health savings accounts

Health Savings Account (HSA)

An HSA through Blue Cross Blue Shied of IL (BCBSIL) is paired with a High Deductible Health Plan (HDHP). You may contribute tax-free funds to save for current and future health expenses - and retirement!

How to Enroll

Simply decide how much you want to contribute each year and the funds will be withdrawn from your paycheck to be deposited into your account before taxes are deducted. Complete the enrollment in Paycom when you start, at open enrollment or have a major life change event.

How does this work?

You can use your HSA plan 1 of 2 ways:

1. Spend your HSA balance on health care expenses (medical, prescription, dental, and vision) for you and your tax dependents 

Before retirement, any funds used for non-healthcare expenses are subject to tax penalties. Keep your receipts! Growing your money + tax savings HSA dollars go in tax-free, grow tax-free, and come out tax-free when you use them for qualified health expenses. You may also be able to invest part of your balance once it meets a certain level.

2. Let your balance grow for retirement.

In retirement, at age 65, you can withdraw the funds in your HSA for any use (not just health care!) without tax penalties.

Who is eligible?

In order to make – or receive – contributions to a Health Savings Account (HSA), you must:

• be enrolled in a qualified High Deductible Health Plan (HDHP),

• not be covered under any other non-HDHP health coverage, including a full health care FSA through your spouse

• not be anyone else’s tax dependent, and not be eligible for or enrolled in Medicare A or B, Tricare, or VA benefits.
  
  

What are the 2024 contribution limits?*

For individual plans: $4,150

For dependent plans: $8,300

*55 or older? You can contribute an extra $1,000 per year in catch-up contributions.

If I don't use all my money, can I use it next year?

You are able to use funds that are contributed YTD. However, the money in your HSA is always yours and available for qualified health care expenses - even if you change jobs or health plans. 

Do you have questions about the program? Reach out to Roma at roma@revbrew.com to answer questions over email or to set a time to speak.