Health Savings Account (HSA)
This benefit is available to employees enrolled in the High Deductible Health Plan Only.
Benesch will contribute $3,200 (Family) or $1,600 (Employee Only) annually to your HSA account!
- HSA accounts are set up with Chard Snyder to coordinate with the High Deductible Health Plan.
- An HSA account is a tax-advantage account that participants may use to pay for qualified healthcare expenses, including dental and vision.
- Money is set aside on a pre-tax basis and will remain tax-free when you use the money for qualified healthcare expenses.
- To qualify for an HSA, you must:
- Have coverage under an HSA-qualified “high deductible health plan” (HDHP).
- Not be enrolled in Medicare.
- Not be claimed as a dependent on someone else’s tax returns.
- Not participate in a Healthcare FSA. You may participate in the Limited Purpose FSA (see next page).
Annual HSA Contribution Limits
You may choose to fund your HSA to meet your expected health care costs for the next year or fund all the way up to the contribution limit to build your tax-advantage account. Any funds you do not use in a given plan year remain in your account, building a larger account or transactional account for future health care expenses.
| Individual Plan Contribution | Family Plan Contribution | |||
|---|---|---|---|---|
| Maximum HSA Limit for 2024 Tax Year | $4,150 | $8,300 | ||
|
Benesch Annual Contribution (Distributed Bi-Weekly) |
$1,600 ($61.53 bi-weekly) |
$3,200 ($123.07 bi-weekly) | ||
| Your Allowed Annual Contribution | $2,550 | $5,100 | ||
| Catch Up Ages 55 + | $1,000 | $1,000 | ||
Distributions
You may use the money in the account to pay for any qualified health care (medical, prescription, dental, vision) expense permitted under the federal tax guidelines.
You may use the money in the account to pay for healthcare expenses for yourself, your spouse or your dependent children, even if they are not covered by your high deductible health plan.
Any amounts used for purposes other than to pay for qualified health care expenses are taxable as income and subject to an additional 20% tax penalty. After you turn age 65, the 20% additional tax penalty no longer applies.
The information contained here is not intended to represent all HSA regulations. For complete information, visit the Treasury’s HSA website at www.treas.gov.
HSA Summary - Chard Snyder
HSA - Welcome to Chard Snyder
HSA Adv Reference Guide
HSA Advantage Transfer Form
