Health Savings Account

People worry about affording the cost of healthcare and living expenses today and in the future.

Health Savings Account

Save on taxes when you contribute to an HSA

Use pre-tax dollars to pay for qualified medical expenses and enjoy tax-free asset growth for future needs, like retirement healthcare expenses.

Expenses covered:

  • Copays, coinsurance, deductibles
  • Office visits, X-ray, and lab work
  • Qualified vision and dental expenses
  • Prescriptions and over-the-counter medications and supplies
  • Other qualifying items such as blood pressure monitors and diabetes testing supplies

HSA/HRA Member Portal:
To view or manage your personal benefits, visit the HSA/HRA Member Portal

State Employee Health Benefits Program:
To view State Employee Health Benefits, visit the State Employee Health Benefits Program (ks.gov)

VIEW PLAN DETAILS

HSA FAQs

In order to open and/or contribute to an HSA, you must currently be enrolled in a High Deductible Health Plan (HDHP). You can contribute to an HSA if:

  • You are not covered under any other health plan that is not a qualified HDHP, including a general purpose health care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA), or if you are not covered under TRICARE.
  • You are not enrolled in Medicare or Medicaid.
  • You cannot be claimed as a dependent on another person’s tax return.

Other restrictions may apply.

Pre-tax dollars are funds from your paycheck that are contributed to your HSA before taxes have been taken out. Since you’re not paying taxes on money you contribute, you end up with more money to use for qualified expenses.

Contributions are automatically transferred from your paycheck to your HSA. Your money starts to earn interest immediately and — once your cash balance reaches $100 — you will have the option of investing amounts over that into mutual funds or other investment vehicles.

Contribution maximums for 2022 are $3,650 for individuals and $7,300 for families, plus a catch-up contribution up to $1,000 for accountholders age 55 and over.5 Your contribution should be determined by how much you anticipate in out-of pocket expenses for this and future years and how much you can afford to have deducted from your paycheck. You may also want to consider contributions for longer-term investments when deciding on the amount of your deduction.

You can use HSA funds tax- and penalty-free for a range of qualified out-of-pocket expenses. These include copays, coinsurance and deductibles; office visits; hospital bills; prescriptions and OTC medications and supplies; qualified dental and vision care; diagnostic items such as diabetic testing supplies; and more.

HSA funds used for non-qualified expenses are taxed and subject to a 20% penalty if you are less than 65 years of age. Beginning at age 65, HSA funds for non-qualified expenses are taxed, but do not incur any penalty.

There are three ways to access your HSA funds. You can use a smart debit card which is connected to your account to pay for any qualified expenses. You can also go through your HSA online portal to pay providers or submit a distribution request.

You’ll have 24/7/365 online access to account information through the online portal and mobile app. You’ll be able to view details on contributions, balance, spending and interest income. Plus, if you opt to invest your funds, you’ll be able to track results. You can download the MetLife HS&SA mobile app for your device from the Apple app store or Google Play and login using the password you use to access the online portal.

You don’t have to invest. When your balance reaches $100, you’ll have the option of investing the excess, but you are not required to do so. You can continue to earn interest at a rate of 2-3x industry average or higher.2

Unused funds simply remain in your HSA and can be used in future years as needed.

You will always retain your unused funds regardless of your employment status. If you change jobs or lose your job and are still enrolled in a High Deductible Health Plan (HDHP), you can retain your or roll the funds into a new HSA (if offered by your new employer) and contribute to make contributions. If you are no longer enrolled in an HDHP, you can retain your HSA and access the funds, but can’t make additional contributions to your account. If you retire and are enrolled in Medicare, you can retain your HSA and access your funds; however, cannot make additional contributions to your account.

Useful Documents

HSA TERMS AND CONDITIONS

Download Download (PDF - 599 KB)

Health Savings Account

Health savings & spending accounts: a suite of savings and spending solutions created with your life in mind.

1 It is the employee who determines whether to invest funds, and the employee selects those investments from the platform made available through MetLife.

2 MetLife Internal Analysis (last updated November 2020). Cash savings balances in an HSA earn interest through a funding agreement issued to the custodian bank, are not FDIC insured, and are subject to the financial strength and claims paying ability of Metropolitan Tower Life Insurance Company. The interest rates earned on the assets allocated to the funding agreement option are declared to the custodian and are guaranteed for at least 12 months from the date the interest rate is declared. There may be different interest rates applicable to different allocations depending upon when the allocation was made to the funding agreement option. The funding agreement option provides the investor with a stable rate of return over time. Metropolitan Tower Life Insurance Company may earn a spread from assets allocated to the funding agreement option available under HSAs.