Health Savings Account

Health Savings Account (HSA)

Deposit, Grow, Save and Pay. Extend Your Health Care Dollars.

When you elect medical coverage under the HSA Plans, you can take advantage of a Health Savings Account (HSA) with Further by HealthEquity. An HSA is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan, or items that apply towards your deductible, copays, and coinsurance. It’s a smart, simple way to save money while keeping you and your family healthy and protected. The money comes out of your paycheck over the course of the year. The amount you contribute to the HSA is not subject to Social Security (FICA), federal, state, or local income taxes, effectively lowering your annual taxable salary.

HSA Advantages

HSAs are owned by the employee. You take the money with you if you were to leave your employer. If you don’t use the money, it simply rolls over to the next year. You do not lose it!

How the Health Plan & Health Savings Account (HSA) work together

Here’s a simple way to breakdown what covered medical expenses the Health Plan pays for vs. what you can use the Health Savings Account (HSA) to pay for.

Your Health Plan Pays For: Your HSA Funds Pay For:

• Preventive Care • All expenses before the deductible has been met

• Immunizations • After deductible and/or copays or coinsurance have been paid: • Hospitalizations • Emergency Room Visits • Diagnostic Services • Copays or coinsurance after the deductible has been met • Other expenses such as: • Glasses or Contact Lenses • Dental services including Orthodontia • Prescription Drugs • Qualified expenses for spouse and/or children

Calendar Year 2022 HSA Contribution Limits*

If you… You may contribute up to….

Have Employee only coverage Cover dependents Are age 55+ and have and have employee only coverage* Are age 55+ and coverdependents* $3,650 $7,300

$4,650 $8,300

* If you do not contribute the maximum, the catch-up contribution won’t be as meaningful because it is meant to allow you to contribute more than the annual limit

* Not everyone is eligible to participate in an HSA. You must be enrolled in the HSA Plan. If you are enrolled in TRICARE, Medicare Part A, or another plan that is not a high deductible health plan, you are not eligible to contribute to an HSA.

Health Savings Account (HSA)

How to Contribute to your HSA

You can elect how much you want to contribute (up to the IRS Maximum for the 2022 calendar year) while completing your other elections on KTBSonline. These elections will come out of your paycheck pre-tax.

CareFirst BlueChoice BlueShield (CareFirst) wants to make managing your health care easier. As a member with a BlueFund health savings account (HSA), you can submit claims, order debit cards, view account transactions and more through the CareFirst My Account single sign.

How to Access your HSA