Health Savings Account (HSA)
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 $3,850 if you enroll only yourself or $7,750 if you enroll yourself and your spouse/DP and/or dependents. You can make an additional catch-up contribution of $1000 if you are age 55.
The Company’s Contribution
- $400 lump-sum in January: Must be enrolled and eligible by 01/01/2023
Employee +Spouse/Domestic Partner/Children/Family:
- $800 lump-sum in January: Must be enrolled and eligible by 01/01/2023
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.