Employer Partially Funded Health Savings Accounts and Health Reimbursement Accounts Sample Clauses

Employer Partially Funded Health Savings Accounts and Health Reimbursement Accounts. Subject to the requirements of the insurer and terms of the Plan Documents, employee may choose between a Health Savings Account (HSA) or Health Reimbursement Accounts (HRA). If an employee elects an HSA or HRA, this election shall constitute their election under Section 1.A., above. If an employee elects an HSA and/or HRA, the maximum annual deductible amounts shall be partially funded by the City, beginning in the first plan year, where the City will fund $1,500 per year for single plans (funded on a single annual payment basis on or before January 6, 2018 and each successive year while the employee is currently employed) and $3,000 per year for family plans (funded on a single annual payment basis on or before January 6, 2018 and each successive year while the employee is currently employed), until December 31, 2020. If an employee elects an HSA, the City will contribute the full amount of $1,500/single or $3,000/family for each plan year, funded on a single annual payment basis on or before January 6, 2018 and each successive year. If an employee elects an HRA, the $1,500/single or $3,000/family City funded amounts will be eligible for rollover in an amount not to exceed the annual maximum deductible. In all subsequent years after the 2007-2008 plan year, the City contribution for the HRA will be up to the above-referenced amounts and/or the annual maximum deductible; provided that, the City will not fund any amount exceeding the annual maximum deductible. The employee will be responsible for any taxes due that result from the City’s pre- funding of employee HSA accounts on January 1 of each year.
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
Employer Partially Funded Health Savings Accounts and Health Reimbursement Accounts. Subject to the requirements of the insurer and terms of the Plan Documents, an employee may choose between a Health Saving Account (HSA) or Health Reimbursement Accounts (HRA). Effective January 1, 2021 through December 31, 2021, if an employee elects an HSA or HRA, the maximum annual deductible amounts shall be partially funded by the City, where the City will fund $1,500 per year for single plans (funded on a single annual payment basis effective on or before January 10, 2021 and $3,000 per year for family plans (funded on a single annual payment basis effective on or before January 10, 2021. Employee contributions for calendar year 2022 and 2023 will be determined in accordance with the Reopener in Article 36.‌ If an employee elects an HRA, the City funded amounts will be eligible for rollover in an amount not to exceed the annual maximum deductible. The City’s contribution for the HRA will be up to the above-referenced amounts and/or the annual maximum deductible; provided that, the City will not fund any amount exceeding the annual maximum deductible. The City shall increase the payment into the HSA/HRA account of an employee to the full family plan rate when an employee changes their status from single to family throughout the year. The employee will be responsible for any taxes due that result from the City’s pre-funding of employee HSA accounts on the first business day following January 10TH of each year.
Sample 1Sample 2Sample 3See All (5)

Related to Employer Partially Funded Health Savings Accounts and Health Reimbursement Accounts

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;

  • Health and Dental Premium Accounts The Employer agrees to provide eligible employees with the option to pay for the employee portion of health and dental premiums on a pretax basis as permitted by law or regulation.

  • Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. HOSPITAL means a facility: • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

  • Contribution Formula Health Coverage a. Faculty Member Coverage. For faculty member health coverage for the 2018 2022 and 2019 2023 plan years, the Employer contributes an amount equal to ninety-five percent (95%) of the employee- only premium of the Minnesota Advantage Health Plan (Advantage).

Time is Money Join Law Insider Premium to draft better contracts faster.