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Health Savings Account (HSA)

If you select the Consumer Driven Health Plan (CDHP), you will be able to participate in the Health Savings Account (HSA). The amount you select for employee contribution can be changed throughout the plan year by notifying the Employee Benefits Office by standard mail or email. HSA accounts can be used to help pay for out‐of‐pocket expenses, copayments, deductibles, or left to grow as a savings vehicle for future health care, and retirement medical expenses.

Canutillo ISD partners with HSA Bank to administer its health savings accounts for employees. In order to qualify, the employee must meet the following criteria: 

  • Be enrolled in a qualified high deductible health plan (such as the Canutillo’s CDHP Health Plan). 
  • Not be covered by any other health plan that does not meet IRS standards qualifications of a high deductible health plan such as a plan offered through a spouse, or Medicare.

Advantages of a Health Savings Account (HSA)

  • Employer Contributions ‐ Canutillo ISD will contribute $50 per month for each participating employee.
  • Employees who enroll during the Annual Enrollment period will obtain $300 in January 2022 and $50 permonth from July‐December 2022 for a total annual employer contribution of $600.
  • Triple Tax Savings – Tax deductions when you contribute to your HSA, tax‐free earnings through investment, and tax‐free withdrawals for qualified health care expenses.
  • Portability – You keep your HSA if you leave Canutillo, change health insurance plans, orretire.
  • Flexibility –Funds can be used to pay current medical expenses, or saved for future healthcare expenses.
  • Savings – Funds earn interest in your account, or can be reinvested to earn greaterreturns.
  • Control – You decide how much pre‐tax money, up to the annual IRS limit, to put into your account, and when to use it to pay for your expenses.


Annual Limitations

Health Savings Account (HSA) contributions in 2022 for employees with employee only coverage is $3,650 and for those with dependent coverage is $7,300. If you are age 55 or older, you may contribute an extra $1,000 per year.

If you have questions regarding annual limits contact a qualified tax professional. Contributions are the employees’ responsibility.

Costs

In order to establish and maintain an HSA, there are some associated fees similar to other banking institutions. HSA Bank charges a one‐time fee of $10 for the initial set‐up of your HSA account. This $10 fee will be paid by CISD with the first installment of your $50 monthly district contribution. Other fees are as follows:

  • Monthly Bank Account Fees: $2.00 (waived on balances of $3,000 and higher)
  • Debit Card: No charge for initial card.
  • Self‐Directed Brokerage (Stocks, Bonds, Mutual Funds, outside investments): No Charge
  • Replacement Lost/Stolen Debit Card: $6.00

Contact Infomation: 800-357-6246 myaccounts.hsabank.com/Login.aspx