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Health Savings Account (HSA
If you choose to enroll in the HSA 100 / 3500 medical plan, you will have an HSA provided to you. An HSA is a tax-advantaged savings and spending account that can be used to pay for qualified health care expenses.
THERE ARE TWO COMPONENTS TO AN HSA-BASED COVERAGE PLAN:
1. A qualified health plan is the insurance component that provides medical coverage for you and your family. You can choose the
HSA 100 / 3500 plan. 2.An HSA is the banking component which can be funded by pre-tax payroll contributions from you.
HOW AN HSA WORKS:
1. Enroll in the HSA 100 / 3500 plan offered by Arizona
Technology Council
2.Contribute to your HSA by payroll deductions or directly to your HSA account:
For 2023, you may contribute up to $3,850 for self-only coverage
or $7,750 for family coverage
The money contributed to the account is yours to keep and will roll over year after year – no ‘use it or lose it’ rule!
3.With your HSA debit card, use those funds to pay for qualified expenses such as: ■ copays ■ deductibles ■ chiropractor ■ dental treatment ■ hearing aids ■ glasses/ contacts ■ prescriptions
HSA ELIGIBILITY
To make tax-free contributions to an HSA, the IRS requires that:
■ You are covered by an HSA-qualified medical plan (such as the HSA 100 / 3500 plan) ■ You have no other health coverage (such as other health plan, Medicare, military health benefits, medical FSA’s)