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 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 $800 to your HSA for employee-only coverage and $1,600 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 qualify for the Modine HSA contribution, you must be enrolled in the Blue HDHP 3 Plan, eligible for an HSA, and complete HSA Bank’s Consumer Identification Process (CIP).

HSA IRS Funding Limits

Participant Contribution
Employee $4,150
Family $8,300
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 a qualified high-deductible health plan (HDHP)
  • You’re not covered by a traditional PPO plan
  • You’re not covered by Medicare or TriCare
  • 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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HSA Eligible Expenses

Use your HSA funds to pay for IRS-qualified expenses, such as:

  • Doctor office visits
  • Prescriptions
  • Dental exams
  • Vision exams
  • Over-the-counter medications
  • And more!

Visit hsabank.com/QME for a more comprehensive list of eligible expenses.