Health Savings Account (HSA)

We offer a High Deductible Health Plan (HDHP) with Health Savings Accounts through Health Equity. Take charge of your health care spending with a Health Savings Account (HSA) alongside the HDHP medical plans. Contribute however much you choose, up to the federal maximum limits each year.

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MAXIMIZE YOUR SAVINGS

The money you set aside into an HSA can be used for current or future medical, dental and vision expenses and can roll over year-to-year. This allows your savings to grow. The money can be used to pay for your healthcare needs and will always be yours even if you leave the company or retire.

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•  Contributions to an HSA are tax-free (they can be made through payroll deductions on a pre-tax basis.

•  The money in this account (including interest and investment earnings) grows tax-free.

•  As long as they are used to pay for qualified healthcare expenses, they are spent tax-free.

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HSA FUNDING AND LIMITS

The 2024 maximum amounts allowed according to the IRS, including employer contributions, are:

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•  Individual - $4,150

•  Family - $8,300

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Please note these limits will include the following employer contributions:

 

• HDHP Plan 1 - MCC contributes $50 per month up to a maximum of $600 a year.

• HDHP Plan 2 - MCC contributes $25 per month up to a maximum of $300 a year.

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Individuals age 55 or older may be eligible to make a catch-up contribution of $1,000 in 2024.