Health Savings Accounts
What is a Health Savings Account?
- An HSA is basically a savings account for healthcare expenses that has some really great tax incentives.
- You must be enrolled in a High Deductible Health Plan (HSA-A or HSA-B) to participate
- Your contributions are tax-free with the following maximums:2016 = $3,350 annual max individual (2017 = $3,400 annual max individual) 2016 = $6,750 annual max family (2017 = $6,750 annual max family)
- Withdrawals for eligible expenses is tax-free -The money is 100% employee owned and portable
Watch a quick video for an explanation of HSAs
Special note: Moving to a High Deductible Health Plan and opening up a Health Savings Account may be a good idea for you. Since High Deductible Health Plans cost you less per month, you can save money on your monthly contributions and put those savings in your HSA. Then, when you have a medical issue you can use your money in your HSA to pay your co-pays, deductibles, or other qualifying health expenses!
STSIG New Enrollee Contribution:
New HDHP enrollees on or after August 1, 2016 will be eligible for $500/$1000 for 2016-17 STSIG HSA contribution with a 100% payment at the end of November. We will give you money to save money.
Another special note: Non-qualified withdrawals are subject to income tax and a 20% penalty.
Qualifying for an HSA
- You must be enrolled in a qualified high deductible health plan (HDHP).
- You mustn't have other health coverage, unless the other coverage is also a High Deductible Health Plan.
- You must not be enrolled in Medicare or Tri-Care.
- You cannot be claimed as a dependent on someone else's tax return.
Health savings accounts are through Payflex, which acts as your bank to keep your HSA funds in.
Contact a PayFlex Advocate:
Monday - Friday, 7:00 am - 7:00 pm (CT)
Saturday, 9:00 am - 2:00 pm (CT)