Health Savings Account

To be eligible to enroll in a Health Savings Account, you must be enrolled in the Anthem HSA 3000/20% plan. The HSA is administered by Flores.

Health Savings Account (HSA)

A health savings account is a tax advantages medical savings account available to taxpayers who are enrolled in a high deductible health plan (HDHP). The funds contributes to an HSA are made on a pre-tax basis. An HSA is 100% employee owned and the funds in the account are carried over from year to year. HSAs are not tied to an employer and stay with you if you change jobs.

HSA funds can be used to pay for qualified expenses at any time without federal tax liability or penalty. WIthdrawals for non medical expenses are subject to a 20% penalty and corresponding tax liabilities. At any point if you are no longer enrolled in a high-deductible health plan, you can continue to use the funds for qualified medical expenses but you can no longer contribute funds to the account.

2019 IRS Maximum Allowable HSA Contributions

Individual - $3,500
Family - $7,000

HSA participants age 55 and older may make a "catch-up" contribution of $1,000 per year.

Franklin County Public Schools will contribute a maximum of $500 to your HSA for the 2019-20 school year. The amount will be prorated based on your hire date.
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