Employees enrolled in one of the District’s High Deductible Health Plans (HDHP) can enroll in a Health Savings Account (HSA).
If you are enrolled in an HDHP and did not elect the HSA during open enrollment, you may elect and enroll today!
To be an eligible individual and qualify for an HSA, you must meet the following requirements:
- Must be covered under a high deductible health plan—HDHP PPO $3,500 and HDHP HMO $3,500
- Have no other health coverage
- Not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return
- Review HSA Distribution Rules.
The 2024 maximum you can contribute to employee-only coverage is $4,150. If you cover anyone besides yourself, you can contribute a maximum of $8,300.
Those enrolled in an HDHP receive a $42 monthly District contribution, which applies to the annual maximum allowable contribution. Participants don’t need to contribute anything to an HSA to receive the district’s contribution. You can change your HSA payroll deductions monthly.
You may contribute to your HSA account through payroll deduction on a pre-tax basis and/or a lump sum contribution directly to the HSA provider, and you can change your HSA payroll deductions monthly. You may receive a tax break on your tax return because HSA contributions are tax-free. Review the District’s Health Saving Account webpage for important information, including how to enroll in a HSA.
HSAs are similar to retirement accounts in that they roll over from year to year. They are portable if you move jobs or retire, the balance can be invested in mutual funds, and there are survivor benefits. Another benefit of an HSA is that your contributions can be used for eligible medical expenses before retirement.
If you have questions or need assistance enrolling in an HSA, please get in touch with a District Benefits team member.