If you elect a High Deductible Health Plan (HDHP), you may be eligible to contribute to a health savings account (HSA). To fully open your account, you will need to complete and submit the County National Form and return it completed to HR. They will use that form to notify payroll of your desired deduction and share it with County National. County National will mail your debit card directly to your home. Should you want to modify your election amount during the year, please contact HR.
The HSA, allows you to save pre-tax dollars for use on health expenses now or in the future. You can use your HSA to cover health care expenditures, including deductibles, prescriptions, out-of-pocket medical expenses, dental care, and vision care for you, your spouse, and eligible tax dependents. The HSA is yours, regardless of future changes in employment, and any money remaining in your HSA at the end of the year rolls over, allowing you to accumulate significant savings.
2024 contribution limits:
Single coverage: $4,150
Family coverage: $8,300
Catch-Up contribution (Age 55+): $1,000
What happens after I turn 65, or enroll in Medicare? You will not be able to contribute to an HSA once you enroll in Medicare; however, you will be able to continue to use the money in your account to pay for eligible medical expenses as well as Medicare or long term care insurance premiums. Generally, this means that at age 65 you are no longer able to contribute, since most individuals enroll in Medicare Part A (Hospital) at no cost upon turning 65. It is your responsibility to stop your HSA deductions.