2024-2025 Armor Health Benefits Guide
HEALTH SAVINGS ACCOUNT (HSA)
OPTUM BANK Available to employees enrolled in the HDHP health plan.
A Health Savings Account (HSA) is a tax-advantaged savings account that can be used for your qualified healthcare expenses. You own your HSA and can contribute to the account with pre-tax payroll deductions based on your needs. Did you know an HSA provides triple tax benefits? The money you contribute is pre-tax, and the interest that accumulates in the account is tax-free. In addition, money withdrawn from an HSA isn’t taxed, provided you use it for qualified healthcare expenses. Like a savings account, you will only be able to withdraw funds that are in the account.
OTHER HSA ADVANTAGES
You can use the account to pay for qualified healthcare expenses.
Unspent dollars roll over each year and are yours to keep if you retire or leave the company.
You can invest your HSA funds, so your available healthcare dollars can grow over time.
You are eligible if:
No one else can claim you as a dependent
You are not covered by a spouse’s plan
You are enrolled in the HDHP HSA
You are not enrolled in Medicare, TRICARE, or TRICARE for Life
You have not received VA benefits in the past 3 months
How Do I Access/Make Contributions to My HSA? During your enrollment period, you set-up pre-tax payroll contributions and can adjust the amount at any time throughout the year, but keep in mind that it may take up to two payroll periods for changes to be processed. You can manage your HSA and explore all the helpful resources available to you by visiting OptumBank.com . IRS Maximum Contribution Limits
Up to $4,150 for individual Up to $8,300 for family 2024
2025
Up to $4,300 for individual Up to $8,550 for family
*For employees aged 55 or older, an annual catch up contribution of $1,000 is allowed. *Special Rules apply to Medicare eligible employees. Turning 65 in the upcoming year? Click here to learn more 13
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