Page 14 - HutsonWood-2023-24-Benefit Guide

Health Savings Account
Eligibility Details
You are eligible to open and fund
an HSA if:
• You are enrolled in a qualified high
deductible health plan (HDHP).
• You NOT enrolled in any other
health coverage or Medicare.
• You have NOT received Veterans
Administration Benefits.
• You are NOT claimed as a
dependent on someone else’s
tax return.
Note: You cannot participate in
the Health Care Flexible Spending
Account (FSA) if you have an HSA.
Your spouse also cannot have a
Health Care FSA.
If you are age 55 or older,
you can contribute an additional
$1,000 per year until you enroll
in Medicare.
A Health Savings Account (HSA) is a savings account that belongs to you that is paired with an
HDHP medical plan. It allows you to make tax-free contributions to a savings account to pay for
current and future medical expenses for you and your dependents. You will have the opportunity to
set aside funds before taxes through convenient payroll deductions.
START IT BUILD IT USE IT GROW IT
• Contributions to the HSA are • All of the money in your • You can withdraw your money • Unused money in your HSA
tax-free for you whether they HSA is yours (including any tax-free at any time, as long will roll over, earn interest
as you use it for qualified
contributions deposited by
and grow tax-free over time.
come from you or the company.
HutsonWood contributes $19.23 the company) even if you expenses (a list can be found • You decide how to use
for individual coverage and leave your job, change plans on www.irs.gov). the HSA money, including
$38.46 for family coverage per or retire. • You can also save this money whether to save it or spend it
pay period. • In 2023, the total of your and hold onto it for future for eligible expenses. When
• Plans with an HSA typically contributions and the company’s eligible health care expenses. your balance is large enough,
cost less than other plans can be up to $3,850 for you can invest it – tax-free.
so the money you save on individual coverage and $7,750
premiums can be put into for family coverage.
your HSA. You save money on
taxes and have more flexibility
and control over your health
care dollars.
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