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:
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:
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
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 (Up to $300 annually for single coverage and $600 annually for all other coverage tiers). As Smokey Bones contributes to your HSA, the amount you can contribute is less than the IRS maximum. The chart above shows how much you can contribute in 2017. 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: