Health Savings Account
*Effective January 1, 2022, the United Family Benefits will start offering a Health Savings Account (HSA) Plan.
Our Health Savings Account will be administered by Fidelity.
WHAT IS AN HSA-ELIGIBLE HEALTH PLAN?
You can contribute to an HSA if you are in a qualifying high deductible plan. For 2022 that means a plan with a minimum annual deductible of at least $1,400 for a team member and $2,800 for families. These health plans must have an annual out-of-pocket maximum spending amount of more than $7,050 for a team member and $14,100 for families.
WHAT ARE THE ADVANTAGES OF PARTICIPATING IN AN HSA?
1. Tax Advantage – Your HSA contributions are pre-tax deductions, you can spend your money tax free, and any growth is tax free as well.
2. It’s Investable – Investing your unused HSA money can be a great way to take the sting out of retirement medical care cost.
3. It’s your money – Your unused HSA money rolls over every year. Keep your HSA if you move or change employers or insurance.
WHAT ARE THE ANNUAL HSA CONTRIBUTION LIMITS?
• $3,650 for team member only
• $7,300 for team member + dependent
• Catch-up contribution is $1,000 if age 55 or older
CAN I PARTICIPATE IN AN HSA AND AN FSA?
No, Team Members are unable to participate in both the HSA Plan and elect to contribute the FSA Plan. HSA Plans are for long-term savings and FSA Plans can be used regardless of what type of health insurance plan you have.
WHEN ARE THE FUNDS AVAILABLE IN THE HSA PLAN?
Contributions to an HSA Plan are only available as the funds are deposited into the account. They are not front loaded, like with an FSA Plan.
Our Health Savings Account will be administered by Fidelity.
WHAT IS AN HSA-ELIGIBLE HEALTH PLAN?
You can contribute to an HSA if you are in a qualifying high deductible plan. For 2022 that means a plan with a minimum annual deductible of at least $1,400 for a team member and $2,800 for families. These health plans must have an annual out-of-pocket maximum spending amount of more than $7,050 for a team member and $14,100 for families.
WHAT ARE THE ADVANTAGES OF PARTICIPATING IN AN HSA?
1. Tax Advantage – Your HSA contributions are pre-tax deductions, you can spend your money tax free, and any growth is tax free as well.
2. It’s Investable – Investing your unused HSA money can be a great way to take the sting out of retirement medical care cost.
3. It’s your money – Your unused HSA money rolls over every year. Keep your HSA if you move or change employers or insurance.
WHAT ARE THE ANNUAL HSA CONTRIBUTION LIMITS?
• $3,650 for team member only
• $7,300 for team member + dependent
• Catch-up contribution is $1,000 if age 55 or older
CAN I PARTICIPATE IN AN HSA AND AN FSA?
No, Team Members are unable to participate in both the HSA Plan and elect to contribute the FSA Plan. HSA Plans are for long-term savings and FSA Plans can be used regardless of what type of health insurance plan you have.
WHEN ARE THE FUNDS AVAILABLE IN THE HSA PLAN?
Contributions to an HSA Plan are only available as the funds are deposited into the account. They are not front loaded, like with an FSA Plan.
