Health Savings Account (HSA)

An HSA (health savings account) is a vehicle that you can use to save money on a pre-tax basis for out of pocket expenses for medical, dental and/or vision care.  Only employees enrolled in a high deductible medical plan can participate in an HSA.

Clermont County employees are permitted to set up their HSA at the financial entity of their choice.  Keep in mind that some banks charge a monthly fee for this service.  Most Credit Unions do not charge a fee; in additional, Credit Unions offer some great advantages when looking for investment opportunities.

To enroll:  1st complete your benefit elections on-line (ESS); then take the HSA DIRECT DEP FORM to your bank/credit union; return the completed form to the Auditor’s Office/Payroll.

Some of the advantages of saving funds using the HSA are:

  • Anyone enrolled in a high deductible medical can save up to $3,550
  • Anyone enrolled in an HDP tier that provides dependent coverage can save up to $7,100
  • Anyone age 55 or over can save an additional $1,000 per year.
  • Clermont County will contribute to your HSA: $25 per pay for single medical; $50 all other tiers (must be enrolled in the County’s HDP).
  • Employee contributions are pre-tax, which lowers the taxable income.
  • Once deposited, the funds belong to the employee & remain in the employees account until used.
  • Because the funds accumulate, they can be saved for future medical, dental and vision expenses.
  • There may be some investment opportunities once a specific level of savings is achieved.
  • When the employee leaves employment, the funds go with them.
  • The account owner can access funds even if changing to a non-eligible medical plan or if waiving coverage, but no further contributions are permitted.

People who are not eligible to participate in the HSA include:

  • Employees who are also covered by a traditional medical plan through their spouse or other entity.
  • Employees whose spouse has an active full healthcare FSA plan
  • Employees who are enrolled in Medicare