Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged savings account that belongs to you that is paired with the 3200 HDHP or 5000 HDHP. It allows you to make tax-free contributions to a savings account to pay for current and future qualified medical expenses for you and your dependents.
START IT
- Contributions to the HSA are tax-free for you whether they come from you or the company. Western Reserve Care Solutions contributes $500 for individual coverage and $1,000 for family coverage annually (pro-rated).
- Plans with an HSA typically cost less than other plans so the money you save on premiums can be put into your HSA. You save money on taxes and have more flexibility and control over your health care dollars.
BUILD IT
- All of the money in your HSA is yours (including any contributions deposited by the company) even if you leave your job, change plans or retire.
- In 2024, the total of your contributions and the company’s can be up to $4,150 for individual coverage and $8,300 for family coverage.
USE IT
- You can withdraw your money tax-free at any time, as long as you use it for qualified expenses (a list can be found on www.irs.gov).
- You can also save this money and hold onto it for future eligible health care expenses.
GROW IT
- Unused money in your HSA will roll over, earn interest and grow tax-free over time.
- You decide how to use the HSA money, including whether to save it or spend it for eligible expenses. When your balance is large enough, you can invest it — tax-free.
RESOURCES
Eligibility Details
- You are enrolled a high deductible health plan (HDHP), either $3200 or $5000.
- If you are age 55 or older, you can contribute an additional $1,000 per year.
- You cannot be enrolled in any other health coverage 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.
Reminder
Even if you do not plan to contribute to your Health Savings Account, please remember to open an HSA with Voya so you can still receive Western Reserve Care Solution’s contribution.
You will not receive the employer contribution to your HSA if an account is not opened with Voya.
Western Reserve contributes $41.67 monthly for single coverage and $83.33 monthly for family coverage.
An HSA debit card will be mailed for all new participants
