PG. 10
HEALTH SAVINGS ACCOUNT (HSA)
IT’S LIKE A 401(K) FOR YOUR HEALTH EXPENSES: THE HEALTH SAVINGS ACCOUNT (HSA) FOR HDHP MEMBERS If you enroll in the HDHP, you will have access to a health savings account (HSA) – with free money from Averitt – to help you save for health care expenses. Contributions, earnings and withdrawals for qualifying expenses are tax-free. Here’s how the account works: • Make contributions. WEX will automatically set up your bank account, and Averitt will deposit $10 per week for individual coverage or $20 per week if you cover dependents. You can also contribute additional funds up to the 2026 IRS limits of $4,400 for individuals/$8,750 for families, plus an annual $1,000 catch-up contribution for those over age 55. • Use your funds. WEX will send you a debit card to access your funds, and you can use the bank account to pay for eligible medical, dental and vision costs now or in the future. View a full list of eligible expenses at wexinc.com/insights/benefits- toolkit/eligible-expenses/ . • Save your funds. The bank account also works like a savings or retirement account. It’s yours, even if you leave the company, and your balance rolls over each year accruing interest tax-free. When your account balance reaches $1,000, you can invest your funds. • Designate a beneficiary. As with any financial account, naming a beneficiary on your health savings account is crucial to ensure your assets are distributed according to your wishes in the event of your death. Check, add or remove your beneficiary easily online at benefitslogin.wexhealth.com under your account’s Profile Summary. To be eligible for the HSA, you must meet certain qualifications during enrollment, like enrolling in the HDHP and not being enrolled in a health care FSA. If you are participating in Medicare, you cannot make or receive tax advantaged contributions to an HSA account. If you have questions about how Medicare works with HSA accounts, contact Alliant Medicare Solutions at 855-346-1519 .
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