Eastman makes an annual contribution in January of $500 if you have single coverage and $1,000 if you cover yourself and dependents. You may use the money in your HSA to pay for health care expenses now, or you can save your HSA dollars for the future.
- The HSA is an account you own. You take it with you if you leave the company, and the balance rolls over each year.
- HSAs are triple tax advantaged, which means you get tax-free contributions, qualified distributions and earnings.
- HSA cash balances are FDIC-insured.
- You have a broad array of investment options to help grow your HSA.
- All your tax dependents can use the HSA, even if on another health plan.
- You can use funds to pay for eligible medical expenses before or after you retire, tax-free and without penalty. After age 65, you can use your HSA to pay for non-medical expenses, but those withdrawals will be taxed.
- Contributions to your HSA are deducted from your pay bi-weekly. You may change your HSA contribution at any time throughout the year.