2020 Health Savings Account (HSA)
To learn more about an HSA with PNC bank, these are excellent resources to assist you with your decision.
When you elect either the Basic or Standard HDHP Medical Plan, these plans also qualify for the Health Savings Account and you can elect to contribute pre-tax dollars to help pay for eligible expenses now or in the future. Specifically:
- The HSA funds may be used to pay for expenses to help meet your deductible, copays, coinsurance, prescription drugs, and dental and vision expenses for you and your eligible tax dependents.
- You must actively elect a new contribution during Annual Enrollment every year, then you can change your contribution amount at any time.
- Your account balance rolls over from year to year, and you can take it with you if you leave or retire.
- It grows with tax-free interest every year.
- It is administered through PNC Bank.
- There are eligibility rules for an HSA, set by the IRS. You should not elect to open an HSA if:
- Your spouse is enrolled in an HMO or PPO through their employer and you are also covered as a dependent on your spouse’s plan.
- You are enrolled in Medicare.
- You are claimed as a dependent on someone else’s tax return.
- You cannot reimburse your domestic partners expenses tax free from you HSA unless that individual qualifies as a tax dependent in another way. (Such as being your tax dependent due to disability)
Contributions from The Christ Hospital for the Standard HDHP
If you elect the Standard HDHP medical plan and contribute a minimum of $5 bi-weekly (pre-tax) to your HSA, you will also receive a contribution from The Christ Hospital:
- Employee Only coverage = $19.25 bi-weekly contribution to your HSA
- Employee + 1 or more coverage: = $38.50 bi-weekly contribution to your HSA
- Employee + Domestic Partner coverage = $19.25 bi-weekly contribution to your HSA
Contributions from The Christ Hospital for the Basic HDHP
If you elect the Basic HDHP medical plan you may also elect to contribute bi-weekly (pre-tax) funds to an HSA but The Christ Hospital does not contribute to your HSA
IRS Annual HSA Maximums
You can contribute up to the following annual maximums*:
- Up to $3,550* in 2020 for Employee Only
- Up to $7,100* in 2020 Employee + 1 or More coverage.
*Maximums include employer contributions, if eligible.
- If you are age 55 or older in there is an annual catch-up contribution amount of $1,000 for 2020.
- If you enroll in the HSA, you will receive information directly from PNC bank about your account and how your HSA will function.