A Health Savings Account is a tax-advantaged account which allows you to pay for your eligible out-of-pocket health care costs using pre-tax dollars – meaning you save money.
You’re offered a Health Savings Account – administered by Health Equity – if you select the Advantage Plan. You can use your account to pay for health expenses in the current plan year or roll it over for use in the future.
|$600 Start-up Contribution*||2021 Health Savings Account contribution maximums||Benefit from a triple-tax advantage*|
|The Start-up Contribution will be prorated based upon your month of enrollment||Up to $3,600 for individual coverage
$7,200 for family coverage
55 or older, contribute an extra $1,000
|You contribute pre-tax dollars
Your savings grow tax free
You don’t pay tax when you withdraw your savings
* There are some exceptions for state taxation, so it’s important to check how your state treats the HSA.
Making the right choice
Last year 40% of the households who selected the Standard Plan would have saved on their total medical spend if they’d enrolled in the Advantage Plan and benefitted from lower monthly premiums and a Health Savings Account Start-up Contribution.
To learn more, take the time to explore our dedicated Health Savings Account section, using the tools and resources available to help you make an informed decision.
It’s important to make sure your beneficiary designations are correct for after you are gone.