Health Savings Account

When you enroll in one of our HDHP medical plans, the Company will open a Health Savings Account (HSA) for you. With an HSA, your pre-tax deposits can be used for your eligible health care expenses or can be saved for future use.

HSAs are triple tax advantaged - you don’t pay taxes on:

Contributing to an HSA also lowers your taxable income, and funds are yours to keep (even if you leave your job or change your medical plan) because they roll over year after year. These features can be especially helpful as an additional way to save for retirement.

In addition to your contributions, the Company will also contribute to your account each pay period. Over the year, the Company will fund $1,050 (individual) or $2,100 (enrolled with dependents). The employer contribution will be prorated based on the date of hire. Make sure to consider your possible annual expenses, the annual IRS contribution limits and the Company's contributions when determining how much to put into your HSA per pay period.

You may use your HSA to pay for eligible medical, prescription drug, dental and vision expenses. To see a complete list of eligible expenses, visit www.irs.gov/pub/irs-pdf/p502.pdf.

HSA Eligibility

You may not participate in an HSA if you or your spouse have medical coverage through any other plan that is not a qualified high deductible health plan (including Medicare). Employees hired after December 1st will not be eligible to participate in the HSA until January of the following year.

*State taxes may be applicable in certain states, such as California and New Jersey.