Health Savings Account (HSA)
Group Number:
16986
Support:
1.866.451.3399
Claim Submission Address:
PO Box 2926
Fargo, ND 58108-2926
We offer the opportunity for HDHP participants to open and fund a Health Savings Account (HSA) through Wex with pre-tax dollars through payroll deduction. An HSA is a personal account separate from your GreenState benefits. It works like a regular bank account, but you don't pay federal income taxes on money you deposit. Your savings grow from year to year. There is no use it or lose it rule. You can use an HSA to pay for qualified medical expenses this year, three years from now or at any point in the future – even in retirement.
Tax Benefits:
Funds set aside in an health savings account (HSA) can be triple tax-free. Contributions are tax-deductible when going into the HSA. Distributions can be tax-free when coming out the HSA (as long as used for qualified expenses). Lastly, any interest or earnings on the assets in the account are tax free. In a nutshell, a health savings account (HSA) is a tax-exempt trust or custodial account that is used to pay or reimburse certain medical expenses you incur.
Interested in calculating your Annual Tax Savings possibilities? Utilize Wex's HSA Calculator to get started!
2023 HSA Limits
We will provide an employer contribution to all current and new HSA participants who contribute a minimum of $10 per pay period. The employer contribution for 2023 will be $28.85 per pay period (26 pay periods) for Employee only coverage ($750.10 annually), and $57.70 per pay period for all other coverage levels ($1500.20 annually).
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Employee Only Coverage (under age 55) - $3,850 Annual
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Employee Only Coverage (over age 55) - $4,850 Annual
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All other Coverage Levels (under age 55) - $7,750 Annual
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All other Coverage Levels (over age 55) - $8,750 Annual
2024 HSA Limits
We will provide an employer contribution to all current and new HSA participants who contribute a minimum of $10 per pay period. The employer contribution for 2024 will be $20.00 per pay period (26 pay periods) for Employee only coverage ($520 annually), and $40.00 per pay period (24 pay periods) for all other coverage levels ($1040 annually).
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Employee Only Coverage (under age 55) - $4,150 Annual
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Employee Only Coverage (over age 55) - $5,150 Annual
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All other Coverage Levels (under age 55) - $8,300 Annual
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All other Coverage Levels (over age 55) - $9,300 Annual
Trying to decide how to maximize your contribution?
More Information
Review this FAQ for answers to some commonly asked questions about High Deductible Health Plans and HSAs.
Click here to review the top 5 reasons you should open an HSA Account.