Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) are a type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified medical expenses. A Health Savings Account can be used only if you have a High Deductible Health Plan (HDHP). The HSA account is administered by Optum Bank.
- The HDHP Medical Plan is the lowest cost option available to you, and an HSA account is opened on your behalf when you enroll in the HDHP plan
- The Company’s annual contribution is $500 for single coverage and $1,000 for family coverage. This contribution is deposited monthly
- You may contribute above the company contribution for additional tax savings up to the annual IRS maximum
- HSA funds roll over year to year if you don’t spend them. An HSA may earn interest and is triple tax free. This means you don’t pay tax on any contributions, any distributions and any earnings.