Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-advantaged savings account owned by you and that is required by law to be combined with a high deductible health plan (HDHP). You can use this account to pay for qualified medical expenses, like deductibles, copays, and coinsurance. 

If you leave Weld County School District 6 for any reason, your HSA goes with you. You can continue to contribute to your account for as long as you are enrolled in a qualified HDHP. You can also continue to withdraw your funds, tax free, for qualified medical expenses, regardless of your health plan type. If you withdraw funds before age 65, you may withdraw your HSA funds, tax free, to pay health expenses and certain insurance premiums (excluding Medigap policy premiums). At age 65, distributions for non-medical expenses will be treated as gross income, without incurring tax penalties. 

You are eligible for an HSA:

• If you enroll in the Aetna OA HMO HSA plan
• If you are not covered under another medical plan that is not a high deductible health plan (HDHP)
• If you have not enrolled in a general-purpose flexible spending account (FSA) or health reimbursement arrangement (HRA) in the same year (and neither has your spouse)
• If you are not enrolled in Medicare benefits
• If you are not claimed as a "dependent" on someone's tax return

2025 Annual HSA Contribution Limits

• $4,300 for individual coverage
• $8,550 for family coverage
• Individuals aged 55 or older may be eligible to make a catch-up contribution of $1,000

If you enroll in an HSA in the middle of the year, you are allowed to make a full year's contribution, provided you are eligible on December 1 of that year and you remain eligible for HSA contributions for at least he 12-month period following that year. 

Medicare Information

Once your Medicare coverage beings, you cannot contribute to your HSA. If you continue to contribute to your HSA after Medicare coverage starts, you may have to pay a tax penalty. To continue contributing to your HSA, you shouldn't apply for Medicare, Social Security, or Railroad Retirement Board (RRB) benefits. 

Note: Premium-free Part A coverage begins 6 months back from the date you apply for Medicare (or Social Security/RRB benefits), but no earlier than the first month you were eligible for Medicare. To avoid a tax penalty, you should stop contributing to your HSA at least 6 months before you apply for Medicare. 

You can only enroll in Part B at certain times. If you have an HSA with a HDHP based on your or your spouse's current employment, you may be eligible for a Special Enrollment Period (SEP) to enroll in Part B later without a lifetime late enrollment penalty. If you qualify, you can wait to enroll in Medicare until you (or your spouse) stop working or lose your employer group health plan coverage based on that employment. 

You can withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses (like deductibles, premiums, coinsurance or copays).