Yes. When you select the CDHP, the Partnership will set up an HSA account for you and deposit either $750 (employee only coverage) or $1,500 (all other coverage levels) to help with your health care expenses.
A portion of the Partnership contributions will be deposited into your HSA each pay period.
Yes. The IRS maximum limit includes the Partnership and employee contributions.
No. Per the IRS regulations, you must be enrolled in a high deductible health plan in order to open and make contributions to a Health Savings Account (HSA).
The primary difference between a Health Savings Accounts (HSA) and a Flexible Spending Accounts (FSA) is that money contributed to an HSA carries forward to the following year if unused. In contrast, FSAs are “use it or lose it”. Also, in order to take advantage of the HSA you need to be enrolled in the CDHP.
No. While you may add children up to age 26 to your medical plan, children ages 19 to 26 must be considered a tax dependent in order for their medical expenses to qualify for payment from a parent’s HSA.
An HSA is a savings account that you own. Any funds that remain in the account are yours to keep. You can even save funds in your account to use toward eligible medical expenses into retirement.
No. Funds cannot be transferred between HSAs and FSAs.
The funds in your HSA are yours to keep and will go with you upon retirement or if you leave the company.
These frequently asked questions (FAQs) provide only an overview of benefit changes and clarifications effective January 1, 2020. The respective plan documents and policies govern your rights. You should rely on this information only as a general summary of some of the features of the plans and policies. In the event of any difference between the information contained herein and the plan documents and policies, the plan documents and polices will supersede and control over these FAQs. The Partnership expressly reserves the right at any time and for any reason to amend, modify or terminate one or more of the plans or policies described in these FAQs.
Content on this site is intended for U.S. Benefits Eligible Employees.
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