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.

HSA Bank