LM_SW_Benefits Guide 2024

Health Savings Account

HSA CONTRIBUTION RULES Who can contribute? • Both employees and employers can contribute to your Health Savings Account. Is there a minimum contribution? • No; however, there is a maximum contribution limit for each year. These limits are set by the federal government. Additionally, these limits include the total of employee and employer contributions. • HSA participants age 55 and over are allowed to contribute an additional $1,000 per year to their HSA. Are Employer contributions included as part of the maximum HSA contribution limit? • Yes. The maximum contribution amount includes both the employer and employee contributions. See contribution example provided, which assumes a First Year HSA participant.

2024 Individual: $4,150

($500 employer contribution ($1,000 employer contribution + +

$3,650 employee contribution) $7,300 employee contribution)

2024 Family:

$8,300

PLAN COSTS (assumes First Year HSA Individual Participant) What would your ESTIMATED IN-NETWORK costs be if you experienced an upper respiratory infection? HSA + Annual Contribution: $2,476.80

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BENEFITS

IN-NETWORK (FOR EXAMPLE ONLY)

Primary Care Physician Visit

$140** (Towards your $1,750 In-Network deductible) $156* (Towards your $1,750 In-Network deductible) $140** (Towards your $1,750 In-Network deductible)

Prescription Medication

Primary Care Physician (Follow Up) Visit

YOU WOULD OWE (-) Employer HSA Contribution YOU WOULD PAY

$436 -$436 ($64 remaining in HSA) $0

Based on employee only annual salary up to $60,000. ++The Employer contributes $500 into the Health Savings Account (HSA). In the example above, the individual employee in the HSA plan could also contribute $3,650 pre-tax to an HSA. If the individual employee is age 55 and over, a catch-up contribution of $1,000 could also be made to the HSA.

*goodrx.com/moxatag (no generic available) **healthcarebluebook.com

Log into www.workforcenow.adp.com and click on Resources – Company Information – Tools/Resources – 2024 Benefit Documents for details. In the event of a discrepancy, the carrier Plan Document shall prevail.

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QUESTIONS? Call BenefitsVIP ® at 866.286.5354