Master Builder

Fall 2022

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I f you are like an increasing number of working Americans, there is a good chance you have a Health Savings Account (HSA) as part of your health insurance benefits. Understanding how your HSA works can make a huge difference in getting the most out of your benefits. First, it's essential to know that an HSA is an account where you can save funds for healthcare-related expenses. To contribute to an HSA, you must also be enrolled in a High Deductible Health Plan (HDHP). If you have benefits through your job, your HDHP and HSA were likely set up together, but check with your employer to be sure. One of the most significant benefits of an HSA is that contributions (made via payroll deductions) are tax-free. In addition, you will not pay tax on the distribution of the funds as long as they are used for qualified medical expenses. This means the money you earn and save goes further toward meeting your healthcare needs. Both you and your employer can contribute to your HSA each year, but your combined contributions must not exceed the annual limits set by the IRS. In 2022, the contribution limit is $3,650 for self-only plans and $7,300 for family plans. Another essential feature of your HSA is that the funds are yours to keep and roll over each year. If you change health insurance plans or even jobs later on, your HSA funds are still yours—although your ability to contribute to the account may change. Additionally, most HSA administrators allow you to invest some of the funds in your account, which can significantly supplement your current retirement savings plans. Check with your HSA administrator for details. MBAKS is proud to partner with the MBA Health Insurance Trust to offer our member companies an excellent employee benefit option. The MBA Health Insurance Trust program offers ten different HDHPs through Regence BlueShield and Kaiser Permanente that can be paired with HSAs. If you'd like to learn more about HSAs or the MBA Health Insurance Trust, visit Interested in exploring your HSA options? Visit or call 425.641.8093 to learn more. So You Have an HSA—Now What? BY CAPITAL BENEFITS SERVICES A Health Savings Account can offer you and your employees enormous flexibility when it comes to paying for health care. One of the most significant benefits of a Health Savings Account is that contributions (made via payroll deductions) are tax-free. 18 master BUILDER | FALL 2022 MEMBERSHIP VALUE

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