Sysco will contribute to your HSA account up front to get you started. Sysco will automatically contribute $250 if you select Associate Only coverage or $500 if you cover other family members. Then, you can make pre-tax contributions from your paycheck to build your savings to pay for healthcare now or in the future. If you have not opened your account already, be sure to complete the activation of your HSA to fully open your account.
No. To be eligible to open an HSA, you must be enrolled in the Sysco HSA medical plan. This is an IRS regulation. In addition, you cannot:
During benefits enrollment you will select the amount you would like to contribute to your HSA, up to the 2018 IRS limit of $3,450 for individuals and $6,900 for families. The amount you choose will then be deducted from your paychecks. If you already contribute to the HSA in 2017, your election amount will carry forward to 2018.
Visit the Total Rewards Café to see an online statement that shows your medical plan and savings account contributions for the year. This may be helpful when deciding on your HSA contribution for 2018.
Yes. Any contributions made by Sysco are counted toward your annual IRS limit on the HSA contribution amount.
Fidelity administers the HSA plan. They offer easy access to your account and excellent customer service. Once you’ve set up your account, you may contact Fidelity to ask about investment options.
You cannot have a traditional health care FSA; however, you can have a Limited Use FSA. A Limited Use FSA is used to pay for out-of-pocket dental and vision expenses only.
The primary difference between a Health Savings Accounts (HSA) and a Flexible Spending Accounts (FSA) is that money contributed to an HSA carries forward to the following year if unused. In contrast, FSAs are “use it or lose it”. Also, in order to take advantage of the HSA you need to be enrolled in the Sysco HSA medical plan.
You should maintain records and keep your receipts in case the IRS would audit your account and spending.
If you should leave Sysco or choose another medical plan in the future, the money in the account is yours to keep.
No. An HSA is not a use it or lose it account like an FSA. One of the advantages of an HSA is that any used money at the end of the year carries forward to the next year and beyond.
The Limited Use FSA gives you an extra pre-tax savings option. However, it’s important to note that the Limited Use FSA can only be used for dental and vision expenses and is only for those associates enrolled in the HSA medical plan.
For participants in Flexible Spending Accounts, we advise to contribute conservatively, especially at first because it is a use it or lose it model. For associates contributing to the HSA, any money that remains in your account at the end of the year, carries forward to the next year. This means that you don’t have to worry about losing any money from year to year.
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