When you enroll in a qualified Consumer Driven Medical Plan, you may be eligible to open an HSA. The HSA is a bank account in your name that permits you to make pre-tax deposits, and non-taxed withdrawals for qualified medical expenses. Any funds that you or Breakthrough Charter Schools deposit to the HSA are yours forever! (subject to IRS limits; in 2021 $3,600 individual, $7,200 family)
For more information about a Health Savings Account and bank account setup, review the Overview & Setup Document.
Resources
Employer Contributions to your HSA
If enrolled in the HSA plan, Breakthrough Schools will contribute funds to your HSA:
- This amount is paid out on a quarterly basis in January, April, July and October for active, eligible employees
Associate Contributions to your HSA
The IRS sets annual maximums. These annual maximums include both employees and employer contributions:
If 55+ years old, you may contribute an additional $1,000 per year.
