Health Saving Account (HSA)

When you enroll in an Eastman active health care plan, you are eligible for a bank account called a Health Savings Account (HSA). Both you and Eastman contribute to your HSA.

More Information

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. Once Medicare eligible, you can even use your HSA to pay your Medicare premiums.
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

Refer to the HSA Guide for additional details

HSA Contribution Limits

Single Coverage
2022	$3,650
2023	$3,850

Family Coverage
2022	$7,300
2023	$7,750

Catch Up Contributions

If you are 55 or older during the tax year, you can make a catch-up contribution up to $1,000 per year. Your spouse or domestic partner, if age 55 or older and covered under the health plan, may also make a catch-up contribution but must open his or her own HSA.

Save your HSA for retirement

The average American couple will need $285,000 to cover out-of-pocket health care costs in retirement. Consider saving some or all your HSA to pay for medical expenses in retirement. Based on median prescription drug expenses. Source: Employee Benefit Research Institute.

Managing your HSA is easy

Free HSA Visa® debit card with no transaction fees.
Online portal at www.netbenefits.com.
Online account access makes it easy to submit claims and monitor accounts. If you pay out of pocket for health care services, you can request reimbursement for yourself at any time, both in the current year or years down the road.
NetBenefits® Mobile App
Submit claims, check your balances and monitor your account all from your smartphone.

^{* With respect to federal taxation only. Contributions, investment earnings, and distributions may or may not be subject to state taxation.}

^{** You can only use your Health Savings Account and/or Flexible Spending Accounts for your domestic partner and/or child(ren) of your domestic partner if they are your dependent for tax purposes (i.e. satisfies the Code 152 definition of dependent).}

open

Fidelity

1-800-270-4015