Health Savings Accounts
HSA Overview
The Inspira Financial (fka Payflex) Health Savings Account (HSA) is a tax-advantaged interest bearing checking account. The HSA money can be used to help pay the cost of out-of-pocket medical and prescription drug expenses or be used for long term investment purposes.
Details
The SCM HDHP PPO medical plan provides you with 100% Preventive Care in-network coverage. In addition to any contributions made by SCM through its Wellness Program, you may make additional contributions to your HSA account up to the IRS annual maximum (individual $4,300; and Family $8,550). The money in your HSA account can be used towards any qualified medical expense. Qualified medical expenses are expenses that generally qualify for the medical, dental, vision, and orthodontia deductions defined by the IRS. Once you satisfy your medical plan Deductible, you pay your coinsurance for medical expenses for the rest of the calendar year. You also only pay the prescription copays for the rest of the calendar year.
If I Don't Use It, Will I Lose It?
HSA money is your money, always. The money in your account rolls over from year to year. You won’t lose your unused balance at the end of the year like you would with a FSA. Your savings and earnings are always yours. It’s yours to keep.
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SCM Healthy Rewards
SCM will proudly contribute to your HSA in order to help you meet the higher deductible in the associated High Deductible Health Plan, however, you must meet certain requirements before SCM will deposit this money into your account.
| Contribution | Healthy Rewards Steps
You must complete all Healthy Rewards Program steps between November 1, 2024 and October 31, 2025. More Info →
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| Employee | $1,000 | |
| Family | $2,000 | |
| Maximum Reward: Employee $1,000/Family $2,000 | ||
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HSA Contribution Limits
In addition to the SCM contribution, you may make additional contributions to your HSA account up to the IRS annual maximum. The maximum amount that you can contribute to your HSA is as follows:
Maximum Contribution - Under age 55
- Single Coverage
$4,300
- Family Coverage
$8,550
Maximum Contribution - Over age 55
- Single Coverage
$5,300
- Family Coverage
$9,550
Open an HSA
To open an HSA, enroll in the Anthem HDHP PPO plan.
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Enroll Now!
If you've made your plan selections and are ready to enroll, click the button below to access our online enrollment system.
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Wellness Discount
Want to earn a discount on your health plan? How about a total $1,000/$2,000 contribution to your HSA if enrolled?
Learn How