Health Savings Account
The Company offers a health savings account (HSA) paired alongside your qualified high deductible health plan with Medica. WEX Benefits will continue to be the administrator for the HSA benefit.
An HSA works like an IRA. You deposit money pre-tax and it grows tax-free until you use it. It’s your money, no matter what. You can withdraw funds for health insurance costs and medical expenses. And when you reach age 65, you can withdraw it without penalty and use it for whatever you want.
To open an HSA through WEX Benefits, you have to be enrolled in one of The Company’s qualified high deductible health plan. You can use the money in the HSA to pay for the health plan’s deductible.
To contribute to an HSA, you may not be covered by any other medical insurance including Spouse’s insurance, Medicare, Tricare, VA Benefits, traditional FSA or Spouse’s traditional FSA. Employee’s enrolled in Medicare Part A are not eligible to contribute to a Health Savings Account.
If you enroll in the HSA, you will receive a debit card from WEX Benefits. To manage your account, visit the website HERE.
How much can you contribute to your HSA?
Single: $4,150
Family: $8,300
If you are over the age of 55, you can contribute an additional $1,000 each year you are eligible.
You may contribute up to the annual maximum amount, regardless of when your coverage begins, if you maintain coverage for the 12 month period beyond the calendar year in which you first became eligible. For new hires, contributions are made on a pro-rated basis on your date of eligibility.