Health Savings Account (HSA)
HSA Contribution Maximums
HSA | 2023 |
Individual HSA Contribution Maximum | $3,850 |
Family HSA Contribution Maximum | $7,750 |
HSA Accounts 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.
Educational Events & AURA Resources
Check out HSA Bank’s 3rd Quarter Webinar Calendar!
HSA Bank’s 45-minute educational webinars can help you learn how HSAs can financially prepare you for a lifetime. Throughout the webinars 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.
Update your HSA Contribution in UKG 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.
Download the HSA Bank App – Manage your accounts with the HSA Bank app. The faster, easier way to manage your HSA Bank accounts. Safe and secure, the app offers instant access for all your account needs, 24/7. It’s simple, intuitive
and convenient.
Health Savings Account (HSA) Facts
- 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
Before an employee elects to participate in an FSA or HSA he or she should be aware that while participation in these plans reduces the employee’s taxable income, it may also reduce other benefits. Benefits that are calculated using the employee’s income (for example, social security or retirement benefits) will in turn be reduced. Because FSA and HSA contributions reduce your taxable income, you save money in FICA taxes, as well as federal (and, in some cases, state) income taxes. However, FSA and HSA contributions also lower the earnings that are reported to the Social Security Administration for purposes of calculating your Social Security benefit. Therefore, your future Social Security benefits may be slightly reduced if you participate in an FSA or HSA.
*Employees reaching retirement age should speak with their financial advisors for more information regarding retirement planning decisions*
HSA Bank Resources
Everything HSA
HSA Frequently Asked Questions
Invest your HSA today to benefit tomorrow
Linking a Personal Bank Account to your HSA
Health savings in the palm of your hand
Additional Resources
https://www.hsabank.com/hsabank/homepage
Videos
Getting Started at HSA Bank Presentation
HSAs From safety net to nest egg
HSA Bank Investment Program Overview
Boost your retirement savings with an HSA
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