A Health Savings Account (HSA) is an awesome tool to have when participating in the High Deductible Plan. We know that by participating in a High Deductible Plan, you are subject to a higher deductible, which potentially means significant out-of-pocket expenses. Your HSA is there to help with these out-of-pocket expenses.
Contributions to the HSA are tax-free, and the money remains in the account for you to spend on eligible expenses no matter where you work or how long it stays in the account. HSA funds also rollover every year, with no limit on the rollover amount. If you are eligible to fund an HSA, you cannot contribute pre-tax dollars to the Health Care Flex Spending Account, but you may contribute to a Dependent Care Flexible Spending Account.
For 2023, contributions to an HSA cannot exceed the annual IRS contribution maximum of $3,850 for individuals and $7,750 for all other tiers. There is also a $2.50 administrative maintenance fee charged to your account each month.
HSA Eligible and Non-Eligible Expenses
An HSA doesn’t just have to be used for medical expenses. It can be used for dental and vision expenses as well. Because of this, it is important to know what is eligible and what isn’t! The HSA Eligible Expenses document provides you what you need to know when it comes to spending your money on eligible expenses.
Looking for more information? Check out the HSA video, below:
HSA Balance Transfers and Distribution Requests
If you have a current HSA account and would like to transfer your balance into your CAS HSA account, you will need to complete an HSA Transfer Request form. Please note: You cannot complete this process until your CAS account has been set up, and you have received your routing and account numbers.
If you need to file a manual distribution of HSA funds, please use this form containing the filing instructions, HSA Distribution Request.
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