Page 10 - 2022 Drive Open Enrollment Guide - Non Union
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Health Savings Accounts
A Health Savings Account (HSA) is a savings account that belongs to you that is paired with the Low and Bronze Plans. 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 GROWIT
● Contributions to the ● All of the money in your ● You can withdraw your ● Unused money in your
HSA are tax-free for you HSA is yours (including money tax-free at any HSA will roll over, earn
whether they come from any contributions time, as long as you use interest and grow tax-free
you or the company. The deposited by the it for qualified expenses over time.
company contributes company) even if you (a list can be found on ● You decide how to
$500 for individual leave your job, change www.irs.gov). use the HSA money,
coverage and $1,000 for plans or retire. ● You can also save this including whether
family coverage for ● In 2022, the total of money and hold onto it for to save it or spend it for
those enrolled in the your contributions and future eligible health care eligible expenses. When
1
Low Plan . the company’s can be expenses. your balance is large
● Plans with an HSA typically up to $3,650 for enough, you can invest it
cost less than other plans individual coverage and — tax-free.
so the money you save on $7,300 for family
premiums can be put into coverage.
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. You are eligible to enroll in a Limited Purpose FSA and have an HSA.
1 The HSA employer contribution will be prorated based on the month your plan becomes effective. 10
