Health Savings Account
To elect an HSA plan, you must enroll in a High Deductible (HDHP) Medical Plan.
A Health Savings Account (HSA) is an account established under Section 223 for the purpose of paying qualified medical expenses incurred by the account holder and dependents. HSA’s allow employees to make tax-free payroll contribution to the plan to pay for certain out-of-pocket medical expense.
Plan Features
Everything You’ll Need to Know
The group sponsored health plan Optimax will continue offering in 2025 will remain to be HSA-eligible, meaning you’re able to contribute funds into an HSA if you’re enrolled in the plan in 2025. The HSA vendor Optimax uses is Kinecta, so if you have not opened an account yet, make sure you do so as of 1/1/25 so you’re able to start contributing funds.
Optimax will continue to provide an employer match option in 2025. Any dollars you contribute into the account as Employee only (or Employee + Domestic Partner), Optimax will match up to $1,000. And then any dollars you contribute into the account as a Employee + Spouse, Employee + Child(ren), or Family, Optimax will match up to $2,000.
The IRS has increased the annual maximum limits you’re able to contribute into an HSA account in 2025. For single coverage, you can contribute up to $4,300 into an HSA in 2025. For all other coverage tiers (Employee + Spouse, Employee + Children, or Family), you’re able to contribute up to $8,600 into an HSA in 2025.
IMPORTANT NOTE: IRS contribution limits include Employer (Optimax) and Employee combined contribution amounts.