Page 7 - PRO_2023 Client Benefits Guide

Health Saving Account (HSA)
Who is Eligible for a Health Savings Account (HSA)?
If your employer offers a qualified high deductible health insurance plan and you are enrolled in that plan, you are eligible to participate in the HSA.
What is a Health Savings Account (HSA)?
An HSA allows employees to reduce their taxable income and use that amount to pay for unreimbursed medical, dental and vision expenses. Unreimbursed medical, dental and vision expenses are expenses that are not covered by insurance or other group benefits.
 Your HSA funds can be used to pay for eligible expenses for your spouse and tax dependents whether they are enrolled in your health insurance plan or not.
 Your money in your HSA account rolls over year after year.
 HSAs are portable so if your employment ends, you can take your HSA with you.
 You can use your HSA to help add to your retirement funds.
After you turn age 65, you can withdraw funds from your HSA for any reason without penalty. However, you will have to pay income tax for expenses that are not eligible expenses.
Eligible Healthcare Expenses
Following is a condensed listing of eligible healthcare expenses. For a more complete listing, visit the participant IRS Publication 502. Please note this listing is subject to change at any time and without notice due to new legislation.
 Copays & Deductibles  Prescription Drugs
 Dental Services
 Vision Care
 Psychiatric & Certain Psychological Treatments
 Long Term Services
To be eligible for the HSA, you cannot be covered through Medicare Part A or Part B or TRICARE programs. See the plan documents for full details.
Important: Your contributions may not exceed the annual IRS limits listed below.
HSA Contribution Limit
2023
Employee Only
$3,850
Family (employee + 1 or more)
$7,750
Catch-up (age 55+)
$1,000
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