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Annual Enrollment for 2023 Benefits is October 26 – November 15, 2022

2022 BENEFITS
2022 BENEFITS

Health Savings Account

Save money on health care by paying with tax-free dollars.

The Health Savings Account (HSA) is a valuable feature of Tenneco’s medical plan that enables you to manage your health care spending today while saving for retirement.

An HSA is opened for you when you enroll in the HSA Medical Plan and make an HSA contribution election. You contribute pre-tax money that you can use for eligible health care expenses now and even into retirement.

With an HSA, you get triple-tax advantages:

  • Tax-free contributions: The money goes in tax-free through your pre-tax payroll deductions (not subject to federal income taxes and not taxed by most states)
  • Tax-free growth: When you invest the money in your HSA, any interest earned grows tax-free
  • Tax-free HSA money: When you use the money in your HSA for qualified health care expenses, it comes out of your account tax-free. For a complete list of eligible expenses, visit www.irs.gov or www.healthequity.com

How the HSA Works

How You Can Pay for Health Care Expenses

Use your HSA to pay for health care expenses such as your annual deductible and coinsurance. (For a complete list of eligible expenses, visit www.irs.gov or www.healthequity.com.)

It’s Your Money

  • There are no “use it or lose it” rules for an HSA
  • Money you don’t spend rolls over from year-to-year
  • If you leave Tenneco, switch to another medical plan or even retire, your HSA is always yours to keep

Who Can Have an HSA

Certain rules apply to your participation in an HSA:

  • Must be enrolled in the HSA Medical Plan
  • Cannot be enrolled in Medicare
  • Cannot be claimed as a dependent on someone else’s tax return
  • Cannot participate in a Health Care FSA
  • Cannot be covered by another health insurance plan that is not a High Deductible Health Plan (such as TRICARE, TRICARE for Life, or the Health Care FSA of your spouse/domestic partner)
  • Can participate in the Limited Purpose FSA

How an HSA Gets Started

  • When you enroll in the HSA Medical Plan and elect to contribute to the HSA, a Health Savings Account (HSA) will be opened for you at HealthEquity, our HSA administrator.
  • Watch your mail for the “Get Started” kit from HealthEquity.

Your HSA Contributions

You contribute through pre-tax payroll deductions directly to your HSA. You decide how much you want to contribute, up to the IRS limits for 2022 — and you can change the amount at anytime. If you’re age 55 or older, you can contribute an extra $1,000.

Company HSA Contributions

You are eligible for two separate HSA contributions from Tenneco:

  • Base HSA Company Contribution: If you are enrolled in the HSA Medical Plan on or before November 1, 2022 and enroll in the HSA Medical Plan, you will receive a Base HSA Company Contribution of $250 if actively employed and still covered under the plan on the date of payment.
  • HSA Company Match: Tenneco will match your HSA contributions dollar for dollar, up to $500.

NOTE: It is your responsibility to ensure your and Tenneco’s contributions combined do not exceed IRS limits.

2022 Contribution Limits

If You Elect Medical Coverage For: Annual IRS Limit*

Total with Additional Catch-Up
(55+)

Employee

$3,650

$4,650

Employee + Spouse/ Domestic Partner

$7,300

$8,300

Employee + Child(ren)

$7,300

$8,300

Employee + Family

$7,300

$8,300

* IRS limits reflect combined contributions from you and Tenneco

Example: How the HSA Can Save You Money

Here’s an example of how the HSA can reduce your taxes and help you save tax-free money for eligible health care expenses. Let’s say you have Family coverage, your taxable income is $80,000 and you’re in the 22% tax bracket. Contributing $1,500 to your Health Savings Account (HSA) would lower your taxes by $445. 

You will also receive a $250 Base HSA Company Contribution in 2022, even if you don’t contribute to your HSA. If you do contribute, you will receive an additional dollar-for-dollar Company Match contribution up to $500. This provides you tax-free money to use toward eligible health care expenses — this year or in future years, even into retirement. And your account stays tax-free as long as you use it for eligible health care expenses.

 

With the HSA

Without the HSA

Annual Gross Income

$80,000

$80,000

Annual HSA Contributions

$1,500

$0

Annual Gross Income After HSA Contributions

$78,500

$80,000

Federal (22%) and FICA Taxes (7.65%)

$23,275

$23,720

Tax Reduction

$445

$0

 

Base HSA Company Contribution

$250

$0

Your HSA Contribution

$1,500

$0

HSA Company Match

$500

$0

Health Savings Account

$2,250

$250

 


Tax-free money for eligible health care expenses and retirement

Contacts

HealthEquity
844-351-6849