OBJECTIVE: This article provides information about the Health Savings Account (HSA) offerings for Help at Home employees.
What You Need to Know:
Help at Home offers special accounts that let you set aside money before taxes to pay for healthcare and
dependent care expenses. Because the money comes out of your paycheck before taxes, you pay less in
taxes and keep more of your money.
• Works like a bank account. You decide how much to contribute to your HSA (up to the IRS maximum)
and can change that amount at any time. You can access account funds to pay for eligible
healthcare expenses by using your benefits debit card when you receive care or submit a claim for
reimbursement (up to the available balance in your account).
• Triple tax-advantaged. You don’t pay taxes on contributions made from your paycheck or on
reimbursements for qualified medical expenses. Plus, you can earn tax-free interest on your HSA
balance.
• It’s always your money. Unused funds can be carried over each year. Once your account reaches a certain balance, you will be able to choose how your money is invested. You can even take the
account with you if you leave Help at Home or save it to use during retirement.
• Pay for eligible expenses using your benefits debit card or submit for reimbursement using Aptia365.
HSA Base Plan
With the HSA Base Plan, you'll pay the lowest payroll deductions, but you'll have a higher deductible and higher out-of-pocket maximum than with the HSA Premium Plan. To help manage these costs, Help at Home supports you by providing a contribution to your HSA and automatically enrolls you and your medical plan dependents in no-cost Accident (Low) and Hospital Indemnity Insurance, provided by MetLife.
The HSA Base plan gives you both lower paycheck deductions and added layers of Accident and Hospital Indemnity protection, creating a balance between affordability and financial security.
HSA Premium Plan
With the HSA Premium plan, you’ll have lower deductibles, and lower out-of-pocket maximums than with the HSA Base Plan. In exchange, you’ll pay more from each paycheck for coverage and receive a lower HSA contribution from Help at Home. This option may be appealing if you expect to use healthcare services regularly and prefer greater financial protection through the medical plan itself.
Health Savings Account Contributions
When you enroll in either medical plan, Help at Home contributes to your HSA to help offset eligible healthcare expenses. Employees enrolled in the HSA Base plan receive a higher employer HSA contribution than those enrolled in the HSA Premium plan.
Help at Home's HSA contribution will be paid in four equal installments, at the beginning of each quarter.
You must be enrolled in one of the medical plans and take steps to open your HSA account by the first day of
the quarter (January 1, April 1, July 1, and October 1) in order to receive the quarterly contribution. You also can contribute your own funds to your HSA, and use the money you save to pay for medical expenses tax free. If you don’t use all of your savings in the calendar year, don’t worry! You can roll over your savings from year to year and use it to pay for future medical expenses—even in retirement!
Source: Benefits Team