Employees who have selected HSA 1 or HSA 2 medical plan options are eligible for a Health Savings Account (HSA).
This is a personal savings account that can be funded with pre-tax dollars to be used for qualified medical, dental and vision expenses. It is similar to the flexible spending account with the exception that the money is rolled over year to year and cannot be lost. You can use the funds in your HSA Account for qualifying medical expenses in future years. This account goes with you even if you leave employment with LFUCG.
- You must be covered by a High Deductible Health Plan (HSA 1 or HSA 2).
- You cannot be covered under another medical plan that is not an HDHP.
- You are not eligible for an HSA Account if either you or your spouse contributes to a general purpose Medical Flexible Spending Account.
- You are not eligible for an HSA Account if you are entitled to a government-sponsored medical plan (i.e. Medicare, Medicaid, Tricare).
LFUCG contributes a sum of money to your HSA Account each year. Half is deposited in January and half in July. This is in addition to any contributions you make.
HSA Plan Single with Dependents
HSA 1 $500 $1,000
HSA 2 $1,000 $1,000
Contribution limitations apply since this is an IRS regulated account. The 2021 limits include both employer and employee contributions. Below lists the contribution limits for 2021:
- Single Plan – $3,600 total annual contribution
- Employee/Spouse – $7,200 total annual contribution
- Employee/Child – $7,200 total annual contribution
- Family Plan – $7,200 total annual contribution
*Anyone between the ages of 55 – 65 may elect to contribute an additional $1,000 to the account each year. There is no limit on how much money can accumulate year after year. The above limits apply to annual contributions from both you and your employer.
Learn about HSA accounts and how to maximize using them through these helpful video tutorials.
"My Account Overview"
"Save now, cash in later"
"Investing in your HSA"
For more tutorials, visit healthequity.com/videos
If you need help with your claims status, card swipes, account balance, or eligible expenses contact the Health Equity Help Center. They are available 24/7 at 866-346-5800 or by calling the number listed on the back of your HSA card.
You can also view your personal HSA information online by registering your account at myHealthEquity.com.
- Medical plan decision tool *for active employees
- Medical plan decision tool *for retirees
- Learn the basics on HSA
- Tips to maximize your HSA
- List of eligible expenses for HSA and FSA
- HSA contribution change form through payroll deduction*
(*Once completed, submit form to Alana Morton in Human Resources.)