HEALTH SAVINGS ACCOUNT

Health Savings Accounts (HSAs) are tax-exempt savings accounts established for the purpose of paying for the qualified medical expenses of you and/or eligible dependents. The HSAs are offered in combination with the high deductible health plan option (HDHP). The annual contribution limit is $4,300 for individual and $8,550 for family.

The HSAs are administered by Empower/Optum. Participants can pay for eligible expenses with a debit card and the HSAs can be conveniently managed online and through a smartphone application. HSA funds, including interest and earnings, accumulate tax-free from year to year. HSAs are not subject to the “use it or lose it” rule applicable to health flexible spending accounts (FSAs).