HEALTH SAVINGS ACCOUNT
A Health Savings Account (HSA) is an interest-bearing checking account that you can fund with pre-tax contributions. You can use the money in your HSA to pay for your Qualified Medical Expenses including your prescriptions, medical, dental, and vision expenses. You can even use the money to pay for COBRA premiums and retirement health care expenses and premiums. Once you have $1,000 in your HSA, you can begin to invest those dollars, increasing your tax-free earning potential!
The HSA is administered by Health Equity and is coupled with the Anthem HSA Medical Plan which helps protect you against further health expenses. GEON will make a contribution to your HSA if you open an account. The annual contribution from GEON is $600 if on Single coverage and $1,300 if on Family coverage. Note the GEON contribution amount will be pro-rated based on your date of hire and money is deposited each pay period.
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To be eligible to open an HSA you must meet the following criteria:
- You cannot be covered by any other medical plan that is not an HSA-compatible health plan, including your spouse’s medical plan or health care flexible spending account
- Be enrolled in the Anthem HSA Medical Plan on the first day of the month
- Cannot be enrolled in Medicare. However, you may withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses, including Medicare premiums (this does not include Medigap) as long as you are age 65 or older
- Cannot be eligible to be claimed as a dependent on another individual’s tax return
- Be a U.S. resident, and not a resident of American Samoa
- If you are a veteran, you may not have received veterans’ benefits within the last three months
