Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-free savings account available to eligible employees enrolled in one of the HDHP medical plans. HealthEquity administers the HSAs for Genesys.
Key Features of a Health Savings Account | |
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Eligible Participants | Employees enrolled in one of the HDHP Medical Plans, who are not enrolled in other non-HDHP coverage (including Medicare or Tricare), and whose expenses cannot be reimbursed under a spouse’s FSA |
Genesys quarterly HSA contribution deposited on the first business day of each quarter |
Employee only: $750* ($187.50 quarterly)
Employee + Child(ren): $1,500* ($375 quarterly) Employee + Spouse: $1,500* ($375 quarterly) Family: $1,500* ($375 quarterly) *One fourth of the annual Genesys contribution is deposited in your HSA account each calendar quarter, on or near the first business day of each quarter. Must be employed and enrolled in a High Deductible Health Plan by the 1st day of each calendar quarter (January 1, April 1, July 1 and October 1) in which the funding occurs in order to receive the employer contribution for that quarter. |
2023 Contributions Maximum (per IRS limits)*
(This includes contributions made by Genesys plus Employee contributions) |
Employee only: $3,850
Employee + Dependent(s): $7,750 Age 55 and Older: Additional $1,000 “catch up” contribution allowed Please remember to factor in contributions made by Genesys into annual limits |
Interest | Account earns interest tax-free |
Investment Options | Account balances over $1,000 can be invested in mutual funds provided by the bank |
Eligible Expenses | Qualified health care expenses (visit www.irs.gov for a complete list). |
Withdrawals | HSA funds withdrawn for non-eligible expenses are subject to ordinary income tax plus a 20% penalty. A list of qualified medical, dental and vision expenses can be found in IRS Publication 502
NOTE: At age 65, enrollees can withdraw funds for any reason without penalty, but may be subject to ordinary taxes on the withdrawal |
Funding Availability | Only funds contributed to date (your contributions and those from Genesys) are available for reimbursement |
Portability | Your account stays with you, regardless of coverage or employer |
Unused Funds | Rolls over every year; there’s no “use-it-or-lose-it” feature |
*One fourth of the annual Genesys contribution is deposited in your HSA account each calendar quarter, on or near the first business day of each quarter. Must be employed and enrolled in a High Deductible Health Plan by the 1st day of each calendar quarter (January 1, April 1, July 1 and October 1) in which the funding occurs in order to receive the employer contribution for that quarter.