PDF Health Savings Account (HSA) & Flexible Spending Accounts (FSAs)

Health Savings Account (HSA) & Flexible Spending Accounts (FSAs)

State of Tennessee | 2018

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Having an HSA, along with an LPFSA

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What's an HSA?

An HSA is an account you can contribute to with pretax money deducted from your paycheck. This money is used for eligible health care expenses.

Why do people love the HSA? ? Use your funds for current &

future eligible health expenses ? Unused funds roll over from year

to year ? Enjoy investment options ? Your HSA stays with you if you

switch employers, change insurance plans, or retire

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What's the best part?

The State and Higher Ed's will contribute to your HSA!!

$250/individual $500/family

Note -- Any Local Ed or Local Gov agency may/may not choose to contribute to the HSA ? check with your individual agency.

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HSA Contributions

*The IRS annual health care HSA pretax contribution limit is:

o Individual: $3,450 o Family: $6,900

? Your funds are available as they're deducted from your paycheck.

? Your funds can be used by you and your spouse, child (to age 26) or tax dependent who is permanently and totally disabled

? Funds are used for eligible health care expenses, such as: deductibles, copays, prescriptions, dental and vision care, etc.

*includes any em ployer contributions that you m ay receive in your HSA (if applicable)

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