Health Savings Account (HSA)

Are You Eligible?

The HSA is not for everyone. You’re eligible only if you are:

Enrolled in the Anthem HDHP medical plan.
Not enrolled in other non-HDHP medical coverage, including Medicare, Medicaid, or Tricare.
Not a tax dependent.
Not enrolled in a Health Care Flexible Spending Account (FSA). However, you can enroll in a Limited FSA for dental and vision expenses.

A Personal Savings Account For Healthcare

A Health Savings Account (HSA) is an easy way to pay for healthcare expenses that you have today and save for expenses you may have in the future.

Advantages of an HSA

Tax-free. No federal tax on contributions, or state tax in most states except for California and New Jersey for income tax purposes. Withdrawals are also tax-free as long as they’re for eligible healthcare expenses.

No “use it or lose it.” Your balance rolls over from year to year. You own the account and can continue to use it even if you change medical plans or leave the company.
Use it now or later. Use your HSA for healthcare expenses you have today or save it to use in the future.
Boosts retirement savings. After you retire, you can use your HSA for healthcare expenses tax-free, or for regular living expenses, taxable but no penalties.

How the HSA Works

When you select the Anthem HDHP when you’re completing your enrollment in Paycom, you will be offered the option to contribute to an HSA. You’re not required to contribute to receive the employer contribution.

To help you get started, LeanTaaS will make an annualized contribution to your HSA on a per pay period basis:
Employee only HDHP enrollment: $1,000
Employee + 1 or more dependent(s): $2,500

You can contribute up to the limit set by the IRS (includes employer contribution amount).
Employee only HDHP enrollment: $4,300 per year
Employee + 1 or more dependent(s): $8,550 per year
Employee age 55+ can contribute an additional $1,000 per year

You can use your HSA debit card to pay for eligible expenses like office visits, lab tests, prescriptions, dental and vision care, and even some drugstore items.