HEALTH SAVINGS ACCOUNT

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WHAT IS A HEALTH SAVINGS ACCOUNT?

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A Health Savings Account, also known as an· HSA is a tax-advantaged savings account available to those in a qualified High Deductible Health Plan {HDHP). An HSA is one of the few opportunities to take funds out of your paycheck before taxes to spend on qualified medical, prescription drug, dental, and vision expenses. In addition, you can spend your HSA funds on things like Lasik, some over-the-counter drugs, or when the time comes Medicare Part A or B. Your funds roll over from year to year and are yours to keep even if you leave the County or retire. You’re not taxed on the funds as long as you spend them on qualified expenses, and like a 401{k) or 457, you can choose from a variety of Mutual Funds to increase your return.

THREE GREAT REASONS TO CHOOSE THE HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT
1.You’ll save money on premiums. And you can put what you save in premiums into a pre-tax HSA.
2. You can invest what you save.  Instead of paying every month for coverage you may not use, invest the premium in your HSA. Earn interest on your savings, and as your funds grow, invest to increase your return. After all, the money is yours. Take it with you when you change jobs or retire.
3. An HSA is the best tax-savings retirement opportunity. Think of an HSA as a medical 401(k). You put money in and deduct it from your taxes, plus Salt Lake County contributes too. The money is always tax free when you use it on eligible expenses. At age 65, you can withdraw the money for any reason and the money used for non-health care expenses is taxed like a 401(k).

ATTEND A HEALTH SAVINGS ACCOUNT BASICS WEBINAR TO LEARN MORE
Join us for a webinar that will introduce you to Optum and health savings accounts (HSAs). Learn how an HSA with a qualifying health plan can help you spend less and save more on health care.  Click here to sign up.

YEAR 1

YOUR COVERAGE
YOUR AGE

If you are over 55 you can add an additional $1,000 per year to your HSA.

COUNTY HSA CONTRIBUTION

$600 for employee only coverage and $1,200 for spouse/family coverage. For new hires, this amount is prorated based on the number of pay periods left in the benefit plan year

COUNTY WELLNESS
HSA CONTRIBUTION

You can receive up to $275 for employee-only coverage and up to $550 for spouse/adult designee coverage when you complete specific wellness activities.

YOUR HSA CONTRIBUTION
Maximum Exceeded ($4,950)

You can contribute up to $3,000 for employee-only coverage and up to $5,850 for spouse/adult designee or family coverage.

TOTAL HSA CONTRIBUTION
YOUR MEDICAL EXPENSES
Maximum Exceeded ($7,000)

Out-of-pocket maximum $3,000 for employee only coverage and $7,000 for spouse/adult designee or family coverage.

Required
TOTAL HSA CONTRIBUTION
MEDICAL EXPENSES
ROLLOVER
ROLLOVER - YEAR 1