Health Savings Account (H.S.A

If you choose to enroll in the High Deductible Health Plan (HDHP), you will have an H.S.A. provided by Optum Bank. An H.S.A. 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 H.S.A.-BASED COVERAGE PLAN:

1.

A qualified health plan (the HDHP 3000) is the insurance component that provides medical coverage for you and your family. 2. An H.S.A. with Optum Bank is the banking component which can be funded by pre-tax payroll contributions from you, Elite Microwave, or both. Elite Microwave Solutions contributes $69.32 monthly to an employee’s H.S.A. bank account when enrolled in the HDHP base plan.

HOW AN H.S.A. WORKS:

1. Enroll in HDHP 3000 plan offered by Elite Microwave

2.Contribute to your H.S.A. by payroll deductions:

Up to $3,600 for an individual

or $7,200 for a family based on 2021 IRS

allowed contributions (includes total contributions allowed from you and/or your employer)

An additional $1,000 may be contributed if you are 55 or older.

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 hearing aids glasses/ contacts

• chiropractor • prescriptions

• dental treatment

H.S.A. ELIGIBILITY

To make tax-free contributions to an H.S.A., the IRS requires that:

You are covered by an H.S.A.-qualified medical plan (such as the HDHP 3000 plan)

You have no other health coverage (such as other health plan, Medicare, military health benefits, medical

FSA’s)