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 each pay period (up to the federal limits) to your HSA, and can change that amount at any time.
- Company match: Endeavor Health will match your HSA contributions each pay period, up to $600 per calendar year for individual coverage or $1,200 for one or more dependents.
- 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 or to receive an NS-EEH match to the Health Savings Account.
Full-Time and
|
|
|
|
|---|---|---|---|
Employee-Only |
$3,550 |
$600 |
$4,150 |
Employee + Additional Family Members |
$7,100 |
$1,200 |
$8,300 |
If you are age 55 or older you can contribute an additional $1,000 as a "catch-up" contribution.
