Health Savings Account (HSA)

Make the Most of Your Benefits: Health Savings Accounts (HSA) 

Looking for a smart way to save money on healthcare expenses? A Health Savings Account (HSA) can help you do exactly that. If you're enrolled in certain medical plans, you may already be eligible to start taking advantage of this powerful savings tool.

Who Can Participate?

Employees enrolled in the following medical plans can contribute to a Health Savings Account:

• $6,350 BCN Plan

• $3,400 Simply Blue Plan (this plan is currently the only medical plan offered through the company that includes an HSA program)

If you are enrolled in the $6,350 BCN plan, you are still eligible to contribute to an HSA. However, you will need to open or maintain your HSA through a private bank or financial institution.

⚕️What Is an HSA?

A Health Savings Account (HSA) allows you to set aside pre-tax money from your paycheck to pay for eligible medical, dental, and vision expenses. Because the funds are deducted before taxes, an HSA can help reduce your taxable income while helping you prepare for healthcare costs.

Think of it as a healthcare savings account that works for you now and in the future. ? 

Did You Know? 

HSAs come with a lot of flexibility and long-term benefits: 

• You can start contributing at any time during the plan year.
• You can change your payroll deduction amount at any time during the plan year.
• Unused funds roll over every year; there is no “use it or lose it.” 
• Your HSA funds stay with you even if you change jobs.
• You can use your HSA funds during retirement for eligible healthcare expenses 

⚕️ HSA Contribution Limits

The amount you can contribute each year depends on the type of coverage you have:

• Employee-Only Coverage: Up to $4,400

• Family Coverage: Up to $8,750

If you are age 55 or older, you may contribute an additional $1,000 catch-up contribution each year. 

Already Have an HSA?

Before the 2026 Open Enrollment, employees with an existing HSA from a previous employer or personal bank can continue contributing to it. 

All new employees or those wishing to contribute to the company's HSA must enroll with UMB.

⚕️ Why Consider an HSA? 

An HSA is more than just a spending account; it's a long-term financial wellness tool that can help you:

✔ Save money on taxes
✔ Prepare for unexpected healthcare costs
✔ Build savings for future medical needs

If you have questions about HSAs or how to start contributing, reach out to HR through Freshdesk. We’re happy to help! 

Please note that since the money is pre-taxed, these expenses must adhere to IRS guidelines. For a full list of what an HSA covers, go to IRS list of approved expenses