BUDGETING FOR YOUR HEALTH CARE
You can save about 20%* on your care by putting money in a health savings account or flexible spending account. This is because you don’t pay taxes on your contributions.
COMPARE YOUR OPTIONS
*Percentage varies based on your tax bracket.
(1) SAFEbuilt contributes up to $750 annually for employee only coverage and up to $1,500 annually for employee plus dependent(s) coverage. Contributions are made on a per paycheck basis (two per month).
(2) The Health Reimbursement Arrangement (HRA) covers deductibles and coinsurance only. It does not cover copays.
(3) The HRA reimburses eligible expenses up to $5,000 annually for employee only coverage and $10,000 annually for employee plus dependent(s) coverage.
HEALTH SAVINGS ACCOUNT
If you enroll in the Anthem HDHP HSA Plan, you may be eligible to open and fund a health savings account (HSA) through PlanSource.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
EMPLOYER CONTRIBUTION
SAFEbuilt will help you save by contributing annually to your account.
- Employee-only: $750 ($31.25 bimonthly)
- Employee + dependent(s): $1,500 ($62.50 bimonthly)
2023 IRS HSA CONTRIBUTION MAXIMUMS
Contributions to an HSA cannot exceed the IRS allowed annual maximums.
- Individuals: $3,850
- All other coverage levels: $7,750
If you are age 55+ by December 31, 2023, you may contribute an additional $1,000.
HSA ELIGIBILITY
You are eligible to fund an HSA if you are enrolled in the Anthem HDHP HSA Plan and meet the following eligibility requirements:
- You are not covered by any other medical plan, such as that of your spouse f You are not enrolled in Medicare
- You are not enrolled in TRICARE or TRICARE for Life
- You are not claimed as a dependent on someone else’s tax return
- You are not covered by medical benefits from the Veterans Administration
- You do not have any disqualifying alternative medical savings accounts, like a flexible spending account* or Health Reimbursement Account
*If you currently have a regular health care FSA and will have a carryover balance into 2023, you may move your funds to a limited purpose FSA to be used for dental and vision expenses only in 2023. Contact the Benefits Team for information and assistance.
FLEXIBLE SPENDING ACCOUNTS
SAFEbuilt offers three flexible spending account (FSA) options, which are administered by PlanSource.
Log into your account at plansource.wealthcareportal.com to: view your account balance(s), calculate tax savings, view eligible expenses, download forms, view transaction history, and more.
HEALTH REIMBURSEMENT ARRANGEMENT
If you enroll in the Kaiser HMO plan, in order to offset your deductible costs, you are eligible for a health reimbursement arrangement (HRA).
The HRA is an employer-funded medical reimbursement arrangement designed to help cover some of the expenses you incur toward your deductible. All employees who are enrolled in the Kaiser HMO plan will automatically be eligible for reimbursements under the HRA. The HRA will not apply to services that have a copay, such as office visits or urgent care visits or prescriptions, since copays do not apply to the deductible.
Once you receive in-network services that apply toward the deductible, your provider will submit the medical claim to Kaiser. Kaiser will process the claim and send you and your provider an explanation of benefits (EOB). You will pay the provider the amount due on the EOB. You can use the HRA to pay the patient responsibility amount.
Eligible expenses are reimbursable only upon a claims submission that includes both the Kaiser EOB and detailed bill.
Log into your account at plansource.wealthcareportal.com to: view your account balance(s), download forms, view transaction history, and more.
EMPLOYER CONTRIBUTIONS
- Employee only: $5,000 ($208.33 per paycheck)
- Employee + dependent(s): $10,000 ($416.67 per paycheck)
Employer contributions are funded on a pro-rata per paycheck basis.