If you enroll in the $3,000 PPO HDHP with HSA or the $3,000 HMO HDHP with HSA, you are eligible to enroll in and contribute to a Health Savings Account (HSA). An HSA is a tax-advantaged savings account that you can use to pay for current or future qualified health care expenses.
WinnCompanies will contribute $500 for team member-only coverage and $1,000 for employee +1 and Family coverage. You can also contribute to your HSA on a pre-tax basis, which saves you money by lowering the amount you pay in income taxes. You must open your HSA on MM365+ to receive WinnCompanies’ contribution and the contributions you elected.
You will receive half of your contribution in January 2023, and the second half in July 2023. You must be employed at time of distribution in order to receive HSA contributions from WinnCompanies.
Put money in tax-free.
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Pay for care tax-free.*
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Carry unused money over.
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In 2023, the limits on total contributions to your account (from you and WinnCompanies combined) are:
WinnCompanies will contribute $500 for individual coverage and $1,000 for employee +1 and Family coverage.
Add $1,000 to these limits if you’re age 55 or older.
Setting aside tax-free money in your HSA is a great way to save money on income taxes now, while building up funds to use in the future.
Some examples may include:
For a complete list of eligible expenses, visit www.irs.gov and see Publication 502.
Reminder: Keep documentation to support your use of the money in these accounts for tax purposes.
*Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
**NOTE: You’ll receive only one debit card to use for all of your Mercer Marketplace 365+ supported accounts.