When you enroll in the High Deductible Health Plan, you can save for future medical costs and reduce your tax bill with this special savings account.
Endeavor Health helps contribute to your account by providing a company match, which you can spend on eligible medical and prescription drug expenses. HSA accounts are administered by Wex.
How HSAs work
With the High Deductible Health Plan, you’re eligible to contribute money to a Health Savings Account administered by WEX. This is a tax-advantaged savings account you can use to help pay for eligible healthcare expenses as needed, or you can build up the money in your account and use it for future expenses, even during retirement.
THINGS TO CONSIDER:
You can save. You decide how much to contribute to your HSA each pay period (up to the federal limits), and can change that amount at any time.
- It works like a bank account. Use account funds to pay for eligible healthcare expenses by using your debit card when you receive care, or submit a claim for reimbursement for payments you’ve made.
- It’s tax-advantaged. You don’t pay taxes on HSA funds.
- It’s your money. Unused funds carry over each year—you can earn tax-free interest on your HSA balance. Once your account reaches $1,000, you will have investment choices for the money. You can take the account with you if you retire or leave Endeavor Health, and save it to use during retirement.
- When you reach age 55, if you are eligible to have an HSA you can contribute an additional $1,000 each year through age 65 or until you enroll in Medicare.
- If you are enrolled in Medicare, you are eligible to enroll in a medical plan with HSA, but you are not eligible to contribute to the Health Savings Account. For information regarding Health Savings Accounts and Medicare, reference IRS Notice 2004-50.
- New HSA participants: WEX will send you an enrollment confirmation email. The email will provide you with a link to register for an online account through WEX. You must set up this account before payroll contributions can be deposited to this account.
Full-Time and Part-Time |
|
|---|---|
Employee-Only |
$4,300 |
Employee + Additional Family Members |
$8,550 |
If you are age 55 or older you can contribute an additional $1,000 as a "catch-up" contribution.
Note: Amounts change yearly per IRS guidelines.
HSA Participation Requirements
- You must be enrolled in an HDHP medical plan.
- You cannot be covered by a non-eligible medical plan. (Tricare, Medicare, Spouse/Parent plan).
- You cannot be claimed as a tax-dependent by someone else.
- You cannot be covered by a Health Care Flexible Spending Account (FSA) other than a Limited Purpose FSA.
