HEALTH SAVINGS ACCOUNT (HSA)
When you enroll in a High Deductible Health Plan (HDHP), you are eligible to open a Health Savings Account (HSA) through Health Equity. This account lets you put pre-tax money aside for qualified health care expenses. Because your contributions are deducted pre-tax, you can save up to an estimated 25% on out-of- pocket costs. To participate in an HSA, you must meet the following requirements: • Be enrolled in a qualified HDHP • Not be covered by any other non-HSA qualified health plan • Not be enrolled in Medicare • Not eligible to be claimed as a dependent on someone else’s taxes • Not enrolled in a standard Health care FSA while actively contributing to your HSA
2025 IRS Calendar Year Contribution Limit
The Internal Revenue Service (IRS) sets the annual contribution levels for HSAs. It is your responsibility to monitor the amounts deposited not to exceed the maximum limit, keeping in mind that any funds contributed by Spring Harbor also count towards the maximum amount.
2025 $4,300 $8,550 $1,000
If you cover just yourself on the plan:
If you cover yourself and a spouse or dependents:
Age 55+ Catch-Up:
HOW DOES IT WORK? You determine the amount you wish to be deducted from each paycheck. The funds are automatically deposited into your account. Unused funds carry over from year to year and can build over time. HSAs are portable; if you leave Spring Harbor you can take the account and all the funds in it. WHAT CAN YOU USE YOUR HSA FUNDS ON? Use your HSA funds to pay for health care items such as copays, prescriptions, home care, medical supplies and equipment, and other out-of-pocket expenses your insurance may not cover. You may also use these funds for dental and vision expenses, counseling, chiropractic care, physical therapy, certain OTC medications, and more. Visit irs.gov/forms-pubs/about-publication-502 to see a complete list of IRS- qualified expenses.
Spring Harbor 2025 Benefits Guide |
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