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    • HSA Benefits

    Health Savings Account (HSA) Overview

    Our HSA is administered by HealthEquity.

    A Health Savings Account (HSA) is a tax-advantaged savings account designed to help you pay for qualified medical expenses. HSAs offer unique benefits that make them one of the most powerful financial tools available for healthcare planning and long-term savings.

    What Makes HSAs Special

    Triple Tax Advantage

    • Tax-deductible contributions: Reduce your current taxable income
    • Tax-free growth: Earnings and interest grow without taxes
    • Tax-free withdrawals: No taxes on qualified medical expenses

    Your Money, Your Account

    • You own the account - it stays with you even if you change jobs
    • Funds roll over year after year with no expiration
    • No "use it or lose it" rules like other accounts
    • Can be passed to beneficiaries

    Eligibility Requirements

    To contribute to an HSA, you must be enrolled in a High Deductible Health Plan (HDHP):

    HDHP Requirements

    • $1,600 individual / $3,200 family minimum
    • $8,050 individual / $16,100 family maximum
    • Cannot have other health coverage (with limited exceptions)
    • Cannot be claimed as a dependent on someone else's tax return

    Additional Considerations

    • Must not be enrolled in Medicare
    • Cannot have received VA benefits in recent months
    • Spouse's health coverage may affect eligibility

    Contribution Limits & Benefits

    Annual Contribution Limits

    • $4,150 for individual coverage (2024)
    • $8,300 for family coverage (2024)
    • Additional $1,000 for age 55+

    Employer Contributions

    • $500 annually for individual, $1,000 for family
    • Employer contributions count toward annual limits
    • Vesting is typically immediate for HSA funds

    Qualified Medical Expenses

    Your HSA can be used for a wide range of healthcare expenses:

    Medical Care

    • Doctor visits, specialist care, and urgent care
    • Hospital services and emergency room visits
    • Prescription medications and medical equipment
    • Mental health and substance abuse treatment

    Dental & Vision Care

    • Dental exams, cleanings, and treatments
    • Orthodontic care and oral surgery
    • Eye exams and prescription eyewear
    • Contact lenses and vision correction surgery

    Preventive & Specialty Care

    • Vaccinations and health screenings
    • Physical therapy and rehabilitation
    • Alternative treatments like acupuncture
    • Long-term care services and insurance premiums

    Family Coverage

    • Spouse's qualified medical expenses
    • Dependent children's healthcare costs
    • Expenses for qualifying family members

    Investment Options

    Growing Your HSA

    • Keep funds in cash for immediate expenses
    • Invest excess funds for long-term growth
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    • Variety of investment choices including mutual funds

    Long-term Strategy

    • Use HSA as retirement savings vehicle
    • After age 65, withdraw for any purpose (non-medical withdrawals taxed as income)
    • Healthcare expenses in retirement remain tax-free
    • No required minimum distributions

    How to Use Your HSA

    Making Payments

    • HSA Debit Card: Use at healthcare providers and pharmacies
    • Reimbursement: Pay out-of-pocket and reimburse yourself later
    • Online Payments: Pay providers directly through online portal
    • Mobile App: Manage account and make payments on-the-go

    Documentation Requirements

    • Keep receipts for all HSA expenses
    • Maintain records for potential IRS inquiries
    • Document qualifying medical expenses clearly
    • Store receipts securely for future reference

    Reimbursement Process

    • No time limit on reimbursing yourself for qualified expenses
    • Save receipts and reimburse years later if desired
    • Strategic approach: invest HSA funds and pay medical expenses from other sources
    • Reimburse yourself in retirement for maximum tax benefit

    Account Management

    Getting Started

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    • Set up direct deposit from payroll
    • Designate beneficiaries for your account
    • Choose investment options if available

    Ongoing Management

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    • Monitor contribution limits throughout the year
    • Review and adjust investment allocations
    • Keep contact information current

    Getting Support

    For questions about your HSA, eligible expenses, or investment options:

    Maximizing Your HSA Benefits

    Smart Strategies

    • Contribute the maximum amount allowed each year
    • Use other funds for medical expenses when possible
    • Let HSA investments grow for long-term benefit
    • Keep detailed records of all medical expenses

    Planning Tips

    • Consider HSA as part of retirement planning
    • Coordinate with other benefit accounts
    • Understand your HDHP coverage and costs
    • Take advantage of employer contributions

    Important Reminders

    • Contributions must stop when Medicare-eligible
    • Non-qualified withdrawals subject to penalties before age 65
    • Contribution deadlines align with tax filing dates
    • Consult tax professionals for complex situations

    Register for an online account with HealthEquity to manage your HSA, track expenses, explore investment options, and maximize this powerful financial tool for both current healthcare needs and future financial security.
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