If you elect the High Deductible Health Plan (HDHP), you may elect to open a Health Savings Account (HSA).
Please Note: You cannot contribute to an HSA if: 1) you are covered by a Flexible Spending Account (FSA)
even if the FSA is your spouse’s, unless it is a Limited Purpose FSA that doesn’t cover medical expenses, or 2)
are enrolled in Medicare or any other health insurance coverage.
Features of an HSA include:
• HSA funds can be used for qualified medical, dental, and vision expenses.
• You can only use what you contribute; funds will be deposited into your HSA.
• HSA money is yours to keep. Unlike a Flexible Spending Account (FSA), unused money in your HSA isn’t forfeited at the end of the year; it continues to grow tax deferred.
• HSA is portable. It remains open and funds are available to you even if you leave the employer where you worked when you established or contributed to the HSA.
Annual Contribution Limits
If age 55 or older, $4,650
If age 55 or older, $8,300
HSA holders 55 and older can contribute an extra $1,000 per year, increasing the annual contribution limit to
$4,650 for individual coverage and $8,300 for family coverage.