Company Name • 2024-2025 Benefits Guide
HEALTH SAVINGS ACCOUNT (HSA) INSPIRA
www.inspirafinancial.com 800.555.1234
AVAILABLE TO PARTICIPANTS IN THE PLAN. A 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 In addition, money withdrawn from an HSA isn’t taxed, provided you use it for qualified healthcare expenses.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.
z You are enrolled in the HDHP z You are not covered by a spouse’s plan z No one else can claim you as a dependent z You are not enrolled in Medicare, TRICARE or TRICARE for Life z You have not received VA benefits in the past 3 months How Do I Access/Make Contributions to My HSA? You can manage your HSA at www.xyzfinancial.com . You’ll set up your payroll contributions during your enrollment period and can make changes at any time throughout the year (although it may take between 1–2 payroll periods for any changes to be processed).
Other HSA Advantages
z You can use the account to pay for qualified healthcare expenses. z Unspent dollars roll over each year and are yours to keep if you retire or leave the company. z You can invest your HSA funds, so your available healthcare dollars can grow over time.
How Much Can Be Deposited into an HSA in 2024?
Up to $4,150 for individual
z
Up to $8,300 for employee + spouse, employee + child(ren), and family
z
<55*
*Not enrolled in Medicare
The maximum contribution increases by $1,000 *Not enrolled in Medicare
You are eligible if you enroll in a High Deductible Health Plan.
55+*
*PayFlex is now Inspira Financial
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