A Health Savings Account (HSA) is an account that includes contributions from both you and Atrium Health. Funds from your HSA may be used to pay for your eligible healthcare and prescription expenses throughout the year.
Teammates who are eligible for the LiveWELL Health Plan can establish their HSA account on the first of the month following 30 days of employment.
The Health Savings Account (HSA) is yours to save for current and future healthcare-related expenses, such as your deductible, co-insurance or prescription drugs. This account is set up in your name and funded by Atrium Health and you.
HSAs share similar characteristics to retirement plans in that:
**Teammates age 55 or older are allowed an additional "catch-up" contribution of $1,000.
The maximum IRS contribution for the year includes the sum of all teammate and employer contributions, including incentives.
|Atrium Health Annual Contribution|
To help fund your account, you will receive an annual contribution of:
Teammates earning less than $30,000 in an annual base salary and working 30 or more standard hours each week will receive an additional HSA contribution of $200
|This annual contribution is deposited into your account the pay period following the pay period in which your coverage becomes effective.|
|Atrium Health Matching Contributions|
If you choose to contribute to your HSA, Atrium Health will make matching contributions up to:
|These matching contributions are made in installments throughout the year based on the contributions you make.|
When you enroll, you will receive a Visa debit card, which can be used to access your HSA contributions and those made by Atrium Health, as they are deposited into your account.
Atrium Health partners with Bank of America to administer all HSAs, making it easy to access your account information in one place. When you use your HSA dollars for health-related expenses, you use the card just like you would use a regular debit card. Your card is good for four years unless you add or close any of your accounts.
If you are not adding or closing an account in 2019, please keep your existing card. If you are closing or adding an HSA, you will receive a new card from Bank of America that you can easily track, manage and pay for eligible expenses.
Think about your current and future health and prescription needs. Are you pregnant or planning to start a family? Will you retire soon? Plan for your healthcare needs and decide how you will save for these and other big life events.Plan for the unexpected. Just as you might have an “emergency” fund for unexpected home or car repairs, you need to save money in your Health Savings Account, since it could be used as your “emergency” fund for unexpected health needs.
You can change the amount you contribute from each paycheck to your HSA as many times as you’d like during the year. If your budget is tight for a month or two, you have the flexibility to lower your HSA contributions to help with your cash flow needs. If you want to save more and increase your tax savings, you can add to your contributions at any time. Consider Atrium Health contributions to your HSA as you plan how much you contribute.*
LiveWELL Health Plan participants should contact Medicare 6-12 months prior to turning age 65 to learn about options for healthcare coverage and rules for contributing to a Health Savings Account when Medicare eligible.
For help in understanding how Medicare and your healthcare costs may fit into your overall retirement goals, call the Seniors’ Health Insurance Information Program (SHIIP) at 855-408-1212. Teammates can also call the Social Security Administration at 888-383-1598.
Please note that the above Information is intended to provide explanation of benefit plans. For advice regarding your personal healthcare and financial matters, you may want to consult a healthcare provider, Medicare consultant, tax professional or financial advisor.