HSA Pre-Tax Deposits
Date: January 16, 2014
To: All Benefit-Eligible Employees
From: Human Resource Department
Re: Health Savings Account Pre-tax Deposits
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.
Each 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. 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.
The City has elected to permit individual changes in the amount elected for deposit at the beginning of each calendar year quarter (in April, July, October, January) to reduce administrative expense. Employees can file the change request form with the payroll department at any time, and the change will be implemented at the beginning of the following calendar quarter.
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. 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. Please consult a tax professional for details.
The City transfers all deposit deductions to Investors Community Bank on behalf of its employees. 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. The accounts are self-administered and are subject to IRS audit, so substantiation or evidence of your health care expenses should be maintained.
Human Resources Manager
1515 Strongs Avenue
Stevens Point, WI 54481
Phone: (715) 346-1594
Email Human Resources
Monday - Friday
7:30 am - 4:00 pm