Health Savings Account (HSA)
A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.
Your HSA is always yours — no matter what.
One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.
Eligibility
- You must be enrolled in the Meritain HDHP POS Health Plan.
- Enrolled in a regular healthcare flexible spending account (you or your spouse count)
- Covered under Medicare, Medicaid, or Tricare
- Someone else’s tax dependent
Contributions
Addepar contributes: $100/month (Employee Only) | $125/month (Family)
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,400 if you enroll only yourself or $8,750 if you enroll in family coverage. You can make an additional $1,000 catch-up contribution if you are age 55 or older.
Using Your Account
Eligible Expenses
You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.
For a more complete list of eligible expenses, visit: irs.gov/publications/p502
Non-Qualified Expenses:
If you use HSA funds for non-qualified expenses before age 65, you will owe a 20% penalty tax PLUS income tax on the withdrawal. After age 65, if you use HSA funds for non-qualified expenses, you will owe income tax only. Visit irs.gov/publications/p502 for details.
Your Debit Card
When possible, use your HSA debit card to pay for expenses. If you need reimbursement, you may withdraw funds from your account. Make sure that you keep records of your receipts and any OTC prescriptions in case the IRS requests them.