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 / $2,800 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 2022 annual contribution limit is $3,650 for individuals and $7,300 for families. If you are age 55 and older you are eligible to make catch up contribution of up to $1,000.

Health Savings Account
The CARES Act includes several provisions for Health Savings Accounts (HSA's)

  • HSA's cover telemedicine and other virtual healthcare services
  • OTC Drugs and Menstrual products are eligible expenses without a prescription
  • New ARPA provision! Face Masks, Hand Sanitizer, Sanitizing Wipes are now eligible!

 

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.

Health Plan Comparison Calculator
HSA Contribution Calculator
HSA Savings Calculator
2022 Benefit Limits
Pretax Accounts Eligibility List




Join HSA Bank for a 45 minute webinar and learn how HSAs can prepare you for a lifetime.  View the flyer, HSAs for the Win, to register for one of the dates in December.