Health Savings Account (HSA)
A Health Savings Account (HSA) is an individually owned, tax‐advantaged account that you can use to pay for current or future IRS‐qualified medical, dental and vision expenses. Our HSA plan is administered by HSA Bank.
- Employees must enroll in the BlueEdge with HSA high deductible health plan in order to participate.
- An employee is ineligible if the employee is on Medicare, Tricare or VA insurance.
- An employee is inelegible if the employee and/or their spouse has an HRA or FSA account.
Funds are deducted "pre-tax" throught payroll. The annual election is not pre-funded. HSA bank issues a Health Benefits Debit card. You can use the debit card to pay for prescriptions, products, and services at the time of purchase, or you can keep receipts and reimburse yourself later. You can also let the funds grow year over year or invest the funds in various mutual funds. This is not a use it or lose it benefit. The funds rollover year to year. You can take the funds with you when you retire or change jobs as well.
Annual Contribution Limit
Contributions into this account is limited by the IRS. For 2021, the limit is $3,600 for indiviuals with employee only health coverage and $ 7,200 for employees with dependent(s) health coverage.