HDHP with HSA
Your Shelter Insurance Health Savings Account (HSA) coupled with a High Deductible Health Plan (HDHP) can help you save money on your medical expenses. The monthly premiums on a HDHP are significantly less, which gives you the freedom to determine what to do with those funds.
How Does a HDHP Work?
You are responsible for paying your covered medical and prescription expenses up to the deductible. You can use HSA funds to pay for these out-of-pocket expenses or you can reimburse yourself later. Save your receipts to prove that you used your HSA for qualified expenses.
How Does Your HSA Work?
Shelter Insurance will make an employer contribution every pay period to your HSA at Central Bank. You may also choose to receive a before tax benefit by making an employee contribution through payroll deduction. After opening the HSA account at Central Bank online please complete the HSA Contribution Request form.
For any future changes in employee contributions a new HSA Contribution Request form will need to be completed and submitted to Shelter Benefits Management Inc.
See how you can maximize your contributions to your HSA:
| Contributions | Individual | Family |
|---|---|---|
| IRS Contribution Limit | $4,150 | $8,300 |
| IRS Contribution Limit age 55 and older |
$5,150 | $9,300 |
| Contributions | Individual | Family |
|---|---|---|
| IRS Contribution Limit | $3,850 | $7,750 |
| IRS Contribution Limit age 55 and older |
$4,850 | $8,750 |
The money in your HSA is always yours – there is no “use it or lose it” rule. All balances in your HSA are fully vested and remain in your account until spent. The money is yours even if you change jobs or health plans. With an HSA, you are in charge. You decide how much and when to contribute and whether or not to invest some of your savings in mutual funds for greater potential long term growth.