Page 6 - Megatel Homes LLC Benefit Guide 8-1-2024

H.S.A Information

For DDZZ-MM Plan Only

What is a Health Savings Account?

A Section 223 Health Savings Account is a personal savings account set up to pay for out
of pocket medical expenses that is regulated by the Internal Revenue Service (IRS).

What are the Advantages of an H.S.A.?

• It is YOUR Personal Savings Account for medical expenses
• You have the opportunity to make contributions to your account through pre-tax payroll

deduction

• Unused money rolls over from year to year
• Triple Tax Benefits! These Include:

1) Pre-tax contributions

2) No tax paid on any payments made on medical expenses

3) Tax-Free earnings through investments

Who can Participate?

Employees and Members signed up on the H.S.A. DQYV-MM plan

• Does not have underlying health coverage (this includes a spouse with an FSA)

• Does not have Medicare (A or B)

• Cannot be claimed as a dependent on someone else’s taxes

2024 H.S.A. Contribution Limits: 2025 H.S.A. Contribution Limits:

• Individuals (self-only) Coverage: $4,150 $4,300 Individual
•
• Family Coverage: $8,300 • $8,550 Family

• Each Member Over Age 55: Can contribute $1,000 over the annual limit

www.optumbank.com or 866-234-8913

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