Your Choices
Enrolled in the HDHP? Then, it is time for you to meet its partner: the Health Savings Account. You can set aside up tax-free money to pay for your medical expenses:
- Up to $4,300 if you’re the only one enrolled in the plan
- Up to $8,550 if you’ve enrolled your spouse or children too
- Employees over age 55 may make an additional $1,000 catch-up contribution
How to Optimize the HSA and learn more about the HDHP with HSA.
It’s quite simple. When you enroll in the HDHP, you will receive information on how to set up your HSA from NetBenefits.
You decide how much you want to contribute to your HSA, up to the IRS limits. The money is taken out of your paycheck before you pay taxes. When you go to the doctor or have a medical expense, you pay for it in full. Use your HSA debit card if you have the funds in your account.
Once you meet your deductible, you pay a portion of the cost until you meet your out-of-pocket maximum. Then, the plan pays 100% of your medical care for the rest of the year.
Any unused funds in your HSA will rollover to the next year. There is no minimum balance required to start investing your HSA money. However, certain mutual funds may have minimum investment requirements.
You decide how much you want to contribute to your HSA, up to the IRS limits. The money is taken out of your paycheck before you pay taxes. When you go to the doctor or have a medical expense, you pay for it in full. Use your HSA debit card if you have the funds in your account.
Once you meet your deductible, you pay a portion of the cost until you meet your out-of-pocket maximum. Then, the plan pays 100% of your medical care for the rest of the year.
Any unused funds in your HSA will rollover to the next year. There is no minimum balance required to start investing your HSA money. However, certain mutual funds may have minimum investment requirements.
Benefit Spotlight
The HSA has loads of perks to help you get the most out of the HDHP.
- You get a triple tax advantage: You do not pay taxes on the money you contribute, the funds you use to pay for medical expenses, or any earnings from invested HSA funds.
- You are in the driver’s seat. You decide how much you want to set aside and how to spend your money.
- Any money you do not use rolls over to the next year. You never lose any funds you contribute. Now that is a good deal!
- Use your funds to pay for expenses, such as deductibles, copays and coinsurance, vision care, and dental care.
There are some eligibility requirements that must be met before you can open an HSA:
- You cannot be enrolled in Medicare or TRICARE.
- You cannot have any non-permitted coverage.
- You cannot be claimed as someone else’s tax dependent.
- You cannot participate in the Health Care Flexible Spending Account (FSA).
- Those age 65 and above are no longer eligible to make contributions to the HSA.
Don't Forget
If you enroll any of your family members in the plan, the total family deductible must be met before the plan pays any benefits.
Contacts
| Benefits | Contact | Phone | Website |
|---|---|---|---|
| Health Savings Account (HSA) | Fidelity/NetBenefits | 1-800-742-4015 | Visit Website |
