Health Savings Account

Don’t sleep on this incredible benefit! Available only to participants on a high deductible plan, HSAs (Health Savings Accounts) are a fantastic way to invest in your physical and financial health. 

You must be enrolled in the High Deductible Health Plan (HDHP) to contribute towards an HSA.  

HSA’s offer a triple tax advantage:

  1. Contributions from your paycheck are pre-tax or tax-deductible
  2.  Once your balance in the HSA reaches $2,000, your funds are invested and you get to keep the earnings tax free!
  3. Funds withdrawn for qualified medical expenses are not taxed

To learn more about taking advantage of your investment options with an HSA, click here:

If you’re near Medicare age, please read the following handout as you may not qualify for an HSA! It is the responsibility of the employee to manage their compliance if on medicare. HSA & Medicare Overview.

Contributions

  • HALO Contributions: HALO contributes to your HSA each year!
    • Employee only coverage: We’ll contribute $500 to your HSA account each year.
    • Employee + Family: We’ll contribute $1,000 to your HSA each year
    • Contributions are front-loaded in late January.
    • You must enroll in the HSA each year during Open Enrollment to receive our contribution (you can set the enrollment to $0
  • Your Contributions:  You may change your contribution amount at any time throughout the year.
  • Contribution Limits: The IRS has a limit on how much you can contribute to your HSA on an annual basis, these limits are outlined below. The maximum HSA contributions are:
    • Single: $4,400
    • Family: $8,750
    • Employees age 55 and older may contribute an additional $1,000 annually in catch-up contributions.

Resources & Tools