Health Savings Account (HSA)
The money in your HSA can be used to pay for medical, prescription drug, dental or vision care – such as office visits, lab work, X-rays and prescriptions – now or in the future. Money in an HSA goes in tax-free, grows tax-free and can be withdrawn tax-free as long as the funds are used for qualified health care expenses.
How a Health Savings Account (HSA) Works
You must be enrolled in the Anthem Blue Cross Silver or Bronze Plan and not covered by any other health plan, including FSA.
You contribute on a pretax basis and can change how much you contribute from each paycheck. Your total contributions (including Company contributions) may not exceed the IRS maximum of $3,650 if you enroll only yourself or $7,300 if you enroll yourself and your spouse/DP and/or dependents. You can make an additional catch-up contribution if you are age 55.
The Company’s Contribution
- $200 lump-sum in January: Must be enrolled and eligible by 01/01/2022 (for January contr.)
- $200 lump-sum in July: Must be enrolled and eligible by 07/01/2022 (for July contr.)
Employee +Spouse/Domestic Partner/Children/Family
- $400 lump-sum in January: Must be enrolled and eligible by 01/01/2022 (for January contr.)
- $400 lump-sum in July: Must be enrolled and eligible by 07/01/2022 (for July contr.)
Using Your Account
2. You enjoy triple tax advantages.
3. You can take it with you.
4. You’re in control.
5. It stays with you for the long haul.
6. It has real growth potential.