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*||2020 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 $3,550 for individual coverage
$7,100 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.