Page 36 - 2022_OE Benefits Guide

Health Saving Account (HSA)

If you are looking for ways to boost your savings allowed once enrolled in Medicare, you can still
and plan for retirement medical expenses, use any existing HSA balance to pay for eligible
consider enrolling in a BCBS High Deductible health care expenses now or in future years.
Health Plan to take advantage of the
opportunity to contribute to a Health Savings Your HSA is an individually-owned account. It is
Account (HSA). not administered by BFS, is not an employer-
sponsored plan, and it is not an ERISA plan.
You can benefit from:
• Triple tax savings – your contributions, any $3,650 Employee Only Coverage
earnings, and withdrawals are tax free* What is the $7,300 Family Coverage
when used to pay for qualified medical maximum If you’ll be at least 55 years
expenses. amount I can old in 2022, you can make an
• Any unused money in your HSA carries over contribute additional $1,000 catch up
each year and is yours to keep, even if you to this account? contribution. All deductions are
change employers. taken on a pre-tax basis.
• You have the opportunity to invest your
contributions, giving them the potential to Your contribution amount is
grow for future use, including retirement. When are the available as it comes out of
your paycheck each pay period -
funds so your entire contribution is not
How To Enroll available? available at the beginning of the
If you are eligible to participate, you will benefit period.
have the option to enroll in the HSA through
Dayforce. If you would like to change your HSA What happens if
contributions at any time, login to Dayforce to I don’t All unused funds will remain
make the change. To be eligible for an HSA, use the money in your HSA. You can take HSA
you: during funds with you when you leave
• Must be covered under a BFS BCBS the year? the company or retire.
Healthcare Medical Plan (Core or Buy-Up)
• Not be covered under any other medical
plan Enrollment will be completed
through Dayforce when you
• Not be enrolled in Medicare enroll in either the Core or
• Not be claimed as a dependent on To Enroll Buy-Up HDHP plans. Your HSA
someone else’s tax return account is established
at OPTUMBank at
www.optumbank.com or 800-
NOTE: Be aware that the IRS prohibits you from
making contributions to an HSA while enrolled 243-5543.
in Medicare or a Medicare Advantage plan, or
an FSA. While contributions to an HSA aren’t
All Team Members: If you wish to enroll or
continue participation in an HSA for 2022, it is
*With respect to federal taxation only. Contributions,
earnings and distributions may or may not be subject to required that you actively enroll for 2022. This
state taxation. See a tax professional for more information can be done by logging into Dayforce during
on the state tax implications.
Open Enrollment. By consenting in Dayforce,
your current HSA balance with Fidelity (legacy
BFS) or Health Equity (legacy BMC) will transfer
to the new provider, Optum as of January 1,
2022.

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