Health Savings Account - (HSA) Health Savings Account Why should I choose a health savings account (HSA)? An HSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses or use as a retirement savings tool. This plan offers tax savings that a 401(k) and IRA don’t, making it a powerful option for diversifying your retirement portfolio. An HSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses or use as a retirement savings tool. This plan offers tax savings that a 401(k) and IRA don’t, making it a powerful option for diversifying your retirement portfolio. Health Savings Account Why should I choose a health savings account (HSA)?
Can I enroll? You must be enrolled in a high-deductible health plan (HDHP) in order to enroll in the HSA. You’re not eligible for an HSA if: • You’re claimed as a dependent on someone else’s taxes. • You’re covered by another plan that conflicts with the HDHP, such as Medicare, a medical flexible spending account (FSA) or select health reimbursement arrangements (HRAs). • You or your spouse are contributing to a medical FSA. Can I enroll? You must be enrolled in a high-deductible health plan (HDHP) in order to enroll in the HSA. You’re not eligible for an HSA if: • You’re claimed as a dependent on someone else’s taxes. • You’re covered by another plan that conflicts with the HDHP, such as Medicare, a medical flexible spending account (FSA) or select health reimbursement arrangements (HRAs). • You or your spouse are contributing to a medical FSA. Investment options You can invest your HSA funds in an interest-bearing account or our standard mutual fund lineup. Savvy investors may opt for a Health Savings Brokerage Account powered by Charles Schwab, giving you access to more than 8,500 mutual funds, stocks and bonds. Investment options You can invest your HSA funds in an interest-bearing account or our standard mutual fund lineup. Savvy investors may opt for a Health Savings Brokerage Account powered by Charles Schwab, giving you access to more than 8,500 mutual funds, stocks and bonds. It’s yours Think of your HSA as a personal savings account. Any unspent money in your HSA remains yours, allowing you to grow your balance over time. When you reach age 65, you can withdraw money (without penalty) and use it for anything, including non-healthcare expenses. Flexibility Save for a rainy day. Invest for your future retirement. Or spend your funds on qualified expenses, penalty free. Flexibility Save for a rainy day. Invest for your future retirement. Or spend your funds on qualified expenses, penalty free. Easy to use Swipe your benefits debit card at the point of purchase. There is no requirement to verify any of your purchases. We recommend keeping any receipts in case of an IRS audit. Smart savings The HSA’s unique, triple-tax savings means the money you contribute, earnings from investments and withdrawals for eligible expenses are all tax-free, making it a savvy savings and retirement tool. Smart savings The HSA’s unique, triple-tax savings means the money you contribute, earnings from investments and withdrawals for eligible expenses are all tax-free, making it a savvy savings and retirement tool. It’s yours Think of your HSA as a personal savings account. Any unspent money in your HSA remains yours, allowing you to grow your balance over time. When you reach age 65, you can withdraw money (without penalty) and use it for anything, including non-healthcare expenses. Easy to use Swipe your benefits debit card at the point of purchase. There is no requirement to verify any of your purchases. We recommend keeping any receipts in case of an IRS audit.
What does it cover? There are thousands of eligible items. The list includes but is not limited to: • Copays, coinsurance, insurance premiums • Doctor visits and surgeries • Over-the-counter medications (first aid, allergy, asthma, cold/flu, heartburn, etc.) • Prescription drugs • Birthing and lamaze classes • Dental and orthodontia • Vision expenses, such as frames, contacts, View our searchable list of eligible expenses at www.wexinc.com/insights/ benefits-toolkit/eligible- expenses/ • Dental and orthodontia • Vision expenses, such as frames, contacts, prescription sunglasses, etc. What does it cover? There are thousands of eligible items. The list includes but is not limited to: • Copays, coinsurance, insurance premiums • Doctor visits and surgeries • Over-the-counter medications (first aid, allergy, asthma, cold/flu, heartburn, etc.) • Prescription drugs • Birthing and lamaze classes prescription sunglasses, etc. View our searchable list of eligible expenses at www.wexinc.com/insights/ benefits-toolkit/eligible- expenses/
My HSA Planner My HSA Planner
Why should I get a HSA (video) Why should I get a HSA (video)
What Are The HSA Contribution Limits? The IRS announced that 2025 HSA contribution limits will increase to $4,300 for self-only HSAs and to $8,550 for family HSAs. Additional details are available online in the Employee Navigator enrollment system. HSA participants who are 55 years of age or older can contribute an extra $1,000 annually. That means these HSA participants eligible for catch-up contributions have 2025 limits of $5,300 for self-only and $9,550 for family coverage. Does The Company Make A Contribution Into My HSA? Yes! If you enroll in an HSA plan, the company will contribute $50 per paycheck throughout the year, up to $1,200 annually! W013C WEXH_689150_DG_7.25.2022 W013C WEXH_689150_DG_7.25.2022
Benefits Guide 2024-25 9
Made with FlippingBook - Online magazine maker