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 make their contributions twice a year, at the end of February and at the end of August.

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

Health Savings Account (HSA)