MMFS Employee Benefits Guide 2022

H.S.A. BENEFITS

H.S.A. ELECTION REQUIRMENTS

HEALTH SAVINGS ACCOUNT (HSA) The HSA is a savings account that works with a high deductible health plan such as the Oxford HDHP & HSA Liberty plan that you can use to pay for certain medical costs. CONTRIBUTIONS If you enroll in the Oxford HDHP & HSA Liberty Plan, MMFS will contribute $500 to your HSA on a semi-annual basis (September 30th and January 30th).

You can only open a health savings account if you elect the Oxford high deductible health plan. If you elect the Oxford high deductible health plan, your employer HSA contributions will be placed in a HealthEquity bank account on your behalf. Manage your HealthEquity account online at https://healthequity.com/hsa/

The total 2021 annual HSA contribution limit (Employer and Employee combined) is:

 $3,600 Single  $7,200 Family

If you are age 55 or over, there is an additional contribution of $1,000 allowed.

HSAs HAVE MANY BENEFITS LIKE:  The money you put in your HSA account is tax deductible  Funds in your account grow tax-free  You don’t pay taxes on withdrawals when paying for qualified medical expenses  Your HSA balance can be carried over year after year  You can invest your HSA if you have a balance of at least $2,000 HSAs CAN BE USED TO PAY FOR VARIOUS MEDICAL EXPENSES. FOR EXAMPLE:  Health insurance plan deductibles, copayments and coinsurance  Prescription drugs

 Dental services including braces, bridges and crowns  Vision care including glasses and Lasik eye surgery  Long-term care services  Medically related transportation and lodging

QUESTIONS? Call BenefitsVIP at 866.286.5354