Benefits Bulletin

Update Your Health Savings Account

December 14, 2016

Benefits Team

Don’t forget to elect your 2017 contribution! Login to WageWorks to make your 2017 elections after December 28, 2016. 2017 HSA deductions will be taken each pay period on a pre-tax basis. You can increase, decrease, or cease your election throughout the year based on your personal needs.  If you make a change to your HSA during the year, the new amount you elect will be divided among the remaining paychecks for the year.  You can save your account to pay for qualified medical, prescription, dental and vision expenses during retirement or use it now to pay for those expenses.

Unused funds are never forfeited.  If you leave the Firm, you can take the account with you.  

If you are enrolled in the Firm’s US Health Plan, we strongly recommend you consider enrolling in and using the HSA to increase your retirement security or to pay your current expenses on a pre-tax basis.

2017 Limits

• $3,400 individual coverage

• $6,750 family coverage (no change from 2016)

• Add $1,000 to these limits if you will be age 55 or over by December 31, 2017

Eligibility

• Must be enrolled in the US Health Plan

• Not enrolled in another health plan (for example, your spouse’s employer’s plan)

• Not enrolled in Medicare

• Not claimed as dependent on someone else’s tax return

If you are a new hire and had an HSA with your previous employer, you can continue to fund that account or you can open an account here.  Your total contributions must not exceed the HSA calendar year limit.

Keep your receipts! You may be audited by the IRS or if you are saving your funds, there is no time limit on submitting past receipts for reimbursement.

For further information regarding the HSA account, click here.

If you have not registered with WageWorks yet go to www.wageworks.com > Log In/Register > Employee registration.