2021 Health Savings Account (HSA)
A Health Savings Account, or HSA, is a handy way to save for medical expenses and reduce your taxable income. Health Savings Accounts (HSAs) are like personal savings accounts, but the money in them is used to pay for health care expenses. You — not your employer or insurance company — own and control the money in your HSA. The money you deposit into the account is not taxed.
For additional information, please refer to the plan documents for details and exclusions. To elect your 2021 benefits, login to UltiPro using Okta or the UltiPro website.
Health Savings Account (HSA)
If you enroll in the CDHP Plan, you'll have access to a Health Savings Account (HSA). You can think of your HSA as a personal savings account for your healthcare expenses, with some impressive tax advantages. The account even includes contributions from GMS that can be a big help throughout the year.
Company Contribution
GMS will contribute $125/quarter for individuals and $250/quarter for families enrolled in the CDHP plan.
Your Tax-Free Contribution
You can contribute funds from your paycheck before taxes are taken out (from $1 up to the yearly IRS limits).
Pay Expenses
You can use your HSA to pay for eligible expenses on a tax-free basis. For example: copays, deductibles, prescriptions, dental and vision expenses, etc. For a full list, visit www.irs.gov.
Saving for the Future
You can also save your funds for the future and allow them to earn interest.
For More Information
If you would like more information or have questions about the benefits offered to you and your family, please reach out to our Advocacy Team at 877-241-5133 or by sending an email at the link below.