Allows users to save money tax-free against medical expenses.

 

A Health Savings Account (HSA) is an individually owned, tax-exempt account established
for the purpose of paying for qualified medical expenses. The account may be funded by
both Employees and Employers.

 

Advantages

An HSA allows account owners to pay for current health care expenses and save for those
in the future, and includes a wide variety of advantages including:

• Affordability – HSA Plan can lower health insurance premiums

• Tax Advantages – Pre-Tax Contributions & Tax-Free withdrawals (on qualified medical expenses)

• Flexibility – Funds can be used for any qualified expense

• Employee Benefit – Employers can contribute to the account as a benefit

• Control – Puts the Employees in control of their own health care spending

• Portable – HSA’s may be kept by Employees once they leave their job

• A Building Asset – HSA dollars build from year to year

• Debit Card – Makes accessing funds quick and easy

• Online Account Access – Track transactions and account balances online

 

HSA Eligibility 

Employees may contribute to an HSA if they are:

• Covered by a qualified High Deductible Health Plan (HDHP)

• Are not covered by any other health plans

• Are not enrolled in Medicare or other government program

• Are not claimed as a dependent on another’s federal income tax return

 

Examples of Qualified Expenses

• Prescription Drugs

• Doctor Visits

• Hospital Expenses

• Dental and Vision Expenses

• Chiropractic Care

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2021 HSA Details - Individual 

• Maximum contributions for individuals is $3,600.00

• The minimum HDHP deductible for individuals is $1,400.00

• The maximum HDHP out of pocket for individuals is $7,000.00

• The catch up allowance for individuals 55 and over is $1,000

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2021 HSA Details - Family 

• Maximum contributions for family is $7,200.00

• The minimum HDHP deductible for family is $2,800.00

• The maximum HDHP out of pocket for family is $14,000.00

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2022 HSA Details - Individual 

• Maximum contributions for individuals is $3,650.00

• The minimum HDHP deductible for individuals is $1,400.00

• The maximum HDHP out of pocket for individuals is $7,050.00

• The catch up allowance for individuals 55 and over is $1,000

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2022 HSA Details - Family 

• Maximum contributions for family is $7,300.00

• The minimum HDHP deductible for family is $2,800.00

• The maximum HDHP out of pocket for family is $14,100.00

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