An HSA is a tax-advantaged savings account that can be funded by individuals whose only health care coverage is provided through an HDHP.
HSA funds used to pay for qualified health care expenses are not taxable. Funds that are not used each year carry over to the next year. This allows you to build up funds to cover future health care expenses.
The advantages to you of combining a High Deductible Health Plan (HDHP) with a Health Savings Account (HSA):
Eligibility
The HSA is available to enrollees of the medical plan and who meet the following these additional requirements:
How It Works
An Associate can choose the amount to contribute per paycheck and change this amount at any time.
Maximum annual contribution limits are set by the Internal Revenue Service and generally updated each year to account for inflation.
Individuals between the ages of 55 and 64 can contribute an additional $1,000 above the maximum annual contribution. Once you reach age 65 and enroll in Medicare, you will no longer be able to contribute to the HSA.
A debit card is provided for qualified expenses during the year, or an Associate can pay out of pocket and file a claim for reimbursement.
Funds deposited into the HSA account do not expire and roll over year to year.
