You are eligible for a HSA if you are enrolled in an HDHP, not covered by any other health plan that is not a HDHP (including a spouse’s health plan, but does not include specific injury insurance and accident, disability, dental care, vision care, or long-term coverage), not enrolled in Medicare, not a recipient of VA or Indian Health Services (IHS) benefits within the last three months, not covered by your own or your spouse's flexible spending accounts, and not claimed as a dependent on someone else’s tax return. For each month you are eligible for an HSA premium pass-through, we will contribute to your HSA $75 per month for a Self Only enrollment or $150 per month for a Self Plus One or Self and Family enrollment. In addition to our monthly contribution, you have the option to make additional tax-free contributions to your HSA, so long as total contributions do not exceed the limit established by law, which is $4,150 for an individual and $8,300 for a family. You can use funds in your HSA to help pay your deductible, coinsurance, copayments, and other qualified expenses. You own your HSA, so the funds can go with you if you change plans or employment. The Health Plan will establish an HSA for you with Healthcare Bank, a division of Bell State Bank & Trust, this HDHP’s fiduciary (an administrator, trustee, or custodian as defined by federal tax code and approved by the IRS.) HSA features include:
- Your HSA is administered by UPMC Benefit Management Services.
- Your contributions to the HSA are tax deductible.
- Your HSA earns tax-free interest.
- You can make tax-free withdrawals for qualified medical expenses for you, your spouse, and dependents (see IRS publication 502 for a complete list of eligible expenses).
- Your unused HSA funds and interest accumulate from year to year.
- It’s portable—the HSA is owned by you and is yours to keep, even when you leave federal employment or retire.
- When you need it, funds up to the actual HSA balance are available.