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| Flexible,
affordable and easy to use, CHI Health
Fund Plus™ provides farm families
with a tax-advantaged* way to pay for
health care and a vehicle to save money
for the future. |
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| CHI
Health Fund Plus provides grain customers
with funding for a Health Savings Account
(HSA) from Wells Fargo, one of the nation's
leading financial institutions. With CHI Health
Fund Plus, you have the flexibility to decide
how much money (up to certain limits) you
want contributed each year to your HSA in
exchange for a grain sale commitment. Funds
may be withdrawn from your HSA at anytime
(tax free) to pay for qualified medical expenses.
Further, just like an IRA or 401(k), any earnings
and unused balances in your HSA can grow tax-free
year after year. For this reason, your HSA
can also be an effective retirement savings
vehicle. To learn more about all the benefits
of Health Savings Accounts, please refer to
the Wells Fargo Health Savings Account Enrollment
Booklet for Individuals and Families. |
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| To
qualify for an HSA, you must first have a
compatible high-deductible health plan (HDHP).
HDHP's are available from most reputable insurance
companies and can be obtained by contacting
your local health insurance agent. |
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| Benefits |
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| Beyond
the many standard advantages of an HSA, farmers
who commit grain through this program will
enjoy additional benefits. First, your elevator
will contribute funds to your Wells Fargo
HSA in any amount up to the maximum allowed
by the government. Additionally, you will
not have to pay the standard Wells Fargo monthly
HSA administrative fee. You will pay a reduced
Wells Fargo monthly HSA administrative fee
of $3.75 per month. |
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| Example |
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| A
farm family of five decides to take advantage
of CHI Health Fund Plus by first signing up
for an HSA-eligible high deductible health
plan and a Wells Fargo HSA. The family chooses
a health plan with a $2,500 deductible, resulting
in a lower monthly insurance premium than
an insurance plan with a lower deductible.
Once their Wells Fargo HSA has been established,
the family decides to fund their account for
the entire amount of their deductible. In
exchange for committing 25,000 bushels of
corn to their local elevator under this program
at a maximum price of $2.50/bushel, $2,500
is deposited into the family's HSA account. |
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| With
an HSA, the funds in your account are entirely
owned by you. From doctor visits to prescription
drugs, you can use the money in your HSA to
pay for a variety of health care-related expenses.
Best of all, your unused account balance rolls
over from year to year. Accumulated funds
in your HSA grow tax-free, so you can save
for future health care expenses. |
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| CHI
Health Fund Plus allows you to receive funding
for your Wells Fargo HSA for every tax year
that you choose to market your crop through
a grain contract with Country Hedging. |
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Getting
Started
There are three easy steps to participate
in CHI Health Fund Plus™ |
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| 1.
Sign up for an HSA-eligible high-deductible
health plan (HDHP). |
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can be done through your local insurance agent.
Make sure that you tell your insurance agent
that you will be selecting Wells Fargo as
your HSA administrator. If you already have
an HSA-eligible HDHP, proceed to step 2. |
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| 2.
Apply for a Wells Fargo HSA. |
| Country
Hedging will provide your local elevator with
an enrollment booklet with the one-page account
application enclosed. Complete the application
and mail it to Wells Fargo at the address
on the application. Already have an HSA? You
can transfer your HSA to Wells Fargo to become
eligible for CHI Health Fund Plus™. |
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| 3.
Once you receive your welcome letter from
Wells Fargo, you are ready to use CHI Health
Fund Plus to fund your HSA! |
| Talk
to your local grain manager or Country Hedging
broker to learn about the wide variety of
grain sale commitments that you may make to
fund all or a portion of your HSA. |
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| *All
tax references are to federal income taxes.
State taxes vary. Consult your tax advisor. |
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