Page 7 - 2019 Hess Benefits Decision Guide

How The HSA Works
WHO CAN PARTICIPATE?
HOW MUCH DOES HESS CONTRIBUTE?
CAN I CHANGE MY CONTRIBUTIONS?
WHAT CAN I USE THE MONEY FOR?
WHEN CAN I USE THE MONEY?
CAN I USE HSA MONEY NEXT YEAR IF I WAIVE COVERAGE?
You, but only if you enroll in the Hess Medical Plan.
You and Hess.
Hess contributes $375 for employee only coverage, or $750 if you have employee + one or family coverage, to your HSA in January.
You can change (increase, decrease, start or stop) your HSA contributions anytime.
Eligible health care expenses, including office visits, prescription drugs, dental and vision, for yourself and your tax dependents. You can also use the money on non-medical expenses, but this money will be subject to income tax and a penalty.
You can use funds that are currently in your account. If you don’t have enough money in your account, you can pay expenses with other money, then reimburse yourself later with money from the HSA.
No, the money in your HSA will roll over from year to year and is yours to keep.
Yes. You can continue to use the HSA money for eligible heath care expenses. However, you cannot contribute to the HSA when you are no longer covered by a high deductible plan.
{tip} BUILD UP YOUR
HSA NEST EGG
If you save (rather than spend) your HSA dollars, you can build up your HSA balance for future use. Once you have a balance over $1,000, you can invest it and watch it grow tax-free with investment earnings.
Depending on how you use it, your HSA can be a valuable addition to your retirement savings portfolio.
WHO CAN CONTRIBUTE?
HOW MUCH CAN I CONTRIBUTE?
Up to $3,125 if you have employee only coverage.
Up to $6,250 if you have one dependent or family coverage. Employees age 55 or older may contribute an additional $1,000.
DO I NEED TO OPEN AN ACCOUNT?
Yes. Unless you already have an open HSA, you will need to log onto the
Hess Benefits Center at Fidelity or via netbenefits.com to open your account.
HOW DO I USE THE MONEY?
You can make payments directly to providers using the HSA debit card or online payment feature, or you can request an HSA checkbook.
CAN I LOSE THE MONEY?
CAN I TAKE MY MONEY WITH ME IF I LEAVE HESS?
Yes. Your HSA belongs to you, but you will pay monthly account maintenance fees.
HEALTH SAVINGS ACCOUNT 5