![]() ![]() ![]() ![]() List of HSA Eligible Expenses (PDF) Opens a New Window. The accounts are self-administered and are subject to IRS audit, so substantiation or evidence of your health care expenses should be maintained. Amounts in these accounts are available at the employee's discretion to pay for tax deductible health care expenses, as outlined in IRS Publication 502, Medical and Dental Expenses. You can then make tax-free withdrawals to pay. This includes you, your employer, your spouse or anyone else. (2) Tax-free distributions, when used for qualified medical expenses. The City transfers all deposit deductions to Nicolet National Bank on behalf of its employees. (1) Tax-free interest and investment earnings. Please consult a tax professional for details. You also have the ability to make deposits to your account at any time, although this will change the process for receiving the resulting tax benefits. In the event you enroll in the City's HDHP and do not elect a pretax deposit when you initially enroll for coverage or during the Annual Enrollment period, you may make a deposit election at the beginning of any calendar quarter. For those with family coverage, the 2022 annual limit is 7,300, up. Administrative services provided by United HealthCare Services, Inc. If the cafeteria plan permits the carryover of unused amounts, the maximum carryover amount is 570. The change will be implemented the next pay period. The annual limit for those with self-only coverage is 3,650, an increase of 50 from 2021. Learn more For a complete list of eligible expenses, see your benefit plan documents or visit irs.gov Insurance coverage provided by or through UnitedHealthcare Insurance Company or its affiliates. Revenue Procedure 2021-45, November 10, 2021, provides that for tax years beginning in 2022, the dollar limitation under section 125 (i) on voluntary employee salary reductions for contributions to health flexible spending arrangements is 2,850. Your pre-tax deduction will be assumed to be the amount you wish to have deducted each payroll period, unless you complete a Change Request Form (PDF).Įmployees who wish to do so can change the amount elected for deposit at any time by completing the Change Request Form (PDF) and submitting it to payroll. The City of Stevens Point health plan is considered a Qualified High Deductible Health Plan (HDHP) under IRS Code Section 223 (c)(2), allowing individuals who participate in this health plan to establish a Health Savings Account (HSA) for unreimbursed health care expenses.Įach year at Annual Enrollment when you enroll in the City's HDHP you may make an election to have a portion of your pay deducted, prior to taxes, for deposit in your HSA. Re: Health Savings Account Pre-tax Deposits ![]()
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