Page 14 - GXO New Hire Guide

Tax-free savings accounts
Simple. Use tax-free dollars to pay for health care.
HSA
Health Savings Account
An HSA is a triple tax-advantaged savings account that you can use to pay eligible out-of-pocket health care expenses now or in the future. You can open an HSA only if you enroll in a high deductible plan like the Basic HSA or HSA Plus medical plan. You may contribute to an HSA up to annual IRS limits. (See How the Plans Compare on page 7 for the contribution amounts.) GXO will also contribute to the account if you enroll in the HSA Plus medical plan. This amount is prorated based on when you become eligible for benefits or have Qualifying Event changes. HSA account balances roll over from year to year, and funds can be invested in a variety of options. You keep this money, even if you retire or leave GXO. Please keep in mind that some state tax regulations vary from the federal regulations described here.
HCFSA
Health Care Flexible Spending Account
If you elect the Basic PPO or Classic PPO, you can open an HCFSA and contribute up to $2,750 tax-free from your paycheck to reimburse yourself
for out-of-pocket expenses, such as your portion of the medical deductible, prescription drugs, and eligible dental and vision expenses. It’s important to estimate carefully, because your total HCFSA contributions (from your previous employer and GXO) for the year cannot exceed IRS limits. Typically, any balance remaining at the end of the year will be forfeited. However, for the 2021 plan year GXO will carry over any unused balance into 2022 based on special tax rules in effect for a limited time. The full amount you elect during Benefits Enrollment will be available retroactive to your date of hire.
Want details? Visit www.GXOBenefits.com. 12 I Accounts
96%
of Americans’ HSA account balances are spent each
year on eligible expenses. One way to boost your HSA is to invest for the long term.4
Click to watch on
www.GXOBenefits.com
Tax savings