Medical Mutual Health Savings Account (HSA

An HSA is a type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified out-of-pocket medical expenses. You decide when to take the money out to pay for eligible medical costs. There are many tax advantages with an HSA. Your funds grow tax-free, and there are no taxes on withdrawals for eligible medical expenses. Your funds are yours forever, and your balances roll over from year to year.

Who is Eligible to Participate in the HSA?

You must meet the following requirements: • Enrolled in the Healthy Saver Plan • Not covered under another medical plan • Not enrolled in Medicare • Not claimed as a dependent on someone’s 2020 tax return

2022 HSA CONTRIBUTION LIMITS

Maximum Total Allowable Annual Contribution

Annual College Contribution Employee Maximum Contribution Employee Age 55 Catch-Up

*Includes employee plus one or more covered dependents SINGLE

$3,650 $1,500 $2,150 $1,000 FAMILY*

$7,300 $3,000 $4,300 $1,000

The College will contribute $1,500 (single)/$3,000 (family) to your HSA. Contributions will be deposited biweekly. Employees can make pre-tax contributions on a biweekly basis up to the annual maximum contribution amounts per the chart above. If you are an eligible individual aged 55 or older by the end of 2022, your contribution limit is increased by $1,000. Employee contributions will be divided equally among the total number of pays in the year and deducted on a biweekly basis. Employees who contribute to an HSA may not have a Health FSA. If you had a Health FSA in the past, you must use your remaining funds, including any carryover funds, by Dec. 31, 2021. Should you have FSA funds remaining after Dec. 31, 2021, you will only be able to participate in the HSA if you waive the rollover of FSA funds. Additionally, you will not be eligible to submit claims for reimbursement during the runout period, which goes through Feb. 28, 2022.

For more information concerning Health Savings Accounts, please review IRS Publication 969 at irs.gov/pub/irs-pdf/p969.pdf.

Getting Started With Your HSA

Medical Mutual has partnered with Avidia Bank to offer the Medical Mutual HSA. To enroll in the HSA, you must first select the Healthy Saver Plan. You will then be able to elect the HSA and enter your annual contribution amount, if any. Once enrolled, you will receive a welcome kit from Medical Mutual with detailed information and instructions on how to set up your account with Avidia Bank. MAXIMIZING YOUR HSA CONTRIBUTIONS

As you decide how much to contribute, it’s important to note that contributing the maximum allowable amount helps you get the most from your HSA.

CANNOT ENROLL IN HEALTH CARE FSA AND HSA SIMULTANEOUSLY

You cannot contribute to an HSA if enrolled in the Health FSA. If you had a FSA in previous years, you must use all remaining funds by Dec. 31, 2021 or waive your carryover.

YOU CAN MAKE CHANGES TO YOUR HSA CONTRIBUTION AMOUNT ANYTIME!

Once enrolled in the Health Savings Account you can increase, decrease, stop or start your HSA contributions anytime throughout the plan year as long as you do not exceed the annual maximum contribution.