Health Savings Account
You can earn the following annual incentives for enrolling in a HDHP medical plan and opening a corresponding HSA:
HSA Plus: $550 for Individual coverage OR $1,100 for Family coverage.
HSA Low Premium: $250 for Individual coverage OR $500 for Family coverage.
HSA participants can receive up to a $200 wellness incentive for completing a health assessment and one wellness activity. Click here for a how-to guide
What Are the Benefits of an HSA?
1. Tax savings
Money put into your HSA can reduce your taxable income. For 2023, you can contribute up to $3,850 for individual coverage or up to $7,750 for family coverage.
2. Tax-free earnings
Money kept in your HSA earns interest each month.
3. HSA ownership
You decide how to spend or save your HSA funds. If you change jobs or health plans, the HSA money is yours to keep, even if you leave or retire from PRUSA.
4. No “use it or lose it” rules
Any funds remaining in the account at the end of the year roll over to the next year.
5. Less paperwork
You don’t have to submit any paperwork when you use your account. Just save your receipts to substantiate your eligible healthcare expenses.
6. Investment options
You can invest the money in your account when the balance reaches $1,000. It’s a great way to save money for future health care costs, even in retirement.
7. HSA catchup contribution
Employees age 55 or older (until enrolled in Medicare) may contribute an additional $1,000 (pre-tax) in their HSA as “catch-up contributions.”
If you choose to open an HSA account during open enrollment, you must validate your HSA by March 30th of the plan year. If you choose to open an HSA account at any other time during the plan year you must validate your HSA by the end of the third month following your enrollment. For example, if you enrolled in the HDHP on March 15, 2022 would have until June 30, 2022 to validate your HSA. If you do not validate your HSA account by the deadline you forfeit any employer contributions.