If you are currently enrolled in a Consumer Directed Health Plan (CDHP) or are considering enrolling in a CDHP for 2014, here are a few reminders:
- The CDHP has a lower monthly premium balanced with higher annual deductibles and higher out-of-pocket maximums.
- To enroll in a CDHP, you must meet the eligibility requirements of the HSA.
- The maximum contribution to the HSA for 2014 includes the employee and employer contribution and is $3,300 for an individual and $6,550 for an employee with one or more family members on the account. Employees ages 55 or older may contribute up to $1,000 more annually. Be sure to verify you are not exceeding the maximum allowed for the year.
- Your employer contributes $58.34 per month ($700.08 per year) if you are enrolled as an individual and $116.67 per month ($1,400.04 per year) if you are enrolled with one or more family members.
- You may make contributions through payroll deduction or make a deposit directly into the HSA.
- The HSA funds are yours to use to help pay for IRS-qualified, out-of-pocket medical expenses. The funds carry over from year-to-year, and remain yours even if you are no longer enrolled in the CDHP, leave your job, or retire.
More information about the CDHP and the HSA is available on the PEBB website.
