Health Savings Account
How does an HSA work? An HSA is a personal savings account that allows you to set aside pre-tax dollars for current and future healthcare expenses for you and your dependents, even if they are not covered under your primary health plan. You are eligible to open an HSA if you are enrolled in an HSA-eligible high-deductible health plan. You choose an annual election amount, up to $4,150 for individuals and $8,300 for families, for 2024. The money is placed in your account via payroll deduction, online banking transfer, or a direct contribution. Once your account is funded, you can choose to use the money to pay for current healthcare expenses or keep the funds in your account and watch your savings grow.
If you are 55 or over, you have the option to contribute an additional $1,000 annually.
Why should I enroll in an HSA? High-deductible health plans typically have lower monthly premiums and greater out-of-pocket costs. An HSA helps ensure you have money set aside to pay for out-of-pocket healthcare expenses.
How much can you potentially save for retirement?
Annual Contribution Over 25 Years
Balance at Retirement
Tax Savings*
$600
$4,050
$30,668
$2,400
$16,200
$122,672
But an HSA is also a powerful investment vehicle and can be a smart addition to your retirement strategy. What makes an HSA such a great retirement investment tool? Simply put, money goes into an HSA tax-free, grows tax free, and comes out tax free. That means you will never be taxed when you use HSA dollars for qualified medical expenses. No other investment account offers this benefit! $3,600 $24,300 $184,008 $7,200 $48,600 $368,017
How do I use my HSA to pay for healthcare expenses?
You can use your Medcom Debit Card to pay your providers for eligible healthcare expenses or pay with your personal funds and withdraw funds from your HSA to reimburse yourself for the expenses.
Online & mobile access Get instant access to your account with the Medcom WealthCare Portal and Medcom Mobile App .*
View your account balance and transaction history
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Invest HSA funds
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View important alerts and communications
Sign up for direct deposit Sign up for text message alerts
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Submit and view claims
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Upload and store receipts
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Make contributions
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*The Medcom Mobile app is available for download on the App Store or Google Play.
www.medcombenefits.com MedcomReceipts@medcombenefits.com
Contact
(800) 523-7542, option 1
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