About the program

A Health Savings Account (HSA) is an account that works in conjunction with a High Deductible Health Plan (HDHP). The account allows you to put money aside and reimburse yourself for medical expenses on a tax advantaged basis. Unspent funds accumulate tax-free and roll over from year to year.

For 2021, the HRA IRS limits for an annual contribution are $3,550 for an individual and $7,100 for a family.

An employee can qualify for a HSA:

• if the employee is covered by a compatible high deductible health plan (Aetna 70);
• if the employee is NOT covered by any other health insurance;
• an employee is NOT enrolled in Medicare, including Part A;
• an employee is NOT listed as a dependent on someone else's tax return;
• your spouse is NOT part of a joint HSA.

Note: If you have an HSA, you cannot also have a flexible spending account.

You can find additional information on Health Savings Accounts by checking the IRS Publication 969.