Health Savings Account (HSA)
Employees enrolled in the PPO + Health Savings Account (HSA) Medical Plan are eligible for a Health Savings Account (HSA) through HSA Bank. The account is automatically opened for you. The company contributes tax-free money into your account the month following your enrollment:
- $300 for an individual or $600 for a family of two or more.
- Benefit elections made between June 1st - November 30th, the company will contribute $150 for Employee Only or $300 for all other tiers of coverage.
- If elections are made after November 30th, no employer contributions are given for the current year.
- If you are not eligible to receive funds, you are responsible for contacting the Graham Benefits Center to opt-out (see eligibility rules below).
In addition to company funds, employees can elect to contribute funds through payroll deductions tax-free. Changes to your elections may be made at any time by logging into the Graham Benefits Portal or by calling 877-878-9898. Contribution limits are set by the IRS each year, limits include employer and employee contributions and do allow for additional catch-up contributions for employees aged 55 or older.
This account can be used to pay for eligible healthcare expenses like deductibles, coinsurance payments, prescriptions, etc. and allows you to save for current or future medical expenses tax-free. You will receive a debit card to conveniently pay for eligible expenses.
It’s your money – for life! The money you put into your HSA (including funds the company contributes) never expire. Even if you change jobs or retire, the funds belong to you.
Want to earn more money for retirement?
Invest your HSA funds today to benefit you tomorrow!
Am I Eligible for an HSA?
You are most likely eligible to open an HSA if:
- You have a qualified high-deductible health plan (HDHP)
- You’re NOT covered by any other non-HSA-compatible health plan, like Medicare Parts A and B, or considering enrolling in Medicare in the next 6 months
- You’re not covered by TriCare
- No one (other than your spouse) claims you as a dependent on their tax return
If you are unsure of your eligibility, please contact your tax advisor for guidance.
Download the HSA Bank Mobile App
- Check available balances
- View HSA transaction details
- Save and store receipts
- Scan items in-store to see if they are qualified expenses
- Access customer service contact information
Learn More About a Health Savings Account
To learn more, visit the HSA Bank website to register for live webinars, or view the flyers and videos below.
