Health Savings Account (HSA)

The HSA (health savings account) is an account that you can use to save money on a pre-tax basis for medical, dental and/or vision out of pocket expenses.  Only employees enrolled in a high deductible medical plan can participate in the 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:  First complete your benefit elections on-line (ESS); then print the HSA deposit form and take to the credit union or bank of your choice (must handle HSA accounts); return the completed form to the Auditor’s Office/Payroll.

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

  • In 2021 anyone enrolled in a high deductible medical can save up to $3,550
  • Anyone enrolled in any of the HDP medical plans which provides dependent coverage can save up to $7,100
  • Enrollees that are 55 or over can save an additional $1,000 per year.
  • Clermont County will contribute to the HSA: $25 per pay for single HDP medical; $50 all other tiers.
  • 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 covered by a traditional medical plan through their spouse or other entity
  • If your spouse has an active full healthcare FSA plan
  • Employees enrolled in any Medicare plan