Health Savings Account (H.S.A.) If you choose to enroll in the High Deductible Health Plan (HDHP), you will have the option of opening an H.S.A. provided by PayFlex. An H.S.A. is a tax advantaged savings and spending account that can be used to pay for qualified health care expenses.
THERE ARE TWO COMPONENTS TO AN H.S.A.-BASED COVERAGE PLAN: 1. A qualified health plan is the insurance component that provides medical coverage for you and your family. This health plan includes a deductible of $2,000 for individuals and $4,000 for family coverage. 2. An H.S.A. with PayFlex which can be funded by pre-tax payroll contributions from you, the district, or both.
The district contributes $1,200 annually to an employee’s H.S.A. when enrolled in the HDHP. The funds will be contributed in two $600 installments, one in July and then again in January. This contribution will be pro-rated for new hires throughout the year.
HOW AN H.S.A. WORKS: 1. Enroll in the HDHP 2000 offered by the district
The money contributed to the account is yours to keep and will roll over year after year – no ‘use it or lose it’ rule!
2. Contribute to your H.S.A. by payroll deductions: Up to $3,650 for an individual or $7,300 for a family
3. With your HSA debit card, use those funds to pay for qualified expenses such as: ●
copays
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dental treatment
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deductibles
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hearing aids
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doctors, hospitals
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glasses/ contacts
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chiropractic
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prescriptions
H.S.A. ELIGIBILITY To make tax-free contributions to an H.S.A., the IRS requires that: ● ●
You are covered by an H.S.A.-qualified plan (such as the HDHP 2000) You have no other health coverage (such as other health plan, Medicare, military health benefits, medical FSAs)
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