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Health Savings Accounts

OEBB offers Health Savings Accounts (HSAs) as a valuable benefit for participating employers to offer OEBB members. These accounts, paired with a qualified high-deductible health plan*, allow members to save money by paying lower medical insurance premiums and paying for qualifying healthcare expenses with pre-tax dollars. OEBB-participating employers are not required to offer these benefits, and they have the option to use a different vendor to provide these benefits if they so choose. If you are an OEBB member, please confirm with your employer whether these benefits are available to you and, if so, how to access them.

What is Health Savings Account (HSA)?

A Health Savings Account (HSA) is like a 401(k) for healthcare. Combined with your qualified high-deductible health plan*, an HSA gives you an easy, safe way to lower your healthcare costs today while saving money for future healthcare expenses.

*OEBB plans that qualify as a high-deductible health plan are Kaiser Medical Plan 3 and Moda Health Medical Plan H.

 

Learn more about OEBB’s HSAs through their preferred vendor WageWorks (effective October 1, 2015).

 

Note: OEBB-participating entities are not required to use OEBB's preferred vendor -- they may work with any HSA vendor(s) they choose. If you are an OEBB member thinking about opening a new HSA account, check with your employer's benefits office to learn which vendors you can choose from.

 

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The information below was prepared by RIC Technical Services.

IRS Announces 2016 HSA Amounts

by Ben Lupin and Cindy Brockhausen

May 4, 2015 2015-050

Summary

The IRS has announced in Revenue Procedure 2015-30 the official 2016 inflation adjusted amounts for health savings accounts (HSAs) as determined under IRC § 223. This includes the maximum annual HSA contribution amount, the minimum annual deductible for a high deductible health plan (HDHP), and the maximum annual out-of-pocket expense limits for a HDHP. These amounts are updated annually to reflect the cost-of-living adjustments.

Key Action Items

  1. The information also may influence an employer’s HDHP design and its HSA contribution strategy in 2016.
  2. This information may affect benefit plan communication material for 2016.

Timing

Calendar year 2016 for HSAs and HSA-qualifying HDHPs.

Self-only Coverage 2015 2016 Change
Maximum annual HSA contribution $3,350 $3,350 none
Minimum annual deductible for HDHP $1,300 $1,300 none
Maximum annual out-of-pocket expense limit for HDHP $6,450 $6,550 +$100

Family Coverage 2015 2016 Change
Maximum annual HSA contribution $6,650 $6,750 +$100
Minimum annual deductible for HDHP $2,600 $2,600 none
Maximum annual out-of-pocket expense limit for HDHP $12,900 $13,100 +$200

The 2016 HSA catch-up contribution amount for participants attaining age 55 by 12/31/2016 remains $1,000. This amount is fixed by statute, and is the same catch-up contribution amount that applied in 2015. This update has been prepared for Towers Watson associates. It is for informational purposes only and may not be used or relied upon as legal advice.

© 2015 Towers Watson. All rights reserved.​​​​​​