Health Saving Account (HSA)
A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account can help pay the deductible. And money left in the savings account earns interest and is yours to keep.
For 2024, you can contribute up to $4,150 as a single and $8,300 if you enroll as a family. Additionally, if you are age 55 or older, you are eligible to make a catch-up contribution of $1,000.
You may elect to change your contribution amount at any time throughout the year!
For 2023-24, Tel Hai will make a dollar-for-dollar match of up to $15 per pay if you contribute to the HSA. Also, if you enroll in the Base Plan for the first time, Tel Hai will make a one-time HSA contribution of $300. Here is a list of common HSA eligible expenses.