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PLAN HSA
(HEALTH SAVINGS ACCOUNT)
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PLAN HRA
(HEALTH REIMBURSEMENT ACCOUNT)
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LIMITED PURPOSE
HEALTH REIMBURSEMENT ACCOUNT*
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HEALTH CARE FLEXIBLE SPENDING ACCOUNT (FSA)
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LIMITED PURPOSE FLEXIBLE SPENDING ACCOUNT
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Who owns it?
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Employee
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BNY Mellon
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BNY Mellon
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BNY Mellon
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BNY Mellon
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Who contributes to the account?
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BNY Mellon and employee
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BNY Mellon
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BNY Mellon
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Employee
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Employee
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Can unused amounts carry or roll over?
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Yes
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Yes
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Yes
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Yes, up to $500
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Yes, up to $500
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Is interest earned?
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Yes, interest-bearing checking account; once balance reaches $1,000,the amount over $1,000 may be invested
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No
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No
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No
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No
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Is the account subject to COBRA continuation?
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No
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Yes
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Yes
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Yes
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Yes
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How are contributions made?
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Through BNY Mellon and employee contributions
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Through BNY Mellon contributions
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Through BNY Mellon contributions while covered by Plan HRA
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Employee contributions
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Employee contributions
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Is there a contribution limit?
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Yes. The 2018 limits are $3,450 for individual coverage and $6,850 for dependent coverage, as established by the IRS.
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BNY Mellon contributions based on base pay while covered under Plan HRA
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BNY Mellon contributions based on base pay while covered under Plan HRA
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Yes. The 2017 limit is $2,600 for Health Care FSA as established by the IRS.
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Yes. The 2017 limit is $2,600, as established by the IRS.
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Is there a "catch-up" contribution provision for older workers?
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Yes. Employees age 55 or older may contribute an additional $1,000 per year.
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No
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No
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No
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No
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What are the tax benefits for employees?
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BNY Mellon and employee contributions are tax-free. Withdrawals/reimbursements for qualified health care expenses are tax-free.
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BNY Mellon contributions are tax-free. Reimbursements for qualified health care expenses are tax-free.
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BNY Mellon contributions are tax-free. Reimbursements for qualified health care expenses are tax-free.
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Employee contributions are tax-free, which reduces annual taxable income. Reimbursements for qualified health care expenses are tax-free.
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Employee contributions are tax-free, which reduces annual taxable income. Reimbursements for qualified health care expenses are tax-free.
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What health care expenses can be paid from the account?
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Any qualified health care expense as defined under Section 213(d) of the federal tax code, except for health insurance premiums, with specific exceptions.
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Any qualified medical expense as defined under Section 213(d) of the federal tax code, including health insurance and long-term care insurance premiums. Long-term care services and premiums under employer pre-tax plans are tax deductible, but not reimbursable.
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Any eligible dental and vision expenses. In addition, qualified medical expenses as defined under Section 213(d) of the federal tax code once HRA deductible has been satisfied.
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Any qualified medical expense as defined under Section 213(d) of the federal tax code, except for health insurance premiums. Long-term care services are tax deductible, but not reimbursable.
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Any eligible dental and vision expenses. In addition, qualified medical expenses as defined under Section 213(d) of the federal tax code once HSA deductible has been satisfied.
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Can amounts in account be used for non-health care expenses for those over age 65?
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Yes. Non-health care distributions must be included in gross income, but are not subject to the additional 20% tax penalty.
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No
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No
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No
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No
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Can COBRA premiums be reimbursed from the account?
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Yes. Distributions to pay premiums reimbursed for COBRA are tax-free.
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Yes. COBRA premiums may be reimbursed from the account.
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Yes. COBRA premiums may be reimbursed from the account.
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No
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No
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Must a qualified health care expense occur during the plan year the contribution is made?
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No. You cannot use HSA contributions to pay for expenses incurred prior to establishing the HSA; however, you can use contributions to pay for eligible expenses incurred after establishing the HSA even if you are no longer covered under an HSA.
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No. You cannot use HRA contributions to pay for expenses incurred prior to establishing the HRA; however, you can use contributions to pay for eligible expenses incurred after establishing the HRA even if you are no longer covered under the HRA.
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No. You cannot use Limited Purpose HRA contributions to pay for expenses incurred prior to establishing the HRA; however, you can use contributions to pay for eligible expenses incurred after establishing the HRA even if you are no longer covered under the HRA.
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In general, yes; however, you may carryover up to $500 to the following plan year.
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In general, yes; however, you may carryover up to $500 to the following plan year.
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Is use of a debit card allowed?
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Yes
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Yes
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No
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Yes
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No
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Are other accounts available at the same time?
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Only with a Limited Purpose FSA
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Only with a traditional FSA
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Only with an HSA and Limited Purpose FSA
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Only with an HRA
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Only with an HSA
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