Providence Engineering - 2023 Benefits Guide
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HEALTH SAVINGS ACCOUNT<br />
CARRIER: HealthEquity<br />
If you enroll in the high-deductible health (HDHP) plan, you may be eligible to fund a<br />
Health Savings Account (HSA). An HSA is a personal health care savings account you<br />
can use to pay out-of-pocket health care expenses with pre-tax dollars. Your<br />
contributions are tax free and the money remains in the account for you to spend on<br />
eligible expenses no matter where you work or how long it stays in the account.<br />
WHO IS ELIGIBLE?<br />
You are eligible to open and fund an HSA if:<br />
● You are enrolled in the High-Deductible Health Plan<br />
● You are not covered by a non-HSA plan, health care FSA, or health reimbursement arrangement<br />
● You are not eligible to be claimed as a dependent on someone else’s tax return<br />
● You are not enrolled in Medicare<br />
● You have not received Veterans Administration <strong>Benefits</strong> in the last three months<br />
HSA EMPLOYER CONTRIBUTIONS<br />
● <strong>Providence</strong> will help you save by contributing $50 per<br />
month.<br />
● Contributions to a health savings account (including the<br />
employee contributions) cannot exceed the annual IRS<br />
contribution maximums.<br />
● Employees age 55+ by 12/31/2022 may contribute<br />
additional funds to their HSA (up to $1,000 in <strong>2023</strong>).<br />
● You must open your HSA through Healthequity to<br />
receive contributions.<br />
PROVIDENCE<br />
CONTRIBUTES $50 TO YOUR<br />
HSA EACH MONTH<br />
$3,850<br />
INDIVIDUAL<br />
$7,750<br />
ALL OTHER<br />
TIERS<br />
$1,000<br />
AGE 55+<br />
CATCH-UP<br />
CONTRIBUTION<br />
11
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