If you enroll in an HSA-Qualified Plan you will have access to a Town-provided Health Savings Account (HSA), provided you are qualified to make contributions (see open enrollment letter for details). For the plan year beginning July 1, 2022, the Town will make a contribution to the account during your first month of coverage – $2,000 for family plans and $1,000 for individual plans. That means you have enough money to cover half the deductible!
Advantages of HSAs include:
No time limit on reimbursements or spending funds (no use-it-or-lose-it provisions)!
Funds contributed via payroll are made pre-tax, pre-Medicare and pre-Social Security (if applicable).
You can change your payroll contribution amount throughout the year!
Fees are paid by the Town while enrolled in a Town HSA-Qualified health plan.
Provider payments can be made online using HSA funds.
You own the account – it’s interest-bearing, portable (keep post-employment), inheritable and, once you save a minimum amount, investible.
There’s no tax on interest & investment earnings if used for qualifying medical expenses!
Contributions reduce taxable income & help build long-term savings you can take into retirement!
Information and Documents
The Town’s Health Savings Accounts are administered by Health Equity. Health Equity’s website offers videos and other tools to help you understand how HSAs work. For specific questions, please call Health Equity Member Services: 866-346-5800.