Savings Plan with HSA
An HSA helps you get the most out of your health plan by reducing your taxes while saving for future medical expenses. An HSA is essential to help you prepare for your health expenses.
How Does the Savings Plan Work?
The Savings Plan is one of two State Health Plan options, and has lower premiums and higher deductibles. There are no copayments under the Savings Plan. You pay the full allowed amount for services until you meet your deductible. Then, you pay your coinsurance.
How Does Your HSA Work?
Once you enroll, you can make pretax contributions to your HSA through payroll deduction. HSAs carry over from one year to the next, and you do not have to spend the funds in the year they are deposited. You can even take your account with you if you leave your job. Because of this, you can use your HSA to save up over time for future medical expenses, and in doing so, you can offset the higher deductible of your insurance plan.
Annual Contribution Limits
|Catch-up Contribution (age 55+)||$1,000||$1,000|