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Health Savings Account (HSA)
Employees who are enrolled in the Kaiser HSA-Qualified $3000 Deductible HMO or Anthem $2,500 Deductible Classic PPO are eligible to open a Health Savings Account (HSA).
Brief Overview of the Health Savings Account
- 2024 Maximum Annual Contributions $4,150/individual, $8,300/family.
- 2025 Maximum Annual Contributions $4,300/individual, $8,550/family.
- Employees who are 55 years of age or older may pledge an additional $1,000 per plan year.
- Contributions will be made using pretax payroll deductions.
- Health Savings Account funds rollover from year to year; no annual “use it or lose it” rule as with Health Flexible Spending Account.
- Employees may make adjustments to their total HSA pledge amount throughout the year, but may not reduce their total pledge amount below what they have already contributed from their paycheck.
- You cannot be enrolled in both the City’s Medical Flexible Spending Account (MRA) and the Health Savings Account.
Eligibility
All Full and Part-time benefited employees are eligible to participate in these programs.
Please Note: Employees must be enrolled in the Kaiser HSA-Qualified $3000 Deductible HMO Plan w/ HSA or the Anthem $2,500 Deductible Classic PPO w/HSA Plan to open a Health Savings Account (HSA).
Cost
There is a $3.25 monthly administrative fee that will be deducted from the participant's account.