Skip to content

HEALTH SAVINGS ACCOUNT

HEALTH SAVINGS ACCOUNT

Health Savings Account

If you are enrolled in one of the HSA medical plans you have access to the Health Savings Account (HSA) Administered by BenefitWallet. An HSA is like a 401(k) plan but for healthcare. It is a tax-advantaged personal savings or investment account that individuals can use to save and pay for qualified healthcare expenses, now or in the future. Paired with a qualified consumer driven health plan (CDHP), an HSA is a powerful financial tool that empowers consumers to be more actively involved in their healthcare decisions.

However, unlike other financial savings vehicles (Roth IRA, Traditional IRA, 401K, etc.), an HSA has the unique potential to offer triple tax savings through:

  • Federal & State Tax-deductible contributions to the HSA.
  • Tax-free interest or investment earnings.
  • Tax-free distributions when used for qualified healthcare expenses.

You and/or your employer can contribute to your Health Savings Account.

Understanding a Health Savings Account

Watch the video to learn about what an HSA is.

Employer Contributions to your HSA

If enrolled in the HSA plan, Myers will contribute funds to your HSA.

Coverage Type Annual Employer Contribution
Individual $500
Family $1,000
  • The contributions above are based on a calendar year (January – December).
  • Employer contributions are loaded into your HSA in January or at time of hire.

Employee Contributions to your HSA

The IRS sets annual maximums. These annual maximums include both employee and employer contributions:

Coverage Type Myers Contribution Potential Employee Contribution 2022 Annual Maximum Contribution
Individual $500 $0 – $3,150 $3,650
Family $1,000 $0 – $6,300 $7,300

If 55+ years old, you may contribute an additional $1,000 per year.