Health Savings Account
If you elect the HDHP, you may be eligible to participate in a Health Savings Account (HSA). You can build tax-free savings for qualified current and future health care expenses. See the IRS website for a listing of qualified expenses.
Team members enrolling in the HDHP may be eligible to enroll in the HSA, which allows an individual to allot pretax dollars for current and future health care expenses. An HSA allows you to have more control over your health care dollars and is owned by you. Health care expenses include medical, dental, vision expenses and much more. Unlike a Flexible Spending Account (FSA), funds in an HSA roll over and accumulate year over year if not spent.
The maximum contribution to an HSA plan for 2023 is $3,850 for single coverage and $7,750 for family coverage. Employees age 55 and older may contribute an additional $1,000 as a catch-up contribution.
YOU ARE ELIGIBLE TO OPEN AND FUND AN HSA IF:
- You elect the HDHP;
- You are not covered by your spouse’s health plan or health care Flexible Spending Account;
- You are not eligible to be claimed as a dependent on someone else’s tax return;
- You are not enrolled in Medicare; and
- You are not receiving VA benefits.
HSA participants may not contribute to the Health Care Flexible Spending Account (FSA) but are eligible to contribute to the Limited Purpose FSA, which only covers eligible dental and vision expenses. You can find more information on the FSA accounts here.
Did you know?
MAXIMIZE YOUR PAYFLEX HSA!
Team Member Portal Overview
- Single sign on from Aetna
- View account balances
- Online payments and reimbursements
- Receipt storage
- Download forms
- Integrated investments
- Obtain answers to FAQs
- Video library and interactive tools
- “How to” instructions
Mobile App
- Available for Apple and Android
- View account balances and transaction history
- View, access, submit and pay claims
- Upload photo images of documentation
- FAQs and list of eligible expenses
- Tap to call PayFlex Service Center