Page 13 - TriStar Energy-2023-Benefit Guide-V26(WLP)-LRI

Health Savings Account

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the
CDHP. It allows you to make tax-free contributions that you can use to pay for current and future
medical expenses for you and your dependents.

START IT BUILD IT USE IT GROW IT

• Contributions to an HSA are • All of the money in your • You can withdraw your • Unused money in your HSA
tax-free for you – whether HSA is yours (including any money tax-free at any will roll over, earn interest
they come from you or the contributions deposited by time, as long as you use and grow tax-free over time.
company. Tri Star Energy the company) even if you it for qualified expenses • You decide how to use
contributes $200 for leave your job, change (a list can be found on the HSA money, including
individual coverage plans or retire. www.irs.gov). whether to save it or spend
and $400 for family. • In 2023, the total of your • You can also save this it for eligible expenses
Amount will be prorated contributions and the money and hold onto it When your balance is large
based on new hire date. company’s can be up for future eligible health enough, you can invest it –
• As you contribute to your to $3,850 for individual care expenses. tax-free.
Health Savings Account coverage and $7,750 for
through per paycheck family coverage. If you are
deductions, the company age 55 or older, you can
will match up to an additional contribute an additional
$400 for individual coverage $1,000 per year.
and $800 for dependent
coverage. The amount will
be contributed on a
per-paycheck basis.
• The CDHP costs less than
other plans so the money
you save on premiums
can be put into your HSA.
This helps you save money
on taxes and gives you more
flexibility and control over
your health care dollars.

Eligibility details
• You are not allowed to be enrolled in any other health coverage, and cannot have an HSA if you are enrolled in
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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