HEALTH SAVINGS ACCOUNT (HSA)

If you elect the UHC HDHP $3,000 or HDHP $6,000 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 $4,150
Family Coverage $8,300
Age 55 or Older Contribute an additional $1,000

* These limits are subject to change. Visit www.irs.gov for more information.

HSA Eligibility

You may open and contribute to an HSA if you’re enrolled in a 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 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 healthcare FSA; your spouse also cannot have a healthcare FSA through their own employer.