An HSA is a tax-free medical savings account available to associates enrolled in the Blue Plan. It will include bi-weekly paycheck contributions from you - if you elect to contribute - as well as dollars from Daymon. Your HSA debit car can be used to pay for current or future eligible healthcare expenses with tax-free dollars. Additionally, your HSA balance will roll over each year - it's a great way to save for healthcare expenses now and into retirement.
BUILD YOUR HSA: CONTRIBUTIONS FROM YOU AND DAYMON As part of our commitment to your health, Daymon will contribute seed money to your HSA in January 2018. You can choose whether you want to use it on eligible healthcare expenses or save it because your HSA balance can rollover each year and accumulate over time. With no copays, lower premiums, better negotiated rates and seed money from Daymon, the Blue Plan can result in lower annual out-of-pocket expenses for most associates.
GROW YOUR HSA: INVESTING YOUR HSA DOLLARS Use your HSA to pay for eligible healthcare expenses or leave it to grow for future expenses. Just like 401(k) contributions, all interest and investment earnings accumulate tax-free in your account. The money in your account is yours — it does not have to be used within any particular time-frame. In fact, one way many people use the HSA is to save for medical costs after retirement. If you pay medical expenses without using your HSA, the money in your account will simply continue to accumulate and grow tax-free.
A complete list of HSA eligible healthcare expenses can be found on the Benefits pages on The Register and on MyDaymonHealthPlan.com
IMPORTANT INFORMATION ABOUT YOUR HSA
- You are required to elect new HSA contribution amounts each year.
- You are only able to use your HSA funds for eligible healthcare expenses to avoid incurring any taxes or penalties.
- Carefully consider your healthcare expenses when electing how much to contribute to HSA.
- You are able to change your HSA election at any point during the year.
HSA Eligibility Requirements:
To be eligible for an HSA, you must meet the following requirements:
- You must be covered under a CDHP.
- You are not covered under any other plan that is not a CDHP/HDHP.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
Who is Not Eligible to Contribute to an HSA?
The IRS has specific rules about who can contribute to an HSA. You may not be eligible if one or more of the following applies to you:
- You are not a U.S. resident.
- You are a Resident of American Samoa.
- You are enrolled in Medicare.
- You are claimed as a dependent on another individual’s tax return.
- You are active U.S. military.
- Your spouse is enrolled in an employer-sponsored Health Care FSA, even if no claim is submitted