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.
New for 2019: 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. Park National Bank and many of the areas 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 $3,500
Anyone enrolled in an HDP tier that provides dependent coverage can save up to $7,000
Anyone age 55 or over can save an additional $1,000 per year/per HSA.
The County will contribute to your HSA: $25 per pay single / $50 all other tiers (must be enrolled in the County’s HDP).
All employee contributions are pre-tax, which lowers the employee’s 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