Page 6 - 2019 Hess Benefits Decision Guide
P. 6
Health Savings Account Your Health Care Dollars Can Be Tax Free
You don’t have to pay taxes on the money you use to pay your share of health care expenses (deductibles , co-pays and co-insurance). Because the IRS allows you to set aside before-tax dollars for this purpose, Hess contributes HSA and you can, too.
Tax Advantages
BEFORE-TAX CONTRIBUTIONS. Your contributions to the account are made on a before-tax basis. Contributions can be made up to the IRS limit, which the government typically sets once a year. (The IRS limits shown are for 2019.)
TAX-FREE WITHDRAWALS. When you use the money to pay for qualified medical expenses, the withdrawals are tax free.
Employee Only—$3,500 Employee + One or Family—$7,000 Age 55 or Over—$1,000 more
{tip} REMEMBER
You must enroll in order to make HSA contributions in 2019. Your current election won’t roll over to next year.
TAX-FREE EARNINGS. All earnings on the money in your account grow tax free.
4 HEALTH SAVINGS ACCOUNT
