If you're enrolled in the Consumer Directed Health Plans (CDHPs) for medical coverage, you have access to a Health Savings Account (HSA). When you elect to participate in the HSA during enrollment, you have the opportunity to save pre-tax dollars (through contributions made by the Company, if applicable, and/or by your own contributions) for qualified healthcare expenses.
Every CDHP option offered allows eligible participants to contribute tax-free to their HSA. The maximum combined total contribution you and the Company can make to an HSA in a calendar year is governed by IRS limits. The IRS contribution limits are set on January 1 of each year (based on a calendar year).
The total combined contribution amount allowed for 2016 is $3,350 for Team Member Only coverage and $6,750 for Family coverage. (If you are 55 or older, you are permitted to contribute an additional $1,000 per year). If contributions exceed these annual limits, you may be subject to taxes and penalties. You should discuss with your tax adviser.
You are responsible for monitoring your Health Savings Account to ensure the funds contributed (whether directly by you and/or the Company) doesn’t exceed the maximum contribution allowed each calendar year. With 2016 nearing a close, please review your account online at www.payflex.com or www.aetna.com (for those enrolled in an Aetna medical option) to ensure you are not at risk of an excess contribution.
To make changes to current HSA elections/contributions (via Payroll deductions), call the “R”Benefits Service Center at 1-844-TRU-BENS.
For more details on their Health Savings Account, you can contact Payflex, the HSA Administrator, at 1-888-678-8242.