The Health Savings Account, is administered by HealthEquity. When you enroll in the Consumer Choice or Bronze medical plan, you are eligible to contribute to a HSA with pre-tax dollars. For individuals enrolled in the Consumer Choice Medical Plan, Silverado helps boost savings with a company contribution of $50 per month.
Because you do not pay taxes on the money you contribute to your HSA, the IRS limits the amount of money that can go into your HSA each year.
The total HSA contribution maximums are:
|2019 HSA Contribution Maximums|
|Associate +1 or more||$7,000|
You can make an additional $1,000 annual contribution if you are age 55 or older.
You can use money in your HSA to pay for eligible medical, prescription drug, dental and vision care expenses, including deductibles, copays and coinsurance. After you enroll, you will receive a debit card to quickly and easily pay for eligible expenses.
The best part about an HSA is that the unused money in your HSA account rolls forward from year-to-year, growing with interest through retirement. You always own the money in your HSA, including if applicable any contributions from Silverado. The money in your HSA is yours to keep, even if you leave the company.