a dependent on another person’s tax return (unless it’s your spouse).
  • You must be covered by the qualified HDHP on the first day of the month.

When you open an account, HSA Bank will request certain information to verify your identity and to process your application.

What are the annual IRS contribution limits?

Contributions made by all parties to an HSA cannot exceed the annual HSA limit set by the Internal Revenue Service (IRS). Anyone can contribute to your HSA, but only the accountholder and employer can receive tax deductions on those contributions. Combined annual contributions for the accountholder, employer, and third parties (i.e., parent, spouse, or anyone else) must not exceed these limits.2

 

IF YOU ELECT:

Individual Coverage

Family Coverage

IRS 2017 Limit

$3,400

$6,750

 


As part of our commitment to your wellness, once your HSA account has been established, Smokey Bones will make a matching contribution  to your HSA account.  As Smokey Bones contributes  to your HSA, the amount you can contribute is less than the IRS maximum.  Employees who have previously not established an HSA account can do so by completing an application on line using the following link: https://secure.hsabank.com/group_enrollment/enrollment.aspx?id=261305332 

Click on video below to learn more about HSA accounts:

https://www.youtube.com/watch?v=8H25Ebf99FI

 

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