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Hughston Benefits Guide
HEALTH SAVINGS ACCOUNT | MEDCOM
Who contributes to an HSA? • You
• You will also receive a contribution from Hughston to help grow your balance faster. If you have employee only coverage, Hughston will contribute $250 annually, distributed in a bi- weekly contribution of $9.62. If you have employee plus dependent coverage, Hughston will contribute $750 annually, distributed in a bi-weekly contribution of $28.85 as long as you are benefit eligible. How much can I contribute to an HSA? • Employee only coverage: $4,150 per calendar year. • Employee plus dependent coverage: $8,300 per calendar year. • If you are 55 or older, you can make an additional annual catch-up contribution of $1,000. > Please be aware that the contribution maximums listed above include any employer contribution. You must subtract out the Hughston HSA contribution to determine the maximum amount that you as the employee can contribute. Who cannot contribute to an HSA? • If you are age 65 or older and enrolled in Medicare. • If you have health coverage under another medical plan that is not a high deductible plan. • If you or your spouse has a Full Purpose FSA, you can still enroll in the High Deductible Health Plan, but neither you nor Hughston can contribute money into the HSA.
What is a Health Savings Account?
A Health Saving Account (HSA) is a way for you to save pre-tax dollars that can be used to pay for qualified health care expenses like deductibles, copays, coinsurance, prescriptions, vision and dental expenses. The funds can be taken out via payroll deductions and are deposited into the account for future use. In order to contribute to an HSA, you must be enrolled in Hughston’s High Deductible Health Plan.
SPOTLIGHT ON HSA
Did you know your HSA provides triple tax benefits? All HSA contributions are made pre-tax, qualified healthcare expenses are not taxable, and any interest you may accumulate on the account is also tax-free!
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