Health Savings Accounts (HSAs)

Use in conjunction with “Best Value” high deductible health plans only.

  • Tax-advantaged account established to pay for qualified health care expenses (current and future)
  • Funds go in before tax, fund accruals are tax free and if funds are used for qualified health care expenses you never pay tax
  • 2020 Contribution Limits: $3,550 individual / $7,100 family (all tiers); $1,000 catch-up contribution for 55 and older
  • College contributes to HSA (in January): $500 per individual and $1,000 per family (all tiers)
  • Account is individually owned and full portable – it’s your money!
  • Unused funds are carried over from year-to-year – no “use it or lose it”!
  • Flexibility to manage your HSA funds: increase, decrease or stop your contributions at any time throughout the year – including ability to “pre-load” at the start of the year
  • Best Value HSA Presentation
  • HSA Election/Change Form