Health Savings Account (HSA)
Administered by WEX
A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.
Your HSA is always yours — no matter what.
One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.
WEX – Why Should I Get a Health Savings Account?
Eligibility
You must be enrolled in the High Deductible Health Plan.
Contributions
For every dollar you contribute to your HSA, Advantive will match it up to the annual maximum amounts shown —helping you double your savings. Advantive will match up to $600 (employee only) | $1,200 (family) per year.
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum (includes Advantive’s contributions) of $4,400, or $8,750 if you enroll in family coverage. You can make an additional catch-up contribution of $1,000 if you are 55 or older.
Using Your Account
Eligible Expenses
You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.
Your Debit Card
Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future healthcare expenses.