Health Savings Account

Those employees who elect to enroll in the $3,200 HDHP plan may be eligible to make a pre-tax contribution to a Health Savings Account (HSA) through HSABank.

HSA’s are tax-favored banking arrangements that allow individuals to put money aside for Qualified Medical Expenses:

• Triple Tax Savings
  • Money goes in tax free
  • Grows tax free
  • Comes out tax free as long as it’s used for Qualified Medical Expenses as defined by the IRS
• No “Use it or Lose it” Provision – Balance rolls over from year-to-year
• Take it with you when you leave your employer – the account belongs to you
• Must be combined with a Qualified High Deductible Health Plan

In order to be eligible to make pre-tax contributions to an HSA, individuals must:

• Be enrolled in a Qualified High Deductible Health Plan
• Cannot be enrolled in any other health plan that is NOT a Qualified High Deductible Health Plan
• Cannot be entitled to Medicare
• Cannot be claimed on another person’s Tax Return

If you are eligible to make a contribution to an HSA, in 2024 you may contribute:

• Single Coverage = $4,150
• Family Coverage = $8,300

Additional Catch-up Contribution if over the age of 55 = $1,000