Health Savings Account (HSA)
Use triple tax savings to pay for eligible medical, dental, and vision expenses.
A Health Savings Account (HSA) is a tax-favored savings account paired with the Blue HDHP 3 Plan. An HSA allows you to make tax-free contributions to a savings account and pay for eligible expenses tax-free too.
HSA is effective first of the month following your medical Blue HDHP 3 plan effective date. Changes to your contributions will take place in one to two pay periods.
HSA Major Benefits
- Lowers your taxable income
- Belongs to you even if you change medical plans, change jobs, or retire
- Rolls over from year to year
- Helps you build a healthcare nest egg for emergencies or retirement
Triple Tax Benefit
- Contributions are tax-free1 whether they come from you or Modine
- Withdrawals are tax-free when used for qualified expenses
- Contributions can be invested and grow tax-free
Modine Contributes to Your HSA
Modine contributes $825 to your HSA for employee-only coverage and $1,650 for family coverage. Modine’s contributions are made into your HSA quarterly and if you are a new hire, the first quarterly contribution starts the following quarter after your hire date.
To be eligible to receive the HSA employer contribution through Modine, you must elect and enter a $0.00 or more contribution. A waived election for the HSA will not receive an employer contribution.
HSA IRS Funding Limits
| Participant | Contribution |
|---|---|
| Employee | $4,300 |
| Family | $8,550 |
| Age 55 or older | An additional $1,000 |
Note: Modine contributions apply toward the annual maximum.
HSA Eligibility
You’re most likely eligible to open an HSA if:
- You are enrolled in the Blue HDHP 3 medical plan
- You’re not covered by a traditional PPO plan
- You’re not covered by Medicare or TriCare
- You’re not covered by a Health Care FSA, either through Modine (including the plan year grace period) or your spouse’s plan
- You satisfy HSA Bank’s Consumer Identification Process (CIP)
- No one (other than your spouse) claims you as a dependent on their tax return
See IRS Publication 969 for additional eligibility details.
¹ Consult with your state’s tax authority for current taxation rules related to your HSA contributions and HSA earnings.
Contact Information
HSA Bank
800.357.6246
hsabank.com
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Designate Your Beneficiary
One of the most neglected areas of retirement planning is beneficiary designation. By assigning a beneficiary for your Health Savings Account, you can rest assured your assets will be distributed as planned. Designate your beneficiary today by visiting HSABank.com.