Page 8 - McKenzie 2022 Benefit Guide NC Hourly

HEALTH SAVINGS ACCOUNT

A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the 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
whether they come from contributions deposited by time, as long as you use it interest and grow tax-free
you or the company. We the company) even if you for qualified expenses (a over time.
contribute $1,000 for leave your job, change list can be found on  You decide how to use the
individual coverage, plans or retire. www.irs.gov). HSA money, including
$1,600 for employee + one  In 2022, the total of your  You can also save this whether to save it or
coverage, and $2,100 for contributions and the money and hold onto it for spend it for eligible
family coverage. company’s can be up to future eligible health care expenses. When your
 Plans with an HSA typically $3,650 for individual expenses. balance is large enough,
cost less than other plans coverage and $7,300 for you can invest it —
so the money you save on family coverage. tax-free.
premiums can be put into
your HSA. You save money
on taxes and have more
flexibility and control over
your health care dollars.

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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