HEALTH SAVINGS ACCOUNT
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A Health Savings Account (HSA) is an interest-bearing checking account that you can fund with pre-tax contributions. You can use the money in your HSA to pay for your Qualified Medical Expenses including your prescriptions, medical, dental and vision expenses. Contributions can come straight out of your paycheck, and your HSA can grow tax-free too.
The HSA is administered by HealthEquity. PCC Airfoils will make a contribution to your HSA if you open an account. The annual contribution is $500 if enrolled in Employee only coverage and $1,000 for EE + Spouse, EE+ Children and Family coverage. Please note the PCC contribution amount will be contributed monthly throughout the year.
HSA Maximum 2023 Contribution Limits
*If you are over the age of 55, you may also make an additional ‘catch-up’ contribution of $1,000.
Eligibility
To be eligible to open an HSA account you must meet the following criteria:
- You cannot be covered by any other medical plan that is not an HSA-compatible health plan, including your spouse’s medical plan or health care flexible spending account
- Be enrolled in the PCC Airfoils HDHP 3200 Plan
- Cannot be enrolled in Medicare. However, you may withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses, including Medicare premiums (this does not include Medigap) as long as you are age 65 or older
- Cannot be eligible to be claimed as a dependent on another individual’s tax return
- Be a U.S. resident
- If you are a veteran, you may not have received veterans’ benefits within the last three months
Verification
- HealthEquity will verify each member’s identity before you can begin using your HSA
- This process ensures each member’s name and Social Security number match, and that the date of birth or address match
- If you fail this process, you will be sent an email asking for further identity verification which may include a copy of your social security card, W2, birth certificate, driver’s license, or utility bill.
Benefits of an HSA:
- It’s flexible—pre-tax contribution amounts can be changed at any time and unused dollars roll over from year to year.
- It’s portable—if you leave or retire, the HSA Account goes with you.
- You can save up to 40 percent depending on your tax bracket.
Common Qualified Medical Expenses:
- Pain relievers
- Doctor visits
- Dental cleaning
- Sleep aids
- Eyeglasses/contacts
- Cold/cough medicine
- Chiropractic care
- Insulin testing supplies
