Page 40 - 2021 Mid Year Open Enrollment 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 3,600 Employee Only Coverage
earnings, and withdrawals are tax free* What is the $7,200 Family Coverage
when used to pay for qualified medical maximum If you’ll be at least 55 years
expenses. amount I can old in 2021, 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
For Legacy BFS Team Members Only benefit period.
• As a first time participant, you must
contact Fidelity to open your Health What happens if
Savings Account. I don’t All unused funds will remain
• Log on to Fidelity via netbenefits.com, use the money in your HSA. You can take HSA
funds with you when you leave
choose the Health Savings Account tile and during the company or retire.
click “open your account.” the year?
• After your Health Savings Account is
established, you may request a Fidelity
HSA Debit Card (checks are available upon To Enroll (BFS) Fidelity - www.netbenefits.com
request). Deadline for claims submission: or 800-544-3716
All claims for reimbursement for the 2021
plan year must be filed with WageWorks
prior to March 31, 2022. Enrollment is automatic when
you enroll in either the Core
or Buy-Up HDHP. Your HSA
NOTE: Be aware that the IRS prohibits you from To Enroll (BMC) account is established at
making contributions to an HSA while enrolled HealthEquity –
in Medicare or a Medicare Advantage plan, or www.healthequity.com
an FSA. While contributions to an HSA aren’t or 866-346-5800

*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.

38 • 2021 BUILDERS FIRSTSOURCE MID-YEAR BENEFITS GUIDE 2021 BUILDERS FIRSTSOURCE MID-YEAR BENEFITS GUIDE • 39