Page 9 - AFL 2022 New Hire Guide with Legal Notices

HEALTH SAVINGS ACCOUNT

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the High
Deductible Health Plan (HDHP). 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.

START IT BUILD IT USE IT GROW IT

΅ Contributions to the HSA ΅ All of the money in your ΅ You can withdraw your ΅ Unused money in your
are tax-free for you. HSA is yours (including any money tax-free at any HSA will roll over, earn
΅ Plans with an HSA typically contributions deposited time, as long as you use interest and grow tax-free
cost less than other plans by the company) even if it for qualified expenses over time.
so the money you save on you leave your job, change (a list can be found on ΅ You decide how to use
premiums can be put into plans or retire. www.irs.gov). the HSA money, including
your HSA. You save money ΅ In 2022, the total of your ΅ You can also save this whether to save it or spend
on taxes and have more contributions can be upto money and hold onto it for it for eligible expenses.
flexibility and control over $3,650 for individual future eligible health care When your balance is large
your health care dollars. coverage and $7,300 for expenses. enough, you can invest it
family coverage. — tax-free.

Eligibility Details
΅ If you are age 55 or older, you can contribute an additional $1,000 per year.
΅ You are not allowed to be enrolled in any other health coverage, and cannot have an HSA if you are enrolled in any other health
coverage or Medicare, or claimed as a dependent on someone else’s tax return.
΅ 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.

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