Health Savings Account (HSA)
HSA Contribution Limits
HSAs work in combination with a “qualified” High Deductible Health Plan (HDHP). AURA’s Consumer Driven Health Plan is a qualified HDHP. The HSA allows you to contribute funds on a pre-tax or tax-deductible basis, which you may use to pay for eligible medical expenses.
- Available to eligible individuals enrolled in the CIGNA CDHP
- A health savings account can be funded with your tax-exempt dollars
- Covers expenses incurred by you or your eligible tax dependents not paid by insurance
An adult child must still be considered a tax dependent in order for their medical expenses to qualify for payment or reimbursement from a parent’s HSA. This means that an employee whose 24-year-old child is covered on their HSA-qualified health plan is not eligible to use HSA funds to pay that child’s medical bills unless the child qualifies as a tax dependent. An adult child may be eligible to set up their own HSA as long as they are covered by a CDHP up to the full family HSA amount into their HSA account.
- Qualified medical and prescription drug expenses
- Dental and vision expenses
- Find a complete listing of eligible expenses in IRS Publication 502 found on www.irs.gov
Join HSA Bank for a 45-minute educational webinar and learn how HSAs can financially prepare you for a lifetime. Throughout the webinar you’ll learn about the basics of HSAs, how you can take full advantage of the tax benefits they offer, get a closer look at how to best manage your online account, and set yourself up for peace of mind in retirement.
Register for an upcoming session!
Did you You Know?
We now have a quick and easy way for you to make changes to your HSA Contributions using the Life Event tool in UltiPro.
This How to Guide will walk you through the steps.