If you are enrolled in the HSA medical plan you have access to the Health Savings Account (HSA) Administered by Optum Bank. 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.
Resources
Employer Contributions to your HSA
If enrolled in the HSA plan, Majestic Steel will contribute funds to your HSA:
- The contributions above are based on a plan year (May 1st – April 30th).
- Employer contributions are made on a per pay basis.
Associate Contributions to your HSA
The IRS sets annual maximums. These annual maximums include both associate and employer contributions:
If 55+ years old, you may contribute an additional $1,000 per year.
