HEALTH SAVINGS ACCOUNT (HSA)
If you elect the UHC HDHP $3,400 Medical Plan, you have the option to open a Health Savings Account (HSA). An HSA is a tax-favored personal savings account that works with your high deductible health plan.
HSA Major Benefits
- Your account always belongs to you; you can take it with you when you leave or retire.
- Your balance rolls over from year to year.
- Contributing lowers your taxable income.
- The account helps you build a healthcare nest egg for emergencies or retirement.
Triple Tax Savings
- Tax deduction when you contribute to your account.
- Tax-free earnings through investment.
- Tax-free withdrawal for qualified expenses.
| HSA Funding Limits* | |
|---|---|
| Coverage Level | Limit |
| Individual Coverage | $4,400 |
| Family Coverage | $8,750 |
| Age 55 or Older | Contribute an additional $1,000 on top of the individual and family coverage amounts |
* These limits are subject to change. Visit irs.gov for more information.
HSA Eligibility
You may open and contribute to an HSA if you’re enrolled in an AWP Safety HDHP and you:
- Are not enrolled in a traditional PPO plan through your spouse or other employer-sponsored plan options.
- Are not enrolled in a government-sponsored program (Medicare, Medicaid, TRICARE, etc.).
- Have not received Veterans Affairs (VA) benefits within the last three months (unless for a service-related disability).
- Are not claimed as a dependent on someone else’s tax return.
- Do not have a Health Care FSA; your spouse also cannot have a Health Care FSA through their own employer.