Health Savings Account (HSA)
A Health Savings Account (HSA) is a savings account created to accompany a High Deductible Health Plan (HDHP). An HSA provides a tax-advantaged savings vehicle to help you pay for eligible healthcare expenses now and in the future.
2023 Health Savings Account (HSA)
When you enroll in the Enhanced or Essential HDHP, you qualify for the Health Savings Account and you can elect to contribute pre-tax dollars to help pay for eligible expenses such as medical, prescription, dental, and vision costs, now or in the future. HSA contributions may be used to help meet your deductible, co-insurance, prescription drugs, dental or vision expenses for you and your eligible dependents.
Click HERE to view 2023 HSA Paycor Contributions and IRS Guidelines
With an HSA, you get a triple tax savings:
- Contributions are tax free
- Account balances grow tax free
- Money spent from your account on qualified medical expenses is tax free
The money in an HSA belongs to the account holder, no matter who deposited it.
- Accounts are portable, they stay with you as the account owner
- No "use it or lose it" rule, meaning unused funds roll over year after year, even into retirement
- Account balances may have the option to be invested and earn interest (funds could grow over time)
Funds can be used toward qualified expenses for the account holder and your or dependents
- Funds can be used for expenses incurred by your qualified tax dependents, even if not enrolled in a Paycor medical plan.
- Make payments directly to providers or online - works just like a checking account with a debit card
How to Enroll
- Open an HSA at a banking institution of your choice (if don’t have one already) and enter your account information into Benefits Advisor. Associates can access the Benefits Advisor portal by logging into Perform.
- Elect a pre-tax payroll contribution amount and change it at any time throughout the year
- Contributions will begin when your elections and account details are fully and accurately entered into Perform; contributions will not be made retroactively
NOTE: To make or receive contributions to an HSA, you must be enrolled in the HDHP and not enrolled in any other non-HDHP coverage, including Medicare
Need help finding an HSA Administrator?
Check with your current bank or other banking institution to find out what options are available. If you currently have an existing HSA, you can continue to use it – just be sure to understand any fees that may apply.
*HSA-eligible participants who will turn 55 by year-end can contribute an additional $1,000 annually. If both spouses are 55 or older and not enrolled in Medicare, each spouse is eligible for the additional contribution.* Prorated for new hires based on 26 pays
IMPORTANT: Account holders are responsible for understanding the rules associated with HSAs. Review IRS Publication 969, consult a tax advisor or review other qualified resources for more information.
2024 Health Savings Account (HSA)
When you enroll in the Enhanced or Essential HDHP, you qualify for the Health Savings Account and you can elect to contribute pre-tax dollars to help pay for eligible expenses such as medical, prescription, dental, and vision costs, now or in the future. HSA contributions may be used to help meet your deductible, co-insurance, prescription drugs, dental or vision expenses for you and your eligible dependents.
Click HERE to view 2024 HSA Paycor Contributions and IRS Guidelines
With an HSA, you get a triple tax savings:
- Contributions are tax free
- Account balances grow tax free
- Money spent from your account on qualified medical expenses is tax free
The money in an HSA belongs to the account holder, no matter who deposited it.
- Accounts are portable, they stay with you as the account owner
- No "use it or lose it" rule, meaning unused funds roll over year after year, even into retirement
- Account balances may have the option to be invested and earn interest (funds could grow over time)
Funds can be used toward qualified expenses for the account holder and your or dependents
- Funds can be used for expenses incurred by your qualified tax dependents, even if not enrolled in a Paycor medical plan.
- Make payments directly to providers or online - works just like a checking account with a debit card
How to Enroll
- Open an HSA at a banking institution of your choice (if don’t have one already) and enter your account information into Benefits Advisor. Associates can access the Benefits Advisor portal by logging into Perform.
- Elect a pre-tax payroll contribution amount and change it at any time throughout the year
- Contributions will begin when your elections and account details are fully and accurately entered into Perform; contributions will not be made retroactively
NOTE: To make or receive contributions to an HSA, you must be enrolled in the HDHP and not enrolled in any other non-HDHP coverage, including Medicare
Need help finding an HSA Administrator?
Check with your current bank or other banking institution to find out what options are available. If you currently have an existing HSA, you can continue to use it – just be sure to understand any fees that may apply.
*HSA-eligible participants who will turn 55 by year-end can contribute an additional $1,000 annually. If both spouses are 55 or older and not enrolled in Medicare, each spouse is eligible for the additional contribution.* Prorated for new hires based on 26 pays
IMPORTANT: Account holders are responsible for understanding the rules associated with HSAs. Review IRS Publication 969, consult a tax advisor or review other qualified resources for more information.
Benefit Options
- Medical & Prescription Drugs
- Dental
- Vision
- Health Savings Account (HSA)
- Flexible Spending Accounts (FSA)
- Life & AD&D
- Paid Time Off (PTO)
- Retirement & 401(k)
- Employee Stock Purchase Plan
- Disability & Leave of Absence
- Tuition Reimbursement
- Adoption Assistance
- Voluntary Benefits
- Life Events
- PerkSpot
- Important Notices