Health Savings Account (HSA)

An HSA is a tax-sheltered bank account that you own for the purpose of paying eligible health expenses for you and/or your eligible dependents for current or future healthcare expenses. The account is flexible, so you decide how much to contribute and when to use the funds to pay for your eligible health care expenses such as deductibles, copays, prescriptions, dental and vision expenses. As long as the funds are used for qualified healthcare expenses, they are not subject to federal income tax. Flores & Associates is our HSA administrator.

How an HSA works

Contributions are not taxed, and you can invest the balance in a variety of options.
Your account (including interest and investment earnings) grows tax-free — and as long as the funds are used to pay for qualified medical expenses, they are spent tax- free.
Use the money in your HSA to pay for qualified medical expenses You always have the option of using your own funds and letting your HSA continue to grow for future use.
Your HSA can be used for your expenses and those of your spouse and dependents, even if they are not covered by the HDHP.
Unlike a Flexible Spending Account (FSA), there’s no “use it or lose it” rule — the money in your account will automatically roll over year after year. And since it’s an individual account, the balance is yours even if you change health plans or leave the Company.

You may use your HSA funds to pay for qualified dependent’s healthcare expenses even if you do not cover them on your medical plan. There are certain IRS restrictions on HSA participation upon other family members benefit plan enrollment through Frontier Dental Labs or their own employer’s health plan as well as receipt of VA benefits, Medicare or Tricare medical benefits. Consult a tax advisor for more information or visit the IRS website at www.irs.gov and select Publication 969, “Health Savings Accounts and Other Tax Favored Health Plans.”

HSA contributions may not exceed the annual maximum

EXCITING NEWS!!! We understand how important it is to have freedom to make your own decisions regarding your health care dollars. To assist you in savings for future medical expenses we will assist you by contributing $500 to your Health savings account.

2024 HSA Limits
	2024 IRS Limit	Employer Contribution	Your Maximum Contribution*
Individual	$4,150	$500	$3,650
Family	$8,300	$500	$7,800
Age 55+	Contribute an additional $1,000

It is your responsibility to understand your rights and requirements under the tax code for HSA participation, contributions and withdrawals. Frontier Dental Labs assumes no responsibility in the determination of your eligibility for contribution to an HSA under the IRS regulations.

Frontier Dental Labs will not assume any tax responsibility due to ineligibility or inappropriate use of an HSA.

Calculate your savings using the Flores HSA Calculator tools here! https://www.flores-associates.com/calculator-hsa.html

Health Savings Account (HSA)