Page 40 - 2020 Benefits Guide

Health Saving Account (HSA)

If you are looking for ways to boost your As a first time participant, you must
savings and plan for retirement medical contact Fidelity to open your Health
expenses, consider enrolling in our BCBS Savings Account.
Consumer High Deductible Health Plan to
take advantage of the Fidelity Health Savings Log on to Fidelity via netbenefits.com,
Account (HSA). You can benefit from - choose the Health Savings Account tile
; Triple tax savings – your contributions, any and click “open your account.”
earnings, and withdrawals are tax free*
when used to pay for qualified medical After your Health Savings Account
expenses. is established, you may request a
; Any unused money in your HSA carries Fidelity HSA Debit Card
over each year and is yours to keep, even (checks are available
if you change employers. upon request). Scan the
; You have the opportunity to invest your QR code for detailed
contributions, giving them the potential to information about enrolling
grow for future use, including retirement. in your Fidelity Health
Savings Account (HSA).

What is the maximum $3,550 Employee Only Coverage
amount I can $7,100 Family Coverage
contribute to this If you’ll be at least 55 years old in 2020, you can make an
account? additional $1,000 catch up contribution
Your contribution amount is available as it comes out of your
When are the funds paycheck each pay period - so your entire contribution is not
available? available at the beginning of the benefit period.

What happens if I All unused funds will remain in your HSA. You can take HSA
don’t use the money funds with you when you leave the company or retire.
during the year?
Fidelity - www.netbenefits.com or
To Enroll
800-544-3716

NOTE: Be aware that the IRS prohibits you from
Paul Stanislawski, General Manager making contributions to an HSA while enrolled in
Albuquerque, NM Yard Medicare or a Medicare Advantage plan. While
contributions to an HSA aren’t allowed once enrolled
in Medicare, you can still use any existing
HSA balance to pay for eligible health care
expenses now or in future years. Scan the
QR code to learn more.

*With respect to federal taxation only. Contributions,
earnings and distributions may or may not be subject
to state taxation. See a tax professional for more
information on the state tax implications.

Your HSA is an individually-owned account. It is not
administered by BFS, is not an employer-sponsored
39 39 plan, and it is not an ERISA plan.