WEX is the vendor we use as a custodian for our employees’ Health Savings Accounts.
You must visit the website, create an account, and accept the terms and conditions in order to activate your debit card.
To be eligible for a Health Savings Account you must:
- Be enrolled in a qualified high deductible health plan (QHDHP),
- Not be covered by any other health plan other than another QHDHP,
- Not be eligible to be claimed as a dependent on another person’s tax return,
- Be under age 65,
- Not be enrolled in a full purpose medical flexible spending account (including your spouse’s flexible spending account)
The 2023 calendar year limit for HSA contributions is $3,850 for individuals and $7,750 for all other tiers. If you are age 55 by the end of the calendar year, you can make a catch-up contribution of $1,000. These limits include any contribution to your HSA made by the District. You are responsible for making sure you are within the IRS limits.
HSA Payroll Deduction Form – submit this form to Hugh Sprague to begin a payroll deduction. You may start or stop an HSA payroll deduction at any time.
Contributions to your HSA are exempt from federal, FICA, state and local taxes. For example, a payroll deduction of $100 per pay may cause your paycheck to decrease by only $72.68 (Assumptions: Fed tax 15%, FICA tax 7.65%, state tax 3.07%, local tax living in South Williamsport 1.6%).
Please keep in mind: You can use your HSA toward dental and vision expenses; however, those expenses do not count toward your deductible or maximum out of pocket limits. Funds spent on ineligible expenses will be subject to tax and penalties.