Health Savings Account (HSA)
If you enroll in a qualifying High Deductible Health Plan (HDHP), you also have the opportunity to contribute tax free money from your paycheck to a Health Savings Account (HSA) that Inframark creates for you. The money you contribute is deducted from your pay on a pre-tax basis and can be used towards qualified health care expenses for you and your eligible dependents. Since the money you contribute is tax free, your taxable income is then reduced.
- Contributions to your HSA can be made through payroll deductions or you can deposit money directly into your account.
- Inframark makes an annual HSA contribution to your HSA account.
- You own the account which means you can take your HSA funds with you if you change jobs or retire.
- Balances carry over from year to year.
- Stay in touch with your HSA funds on the go with the Empower Retirement mobile app
A HSA provides you with great tax savings:
- Contributions made to your HSA via paycheck deduction are pre-tax.
- Earnings grow through interest and investments are not taxed.
- Withdrawals are also tax-free, if used for qualified health care expenses.
You are eligible to contribute to an HSA if you are:
- Enrolled in the HDHP and are not covered by another health plan that is not a HDHP.
- Not covered under an FSA through your spouse’s employment (if applicable).
- Not currently enrolled in Medicare or TRICARE.
- Have not received medical benefits through the Department of Veterans Affairs (VA) during the past three months.
How much can I contribute to my HSA?
- Up to $3,600 with "employee only" coverage
- Up to $7,200 with "employee/spouse, employee/child(ren), or family coverage
- If you are 55+ years old, and not enrolled in Medicare, you can contribute an additional $1,000 catch-up contribution to your HSA.
Inframark will contribute funds to your HSA to help get you started on the road to saving for your health care expenses. The annual amount that Inframark contributes to your HSA account is included in the annual maximums listed above.
- $500 for "employee only" coverage.
- $1,000 for "employee/spouse, employee/child(ren), or family coverage.
All questions should be directed to Benefits@Inframark.com or call the Benefits Infoline at 866-545-3756.
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