Health Savings Account
Medical With Tax-Savings
If you are enrolled in the group’s High Deductible Health Plan (HDHP) you are eligible to participate in the Health Savings Account (HSA) offered through Fidelity that provides for tax-free contributions to pay for expenses not covered by the firm’s health plan. These expenses may include out-of-pocket expenses such as deductibles, copayments, or coinsurance. HSAs are a particularly useful financial tool in saving for future medical expenses, even those incurred during retirement.Â
Contributions are tax-deductible for W-2 earners
Funds may be invested when a certain limit is met, and earnings are tax-free
Withdrawals are tax-free when used for qualified medical expenses and your funds are always yours and follow you if you were to leave the firm.
To assist you with the growth of your HSA, FORVIS will match dollar for dollar up to $500 for Employee-Only coverage or $1,000 for Employee + Dependent(s) coverage.Â
For example: If you elect Employee Only HDHP and choose to contribute $30 twice a month, FORVIS will also contribute $30 twice a month up to $500. If you are covering at least one dependent on your HDHP plan, and choose to contribute $1,000 from your first payroll of the year, FORVIS will match the annual contribution during that first payroll as well. Employees hired during the calendar year are eligible for the full firm matching contribution.
|
IRS contribution limits for an HSA account |
Single | Family |
|---|---|---|
| Maximum Contribution | $3,850* | $7,750* |
| Catch-Up Contribution (age 55+) | $1,000 | $1,000 |
| FORVIS Match | up to $500 | up to $1,000 |
*The Maximum Contribution amount includes any matching funds provided by FORVIS
You contribute pretax dollars to the HSA. Interest accumulates tax-free, and funds are withdrawn tax-free to pay for medical expenses.Â
You can use the money in your HSA to pay for eligible medical expenses and prescriptions. The HSA funds you use can help you meet your plan’s annual deductible.Â
Save unused HSA funds from year to year — you can use this money to reduce future out-of-pocket health expenses. You can even save HSA dollars to use after you retire.Â
An IRS Qualifying Event is not required to start, stop or change your HSA deduction during the calendar year. The only requirement is that you are enrolled in the firm’s HDHP medical option.