Health Savings Account

The Health Savings Account (HSA) is an individually owned account that lets you set aside money on a pre-tax basis (which lowers your taxable income) to pay for qualified medical, dental and vision expenses.

You can use the funds in an HSA at any time to pay for qualified medical expenses, or you can save the money for future expenses. You own the account and the money is yours to use now or save and grow. The money rolls over from year to year and you never lose or forfeit the balance.

The HDHP plan, when linked with an HSA account can offer members the following advantages that are unique to this plan pairing:
• Employer/employee contributions to your HSA account, not to exceed $4,400 (self), or $8,750 (family) annually.
• Potential savings on eligible health expenses of up to 25% or more, as funds are deposited on a pre-tax basis.
• Funds not spent during the plan year are yours to keep, and rollover from year-to-year.
• While HSA contributions cannot exceed a designated amount annually, the account balance potential is limitless.
• Investment opportunities with HSA funds are possible in a variety of mutual funds.

Eligibility Requirements
• You must be enrolled in the BioZyme QHDHP medical plan to open an HSA account.
• You cannot be covered by any other medical plan that is not a QHDHP (this includes a spouse’s medical coverage unless it’s a QHDHP)
• You cannot be enrolled in a traditional healthcare FSA
• You cannot have an HSA account if you are covered under Medicare Parts A, B or Tricare.
• You cannot be claimes as a dependent on another person’s tax return
• You cannot be a veteran who has received treatment, other than preventive care, through the Department of Veterans Affairs.

Next Steps
You are responsible for setting up your own Health Savings Account (HSA) at your choice of bank/ financial institution.
Once the HSA account is set up, please provide the HSA paperwork from the bank/financial institution and the written amount you want deducted from your payroll to Caity Norton.