How a Health Savings Account Can Help You
Annual Enrollment – your time to select your benefits for 2019 – is coming in October, which means you’ll want to know about health savings accounts (HSAs). An HSA gives you a way to set money aside for out-of-pocket medical expenses; plus, it can reduce the amount you pay in taxes.
If you choose to enroll in the CHI High Deductible Health Plan, you’ll automatically qualify for an HSA. Here’s how an HSA works:
- Choose how much of your pre-tax income to put in your account. Participate in the CHI Wellness Program, and you can have any wellness incentive dollars you earn deposited into your HSA.
- We’ll contribute to your account, too. For 2019, CHI’s contributions will total $600 for individual coverage and $1,200 for all other coverage levels.
- Choose how to use your HSA money: to pay for current health care expenses or to save for future health care expenses, even in retirement. Unused money rolls over year to year, and your account goes with you if you change jobs or retire.
- You can earn interest on your account balance of more than $1,000 by choosing to invest.
Use the Plan Comparison tool on the well-being pages of InsideCHI (see the My Favorite Links section). It shows what each medical plan could cost you, to help you decide.
If you have a question, call the HR/Payroll Connection Support Center, 844-450-9450, 8 a.m.-8 p.m. ET, Monday-Friday.
Your health is about more than routine trips to your doctor – it’s about the small everyday choices you make. Those small choices can add up and make a big difference on your overall health. For helpful wellness tips and info on how to easily redeem your wellness rewards, visit onespiritblog.com/wellness.