HSA Plan Overview

A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals with a qualified High Deductible Health Plan (HDHP) pay for medical expenses. Funds can be used for IRS-approved expenses such as medical, dental, and vision care, prescriptions, and more. See the IRS website for details.

 

Triple Tax Savings

1. Direct deposit contributions are made pre-tax, reducing taxable income

2. Any interest or investment earnings grow tax-free

3. Withdrawals for qualified medical expenses are not taxed

 

Key Benefits

– Jaynes matches direct deposit contributions up to $1,000 per year

– Your HSA is yours to keep, even if you leave Jaynes or retire

– Funds do not expire and automatically roll over year to year

– HSA funds can offset out-of-pocket healthcare costs in retirement

– After age 65, HSA funds can be used for any purpose (medical expenses remain tax-free; non-medical use is taxed as regular income).

 

For 2026, the IRS contribution limits are $4,400 for individuals and $8,750 for families, including the company match.

 

HSA Catch-Up

If you're 55 or older, you’re eligible to contribute an additional $1,000 per year to your HSA beyond the standard IRS limits. This catch-up contribution helps you boost your healthcare savings while reducing your taxable income.

 

Like regular HSA contributions, catch-up contributions are tax-deductible, grow tax-free, and can be withdrawn tax-free when used for qualified medical expenses.

 

To qualify for the catch-up contribution, you must:

• Be age 55 or older by December 31 of the tax year

• Contribute the maximum standard amount of $4,400 (for individuals) or $8,750 (for families) to your HSA

 

Pro Tip

Fidelity offers an HSA with no fees or minimums, plus investment options to help your savings grow. Learn more at https://www.fidelity.com/go/hsa/why-hsa. You can also download the Fidelity Health App to easily access and manage your HSA, pay providers, and upload and store receipts for health care expenses.

 

Note: this is NOT an employer account. Jaynes is not partnered with Fidelity; however, you can open an individual account with them.

 

Important

Electing an HSA through UKG only authorizes payroll deductions; it does not open the account. Employees must open an HSA with the bank of their choice and provide HR with documentation such as a screenshot, printout, or voided check from the bank. The document must clearly indicate that the account is a Health Savings Account (HSA) and show the account number and routing number. Enrollment will not be approved without this information. Note: written and/or typed account information cannot be accepted.

 

Employees are responsible for researching and opening the correct account, managing their account (including investments), and selecting/updating their beneficiaries with their bank. Employees are also responsible for ensuring the funds in their HSA account are used for qualified medical expenses.

 

For More Information, Please Review The Following Documents:

HSA Info Sheet