Moosilauke Visions understands how important it is to have the freedom to make your own decisions regarding your health care dollars. If you enroll in a High Deductible Health Plan (HDHP) you can open a Health Savings Account (HSA) through Lively, that will help you to save for your medical expenses.
What is an HSA?
An HSA is a personal healthcare bank account that you can use to pay out-of-pocket medical expenses with pre-tax dollars. It is designed to give you more accountability for your healthcare decisions. An HSA allows you to:
- Be prepared for unexpected healthcare expenses not accounted for in your personal finances.
- Increase tax savings.
- Save and “roll over” money if you do not spend it in the calendar year.
- Carry it with you. The money in your account is always yours, even if you change health plans or jobs.
- Create healthcare savings for retirement.
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HSA Contributions
Moosilauke HSA Contributions
Once you open your HSA with Lively, Moosilauke Visions will contribute the following amounts into your HSA, depending on your level of coverage:
- Individual coverage: $500 per year
- Family coverage: $1,000 per year
These amounts are per year.
Annual Maximum HSA Contributions
The maximum annual health savings funds allowed by Federal law:
- Individual coverage: $4,150 per calendar year
- Family coverage: $8,300 per calendar year
If you are age 55+ you can contribute an additional $1,000 per year into your HSA.