Health Savings Account (HSA)

A Health Savings Account, also known as an HSA, is a tax-exempt savings account that can be used to pay for certain medical expenses when paired with a High Deductible Health Plan (HDHP). Funds deposited are not taxed, and withdrawals for qualified expenses are not taxed either.

If you sign up for the HDHP, you can open a WageWorks HSA and make pre-tax contributions to your account, up to the IRS limit. You decide how much to contribute each pay period, and you can change or cancel your election at any time (you do not have to have a qualified life event or wait until Annual Enrollment). The money is yours and is held in an investment account. It is portable and goes with you, so it can be used for qualified medical expenses if you leave Ardent. Unused funds roll over year to year.

Ardent will match your HSA contributions up to $500 for employee-only coverage and up to $1,000 for family coverage.

Qualifying for an HSA

To be an eligible individual and qualify for an HSA, you must meet the following requirements.

  • You are covered under a High Deductible Health Plan (HDHP) on the first day of the month.
  • You have no other health coverage. 
  • You aren’t enrolled in Medicare.
  • You can’t be claimed as a dependent on someone else's tax return.

Advantages of enrolling in an HSA

  • Reduce your taxable income and increase your take-home pay.
  • Use funds for current and future health costs.
  • Benefit from contributions made by Ardent ($500 for employee-only coverage and $1,000 for all other coverage levels).
  • Funds can earn interest. Plus, you can enjoy investment options.

Contribution limits

Each year, the Internal Revenue Service sets the maximum contribution limits. These limits include both your and Ardent’s contributions.

2018 plan year

Coverage level HSA limit
Employee only $3,450
Family $6,900

If you are age 55 or older, you may contribute up to an additional $1,000 annually.

Managing your account

You can access your HSA funds through the WageWorks Healthcare Card to pay for eligible expenses, such as your deductible, copays or coinsurance for doctor visits or prescription medications. All HSAs are subject to a $2 monthly administrative fee.

Have Questions?

Visit www.wageworks.com, or call directly at 877-924-3967.

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