Health Savings Account | Intact Insurance Specialty Solutions Benefits

HEALTH SAVINGS ACCOUNT (HSA)

BlueCross BlueShield of Minnesota

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The Health Savings Account (HSA) is a product that combines a high-deductible medical plan with a tax-advantaged savings account. The HSA will be administered by Further. Intact will provide incentive funding of $350 per employee and spouse who completes a preventative care exam and online health assessment. This money will be put into your HSA to help pay claims towards your higher deductible.

Once there is funding in your HSA, the money is yours. You decide how and when to use the money - use it to pay for eligible health care expenses, or save it for future needs. What you don't use earns interest, and you can take the account with you when you leave the plan, change jobs, or retire.

Because HSA plans have special tax advantages, the IRS defines specific rules for participation. To be eligible, you:

Must be enrolled in an IRS-qualified high-deductible medical plan (Intact's Health Savings Account Plan meets IRS requirements)
Cannot have any other health coverage
Not covered by spouse's medical or pharmacy plan
Not covered through Medicare Part A or Part B
Not covered through a general-purpose Flexible Spending Account (FSA) plan (either Intact's or spouse's)
Cannot be claimed as a dependent on another person's tax return

HSA Employer Funding

Employees who are enrolled in Intact's HSA medical plan receive employer funding based on their tier of coverage that they are enrolled in.

Employee Only - $25 per pay period
All Other Tiers - $40 per pay period

In addition to the funding above, employees and their covered spouses also have the opportunity to earn incentive funding. For more information regarding how to earn the incentive funding, please refer to the Incentive Funding page.

HSA Contribution Limits

2024:

Individual coverage - $4,150
All Other Tiers of coverage - $8,300

*Age 55+ are allowed an additional $1,000 catch-up contribution.

Employees should be aware the amount of the company funding needs to be subtracted from the total limit if you wish to get the maximum contribution amount.

Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; OBI National Insurance Company, a Pennsylvania insurer; or The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.