Health Savings Account (HSA)

Looking after your health means that you are likely to incur out-of-pocket expenses. If you enroll in the HDHP Silver or HDHP Gold you can use a Health Savings Account to reduce the cost of those expenses*. We provide Health Savings Accounts through HSA Bank and, at our discretion, an annual lump sum contribution to your HSA account.

*By law, you are not allowed to contribute to an HSA if you are enrolled in Medicare.

How does it work?

An HSA allows you to save pre-tax dollars to pay for qualified expenses for you and your eligible dependents. This includes doctor visits, prescriptions, dental and vision expenses and more.

Summary of features
Contribute** You choose how much you want to contribute to your HSA. Spitzer Industries will deposit an annual contribution into your HSA: $250 for individuals or $500 for families . The total contributions paid into your HSA by you and Spitzer cannot exceed the annual IRS maximum: in 2021, the limits are $3,600 for individuals, $7,200 for families and $1,000 for catch-up contributions for individuals who are 55 or older. Please note that the employer contribution is not guaranteed.
Grow The dollars in your HSA earn interest.
Spend or save All of the dollars in your HSA are yours to spend or save. You can spend them on doctor visits, prescriptions, dental and vision expenses, and more — or you can choose to pay another way and save your dollars for future expenses. Please note that some purchases may have tax implications.
Roll over Any unused dollars at the end of a calendar year stay in your HSA so you can use them in the future: you could even use your HSA to save for retirement. The dollars in your HSA are always yours, including those contributed by Spitzer Industries, even if you change medical plans, jobs, or retire.
Tax advantages Your contributions are not taxed, the interest you earn is not taxed, and the dollars you spend on qualified expenses are not taxed. All dollars in an HSA grow tax-deferred until age 65, when they can be withdrawn for any non-medical purpose at ordinary tax rates, or tax-free when used for medical expenses.
Contribute**
Summary of features You choose how much you want to contribute to your HSA. Spitzer Industries will deposit an annual contribution into your HSA: $250 for individuals or $500 for families . The total contributions paid into your HSA by you and Spitzer cannot exceed the annual IRS maximum: in 2021, the limits are $3,600 for individuals, $7,200 for families and $1,000 for catch-up contributions for individuals who are 55 or older. Please note that the employer contribution is not guaranteed.
Grow
Summary of features The dollars in your HSA earn interest.
Spend or save
Summary of features All of the dollars in your HSA are yours to spend or save. You can spend them on doctor visits, prescriptions, dental and vision expenses, and more — or you can choose to pay another way and save your dollars for future expenses. Please note that some purchases may have tax implications.
Roll over
Summary of features Any unused dollars at the end of a calendar year stay in your HSA so you can use them in the future: you could even use your HSA to save for retirement. The dollars in your HSA are always yours, including those contributed by Spitzer Industries, even if you change medical plans, jobs, or retire.
Tax advantages
Summary of features Your contributions are not taxed, the interest you earn is not taxed, and the dollars you spend on qualified expenses are not taxed. All dollars in an HSA grow tax-deferred until age 65, when they can be withdrawn for any non-medical purpose at ordinary tax rates, or tax-free when used for medical expenses.

**The annual maximum is based on a calendar year. These numbers are subject to change annually.

How your HSA works with your medical plan

You can use the dollars in your HSA to:

Meet your annual deductible
Your annual deductible is the out-of-pocket amount you have to pay before the plan starts paying coinsurance. You can use the dollars in your HSA to pay these out-of-pocket expenses.
Pay your coinsurance
The plan starts paying coinsurance once you have met your annual deductible. This means that you and the plan both pay a portion of your expenses for covered services, and you can use the dollars in your HSA to pay your share.
Meet your annual out-of-pocket maximum
The out-of-pocket maximum is the most you have to pay for covered services during the plan year. The plan pays for 100% of covered services once you have met your annual out-of-pocket maximum. Any unused dollars in your HSA will roll over to the next year.

For more information about these terms, look at our Glossary where there are handy explanations and examples to help!

How do I contribute to and manage my HSA?

For help on opening your HSA account, managing your contributions see our handy ‘how-to’ guides within the downloads section.

You can register for an HSA account here. If you already have an account visit myaccounts.hsabank.com/Login or call 800.357.6246.

If you wish to view and manage your contributions, visit workforcenow.adp.com.

To learn more about your HSA, log in to your HSA Bank account and click on 'Resources'.

Webinars

If you want to know more or to join any of the webinars throughout the year, log in to your ADP account via workforcenow.adp.com and, on the homepage, click the HSA webinar link.