Health Savings Account (HSA)

A Health Savings Account (HSA) is an individually-owned, tax-free, interest-bearing savings account that is used to pay for qualified medical expenses either now or in the future. To be eligible for an HSA, you must participate in a high deductible health plan (HDHP). HSA contributions can be made by you, your employer, or both.

HSA contributions can also be used to pay for qualified medical expenses for you, your spouse, or your dependent(s)—even if your dependents are not covered by the HDHP.

The United Health Care HDHP with HSA Plan requires you to pay a $1,500 Individual / $2,700 Family in-network deductible or a $3,000 Individual / $6,000 Family non-network deductible for services before the plan coverage begins; out-of pocket maximums are in place to protect you from major medical expenses; includes a Health Savings Account (HSA) feature which allows you to set aside pre-tax dollars to pay for eligible health care expenses - and the HDHP plan allows for most of your medical care expenses to be paid using your Health Savings Account through HSA Bank.  CEI will contribute up to $1,000 per year for individuals and $2,000 per year for families to your HSA!

The 2020 annual contribution limit is $3,550 for individuals and $7,100 for families.  If you are age 55 and older you are eligible to make catch up contribution of up to $1,000.

OTC Drugs are Now Eligible
Plus Some Other Exciting Updates

OTC and Menstrual Products: That's right, you heard us correctly. OTC and menstrual products are now eligible expenses without the need of an Rx! This change is retroactive to cover any expense incurred on or after 1/1/2020.

If you have attempted to send in a claim for any of these products in the past, now is the time to resubmit them so that you can get reimbursed.

It will take retailers some time to re-code these items, so please be prepared to pay out of pocket if you receive a transaction denial.  Online and mobile claim submission is available to support these out of pocket payments.

Telehealth:  Telehealth expenses are now eligible expenses under a HSA. For HSA purposes, these expenses are covered without requiring that the HDHP deductible be met.

HSAs: Contributions can be made to 2019 HSA accounts through the new tax filing deadline of July 15.

Covid-19 Updates

HSA Bank