Health Savings Account (HSA)
Your Health Savings Account (HSA)
- When you enroll in the high deductible Value Plan, you are eligible to make pre-tax contributions* to your HSA.
- Your HSA funds can be used tax-free to pay for qualified medical, dental, vision and other eligible health care expenses, for yourself, your spouse and your eligible dependents, even if they are not covered under your medical plan.
- PT Solutions provides an annual contribution that will be deposited on a bi-annual basis – 50% in January and 50% in July – $500 for employee-only coverage and $1,000 for family coverage.
- Unused funds roll over from year to year, so you can contribute up to an annual limit each year and watch your savings grow.
- Funds in your HSA are yours, even if you change employers or retire.
- Once your account is open, you will receive a debit card to make payments to your providers. Most in-network providers will not bill you at the time of service. You will receive a statement from the provider once the claim has been processed by the insurance company.
- Because your HSA is a tax-advantaged account, you will receive two tax statements each year, detailing your contributions into and distributions from your account.
*Eligible HSA contributions are taxed by these states: California and New Jersey
Contributions | Contributions |
|
|---|---|---|
| Single Coverage | $3,850 | $4,150 |
| You must enroll in PT Solutions Employee only Value Plan + Health Savings Account (HSA) to be eligible for PT Solutions annual contribution to your HSA in the amount of $500 . If you elect the maximum individual contribution of $3,850, then your annual contribution is $3,350. | You must enroll in the Employee only Value Plan + Health Savings Account (HSA) to be eligible for the $500 PT Solutions annual contribution to your HSA. If you elect the maximum individual contribution of $4,150, then your annual contribution is $3,650. | |
| Family Coverage | $7,750 | $8,300 |
| You must enroll in the Employee + 1 or more Value Plan + Health Savings Account (HSA) to be eligible for the $1,000 annual contribution to your HSA. If you elect the maximum family contribution of $7,750 then your annual contribution is $6,750. | You must enroll in the Employee + 1 or more Value Plan + Health Savings Account (HSA) to be eligible for the $1,000 annual contribution to your HSA. If you elect the maximum family contribution of $8,300, then your annual contribution is $7,300. | |
| Team members ages 55 and above during the plan year can contribute an additional $1,000 in catch-up contributions annually. | ||
Due to federal regulations, you can change the amount you wish to contribute to your HSA during the plan year.
HSA Eligibility
-
- You must NOT have other medical coverage (including a Flexible Spending Account) through a non-HSA compliant plan.
- You must not have received certain Veterans Administration (VA) medical benefits within the last three months.
- You must not be enrolled in Medicare.
- You must stop HSA contributions 6-months before enrolling in Medicare.
This Benefits Website provides general information for our benefit eligible employees; however, more detailed information is available within the plan documents and legal contracts between our company and the insurance providers. In case of any discrepancy between this Benefits Website and the plan documents, the plan documents always govern and determine your exact benefits. In addition, the company reserves the right to modify or terminate any benefit plan at any time. Benefits are not a guarantee of employment.
