Page 12 - Peak Technologies 2023 Benefit Guide

2023 Health Savings Account (HSA)

What is a Health Savings Account (HSA)?
An HSA is a special, tax-advantaged account –meaning money goes in tax free, earns interest tax free, and is
not taxed when it is withdrawn for qualified expenses. Your HSA through Peak Technologies is administered
through Optum Bank.

Who is eligible for an HSA?
To be eligible, you must be covered by a high deductible health plan (HDHP) like the plan offered by Peak
Technologies. You cannot have other health insurance coverage (including a spouse’s plan) that is NOT a HDHP,
your spouse cannot participate in a healthcare FSA, you cannot be claimed as a dependent on someone else’s
tax return, and you cannot be enrolled in Medicare.

Who owns the HSA?
You! The account is yours - even if you change jobs, change medical plans, or retire.

Who can contribute to the HSA?
Peak Technologies will contribute $750/$1,500 employee/employee + dependent(s), based on your enrollment
in the medical HSA plan. You may also make pretax contributions to your account.

Is there an annual maximum I can contribute to an HSA?
Yes. The IRS maximum HSA annual funding amounts for 2023 are $3,850 if you are enrolled with single
coverage and $7,750 if you are enrolled with any type of family coverage. The year you turn age 55, you may
contribute an additional $1,000 per year to your HSA. For more details, to access financial calculators, and to
manage your account, visit www.optumbank.com.

Do I lose money if I have some left at the end of the plan year?
No. Unlike a flexible spending account (FSA), the balance in an HSA rolls over year to year.

How do I withdraw money from my HSA?
HSA contributions are available for withdrawal once the funds are deposited, and you can access them through
your debit card.

What are some expenses I would use my HSA for?
Your HSA is for qualified medical expenses as defined by the IRS Publication 502, Medical and Dental Expenses.
These expenses include, but are not limited to, your medical plan deductible and coinsurance (doctor visits, lab
work, x-rays, surgical procedures, prescription drugs, etc.), dental treatment, vision hardware, and more. For
more information, visit www.optumbank.com. There is a penalty for non-qualified withdrawals from an HSA.

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