Health Savings Account  Benefits - HSA Bank

•If you are enrolling in the QHDHP medical plan, you may establish and contribute to a tax-exempt Health Savings Account (HSA)

•This account may be used to pay for eligible, out-of-pocket medical expenses, deductibles, co-insurance, prescriptions, vision, dental care, certain over-the-counter items, and feminine hygiene products. Funds are contributed pre-tax through payroll deduction and deposited directly into your HSA account.

•Employees are encouraged to use the reduction in the monthly premiums to contribute a greater amount to the Health Savings Account. For example, an employee on Employee only coverage who contributes $20 per pay, will have $480 deposited into the Health Savings Account by the end of the plan year.

•HSA contributions can be changed mid-year and without a qualifying event.

•Balances roll over year to year and the account is portable

•You cannot contribute to an HSA if you are enrolled in another non-qualified medical plan through your spouse/partner’s employer or Medicare

•2023 Tax Year Maximum: $3,850 individual / $7,750 family / Age 55 or older can contribute an additional $1,000 every year.