2013 Benefits Newsletter - Spartech Corporation

2013 Open Enrollment Newsletter
Health Savings Account (HSA)
General Information
Q
What
A
An
is a Health Savings
Account?
HSA is a personal healthcare bank
account you can use to pay out-of-pocket
healthcare expenses, including dental
and vision expenses, with pre-tax dollars
when you are enrolled in a qualified high
deductible plan.
You, an employer, or even a family
member—may make contributions to
your HSA.
Your HSA dollars earn interest, tax
free.
At the end of the year, any money
remaining in your HSA rolls over to the
next year.
You own your HSA, so you keep the
funds even if you change jobs or
health benefits or insurance plans.
You can withdraw money directly from
your HSA using your HSA debit card
or requesting online reimbursement
to cover qualified expenses. Or,
allow the account to grow over time
and use it to help pay for future
health-related expenses—like longterm
care insurance premiums,
COBRA premiums and certain retiree
expenses.
Q
Who
Q
Is
A
You
A
For
is eligible for an HSA?
are eligible to open and fund an HSA
if:
You are covered by the Spartech HSA
eligible high deductible plan
You are not covered by your spouse’s
health plan, FSA, or HRA (Health
Reimbursement Account)
You are not eligible to be claimed as
a dependent on someone else’s tax
return
You are not enrolled in Medicare,
TRICARE, or TRICARE for life
You have not received Veteran’s
Administration Benefits
there an annual “cap” or
maximum amount that may be
contributed to my HSA?
2013, HSA contributions are limited
to $3,250 for an individual and $6,450
for a family and include employee and
employer contributions ($2,750 net
employee contribution, $5,250 net family
contribution). These limits will be adjusted
for inflation in future years.
Individuals and their spouses who are age
55 and over (or turn 55 during the plan
year) may make an additional “catch-up”
contribution of $1,000 in 2013. If you are
age 65 or over and enrolled in Medicare
Part A or B, your HSA may remain open,
but no additional contributions can be
made to the account.
Q
Do you need an account for
“catch-up” contributions?
A
Yes.
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