Health Savings Account (HSA) and High Deductible Health Plan (HDHP)
The HDHP has a higher deductible, which may cost more up-front for care that is not categorized as preventive. To help out with the initial cost, this plan comes with a Health Savings Account (HSA) that Specialized contributes to, and you can too (pre-tax!).
Specialized contributes $500/year (teammate only) and $1,000/year (teammate+ dependents) pro-rated monthly to the HSA.
If you have a current Healthcare FSA plan, and you enroll in a High Deductible Health Plan for 2024, your Healthcare FSA plan will automatically convert to a Limited Purpose FSA should you have a balance (up to the $570 limit) that is eligible for carryover. No action is necessary on your end. Note: Any funds in excess of $570 will be lost.
FAQ:
HSA overview (detailed presentation by Newfront)
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What is an HSA?
A HSA is a special tax-free savings account that allows you to pay for current eligible health care expenses and save for future qualified medical expenses.
You will save on tax-free contributions, lower monthly premiums, and tax-free payments to providers
You can make changes at anytime without a QLE
Your HSA funds rollover year after year
You own your HSA at all times and can take it with you when you change medical plans, change jobs or retire.