HSA Frequently Asked Questions
1) What is an HSA?
A Health Savings Account (HSA) is a pre-tax savings account created for the purpose of paying medical expenses. HSA money is yours to keep. Unlike a flexible spending account (FSA), unused money in your HSA is not forfeited at the end of the year.
2) What are the Contribution Limits for the 2023 calendar year?
Single Coverage: $3,850
Family Coverage: $7,750
3) What are the Contribution Limits for the 2024 calendar year?
Single Coverage: $4,150
Family Coverage: $8,300
4) I signed up for an HSA on SAGE’s website, how come no deductions are being taken out of my paycheck?
There are two steps to setting up an HSA. You must elect an HSA amount on the Self-Service Benefits Enrollment Portal and create a bank account with Optum Bank.
5) How do I set up an HSA account with Optum Bank?
- Go to www.optumbank.com to find step by step directions on how to open an account
- Our group number is 905875 (you will need the group number to set up your HSA account)
- A welcome kit will be sent to you from Optum Bank within 10 business days of opening the account (the welcome kit is also available online)
6) Can I enroll into an HSA if I signed up for the Boon Group Plan?
HSA’s can only be used if you are enrolled into a High Deductible Health Insurance Plan. The Boon Group is not considered a High Deductible plan.
7) I am a new hire, when will my HSA become effective?
Once you have completed both parts of setting up your HSA, your deductions will begin at the same time as your Health Insurance Premium Deductions.
8) Can I change the amount to be deducted from my pay check?
You may make adjustments (increases or decreases) throughout the plan year. Log into the Team Member Self Service Portal, select Benefits and then change the amount you would like to contribute through the benefits portal.
9) When will my HSA change be effective?
Changes to your HSA contribution amount are typically processed within 2-3 pay periods.