Health Programs From left to right: Shasta County Office of Education entrance, Sequoia Middle School, Enterprise High School front office

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-$1700 or HSA-$3000 or HSA-$5000) to participate
  • Your contributions are tax-free with the following maximums:
    • 2023=$3850 annual max individual, $7750 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

Here is a video on the Benefits of a Health Savings Account

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:

Qualified first-time HDHP enrollees will be eligible for a STSIG Health Savings Account contribution of $500 for individuals and $1000 for families 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.

 

Payflex

Health savings accounts are through Payflex, which acts as your bank to keep your HSA funds in. You can use a special "Credit card" to use your HSA funds to pay for qualified medical bills. 

Here is a video on how to use your Mastercard Payflex Card

Contact a PayFlex Advocate:

1-844-PAYFLEX (1-844-729-3539)
Monday - Friday, 7:00 am - 7:00 pm (CT)
Saturday, 9:00 am - 2:00 pm (CT)

 

Helpful Resources

HSA Quick Reference Guide

HSA Road Rules for Consumers, 2023-24

HSA Savings Calculator