Health Savings Account (HSA)
Administered by WEX
Available to Employees Enrolled in the Value or Base Health Savings Plan
Health Savings Accounts allow eligible employees to set aside money in a tax-free account to pay for your eligible out-of-pocket medical, dental, vision and prescriptions. Any funds left over in the HSA each year will remain in the account and are yours to keep.
| ANNUAL CONTRIBUTIONS | PYRAMID CONTRIBUTES | YOU CAN CONTRIBUTE UP TO** | TOTAL 2024 IRS MAX |
|---|---|---|---|
| Individual | $400* | $3,750 | $4,150 |
| Family | $750* | $7,550 | $8,300 |
** If you are age 55 or older you can make an additional $1,000 catch-up contribution. *Pyramid Healthcare will divide their contributions evenly over 24 pay periods each year.
How do Health Savings Medical Plans work with an HSA??
DEDUCTIBLE. You pay 100% of the medical and prescription expenses until your deductible is met. (Remember Preventive Care is covered at 100%)
COINSURANCE: After you meet your deductible, you move on to the coinsurance portion of your plan which is a cost-sharing level of coverage. You pay a certain percentage of the eligible medical expenses, and the insurance carrier will pay the rest.
OUT-OF-POCKET MAXIMUM: Your coinsurance will continue until you hit your out-of-pocket maximum. Once you meet your out-of-pocket maximum your plan pays 100% of your eligible medical expenses.
It’s Your To Keep
Any unspent funds in your account remain yours, allowing you to grow a balance over time. When you reach age 65 you can withdraw the money (without penalty) and use to for anything, including non-healthcare expenses.
Smart Savings
The HSA’s unique, triple-tax savings means the money you contribute, earnings from investments and withdrawals for eligible expenses are all tax-free, making it a savvy savings and retirement tool.
**For a full list of eligible expenses contact WEX at 866-451-3399 or wexinc.com/insights/benefits-toolkit/eligible-expenses
HSA Overview
HSA Contribution Limits
WEX Mobile App
