An HSA an employee-owned savings account available to people enrolled in an HSA-compliant HDHP.
This type of savings account is for the employee to pay out medical expenses, over and above the monthly premium. Money may be contributed by both the employer and employee. HSA contributions are not taxed, funds and must be used for IRS-defined qualified medical expenses to avoid taxes and penalties. Any funds used for non-qualified medical expenses are subject to income tax and a 20% tax penalty. The HSA funds roll over at the end of the year.
If you need assistance with your benefits plan please contact your insurance agent. All OMS benefits are provided by Acentria Insurance.