Health Savings Accounts (HSA)
A Health Savings Account (HSA) is a tax-advantaged medical savings account that individuals who enroll in a high-deductible health plan (HDHP) are eligible for. The funds contributed to an HSA are not subject to federal income tax at the time of deposit and HSA funds roll over and accumulate year to year if they are not spent. HSAs are owned by the employee and are portable.
The Town of Wellesley will set up a Health Savings Account (HSA) for any benefit eligible employee who enrolls in a High Deductible Health Plan (HDHP). In addition to setting up the account, the Town will contribute $1,000 into an HSA for each benefit eligible Town employee selecting an individual HDHP and $2,000 into an HSA for each benefit eligible Town employee selecting a family HDHP.
Health Equity Partners will be working with the Town of Wellesley to administer the HSA program. Health Equity Partners offers a variety of member tools that can be found here.
- The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides for reimbursement for services for "telemedicine and other remote care services" below the deductible and will be permitted in an HSA-qualified health plan (HDHP). This provision is effective March 27, 2020 through December 31, 2021.
Below are some additional resources to help explain how HSA’s work.
|The Complete HSA Guidebook||Health Equity HSA Videos|
|HSA Qualified High Deductible Health Plan Video||Health Equity Tools for members|
|Health Equity Partners Website||Understanding Health Savings Accounts video|
|Health Equity Webinars|
Medicare Eligibility could have an impact on your ability to contribute and/or participate in an HSA. For more information on how Medicare Eligibility can impact your HSA, please refer to the Medicare Eligibility and Your HSA guide.