HEALTH SAVINGS ACCOUNT (HSA)
The Highmark HDHP $4,000 and HDHP $6,000 are paired with a Health Savings Account (HSA). A Health Savings Account allows enrolled employees to set aside funds on a pre-tax basis to pay for any non-reimbursable qualified healthcare expenses for individuals covered by a HDHP.
Employees that enroll in a High Deductible Health Plan (HDHP) can choose to defer pre-tax funds from their paychecks to an HSA account* up to IRS maximums. Please note that these maximums are based on a calendar year cycle. HSA contributions can be adjusted at any point throughout the year.
2025 IRS Maximum HSA Contribution Limits:
- $4,300 for individual coverage
- $8,550 for family coverage
- Individuals 55 years of age or older by December 31, 2025 may defer an additional $1,000 for the year
2026 IRS Maximum HSA Contribution Limits:
- $4,400 for individual coverage
- $8,750 for family coverage
- Individuals 55 years of age or older by December 31, 2026 may defer an additional $1,000 for the year
HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) is a personal and portable bank account that is yours to keep. If you are enrolled in one of the Highmark BCBS HDHP HSA plans (the HDHP $4,000 or HDHP $6,000), you are automatically eligible to contribute to a Health Savings account to pay for qualified medical, dental, and vision expenses.
Funds roll over at the end of each year and accumulate tax-free, as does the interest on the account. Remember, your HSA is yours to keep. Your contributions are tax-free, and your money also earns interest tax-free. With a balance of $1,000 or more, you can invest HSA funds in a selection of investment options through UMB HSA Saver for additional pre-tax account earnings.
HSA Eligibility
- Must be enrolled in a Qualified High Deductible Health Plan (QHDHP) - this includes Onvo's HDHP $4,000 and HDHP $6,000 offerings.
- Cannot be covered by any other health plan that is not a Qualified High Deductible Health Plan.
- Cannot be receiving any benefits from Medicare (including Medicare Part A).
- Cannot have coverage under a spouse’s HRA or FSA.
Reminders
- You can use your HSA to pay for eligible medical, dental, and vision services.
- Do not use your HSA card to pay at the time of service for medical care. Before paying, make sure your Member Responsibility on your EOB from Highmark matches the invoice from your provider.
- You can pay for prescriptions at the point of service if you have a sufficient balance on your HSA debit card.
- You may change your contribution amount at any point throughout the year.
- The funds in your HSA are yours to keep. If you were to leave Onvo, this account would come with you.
Please note: State laws differ. Contributions made to your HSA may not be deductible from state income taxes. A Health Savings Account is a tax-advantaged savings account that permits you to contribute funds on a pre-tax or tax deductible basis. These funds may be used to pay for current and future eligible medical expenses. This includes eligible medical and prescription drug expenses that apply to your deductible, coinsurance amounts after you have met your deductible, or any eligible dental or vision expenses.
USING HSA FUNDS
An HSA is a cash balance account (think of your savings account)
- You can only use HSA funds that are in your account
- If you incur expenses before HSA funds are available, you may need to pay for the expense and reimburse yourself from the account after funding
If you elect HSA deductions in Workday, your HSA will be established with Benefit Resource (BRi). You will receive a card from BRi and can set up an online account
- Point-of-service purchases
- Online transfers
- Online bill payment
Benefit Resource (BRi) Member Services 800-473-9595 www.benefitresource.com
