Health Savings Account (HSA)
When you enroll in the Principia Silver or Gold health plan, you may be eligible to open and fund a health savings account (HSA) through PayFlex now Inspira Financial.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars. Principia pays the HSA banking fees as long as you are an active employee and are enrolled in one of the eligible health plans.
Principia Contribution
When you enroll in the Silver or Gold health plan, Principia helps you save by contributing to your HSA.
Employee only:
- $200 (Silver) or $400 (Gold)
All other coverage levels:
- $400 (Silver) or $800 (Gold)
Note: Principia contributions are spread out over the year, deposited with each paycheck. Mid-year new hires will have their Principia contributions pro-rated based on their date of hire.
HSA Eligibility
You are eligible to fund an HSA if:
- You are enrolled in the Silver or Gold health plan.
You are NOT eligible to fund an HSA if:
- You are covered by a non-HSA eligible medical plan, health care FSA, or health reimbursement account.
- You are eligible to be claimed as a dependent on someone else’s tax return.
- You are enrolled in Medicare, TRICARE, or TRICARE for Life.
- You have received Veterans Administration Benefits in the last three months (unless the condition for which you received care was service related).
Refer to IRS Publication 969 for details. Note: HSA dollars can only be used for tax-code dependents even if they are or are not covered on a Principia health plan.
2024 IRS HSA Contribution Maximums
Contributions to an HSA cannot exceed:
- Individual: $4,150
- All other coverage levels: $8,300
If you are age 55+ by December 31, 2024, you may contribute an additional $1,000.
SAVE ON TAXES
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 below, and get even more details as you dive deeper into the Guide. Compare your options
Compare your options
Key Functions | Health Savings Account | Healthcare Flexible Spending Account | Dependent Care Flexible Spending Account | ||
---|---|---|---|---|---|
Traditional | Limited Purpose (HSA-Compatible) | ||||
Eligible Health Plans |
Silver and Gold | Bronze and Platinum (and any eligible employee without an HSA) | Silver and Gold | All | |
Eligible Expenses | Health-related expenses | Health-related expenses | Dental and vision expenses only | Child and adult care | |
Principia contribution | Deposited throughout the year with each pay period | None | None | None | |
Your election is available on January 1 | You can only claim or spend what’s in your HSA account | Yes | Yes | No | |
You can change your election throughout the year | Yes | No | No | No | |
Funds roll over from year to year | Yes | Unused amounts are available until March 15, 2025 | Unused amounts are available until March 15, 2025 | Unused amounts are available until March 15, 2025 |