Savings Plan with HSA
Your PEBA Savings Plan with a Health Savings Account (HSA) can help you save money. The monthly premiums are significantly lower, which gives you the freedom to determine what to do with those funds.
How Does the Savings Plan Work?
You are responsible for paying your covered medical and prescription expenses up to the deductible. You can use HSA funds to pay for these out-of-pocket expenses or you can reimburse yourself later. Save your receipts to prove that you used your HSA for qualified expenses.
How Does Your HSA Work?
You may make pre-tax contributions to your HSA through payroll deduction. The money in your HSA is always yours - no "use it or lose it" rule. All balances in your HSA remain in your account until spent. The money is yours even if you change health plans, jobs or retire.
Yearly Contribution Limits
|Catch-up Contribution (age 55+)||$1,000||$1,000|