Health Savings Accounts

• The state contributes to eligible members' HSAs each month. The state's contribution for PY24 remains the same: $45 a month ($540 a year) for individual coverage or $90 a month ($1,080 a year) for family coverage (the member plus at least one covered family member).
• In addition to the state's contribution, participating employees can make pre-tax contributions to their HSA through payroll deductions.
• The IRS sets the maximum contribution amount for each calendar year.
• Employees must open an Optum Bank HSA to get the state's contribution.
• The HSA balance carries over from one year to the next. There is no use-it-or-lose-it rule, and account holders can keep the funds if they change health plans or leave state employment.
• People aged 55 and older can make a catch-up contribution of up to $1,000 annually, in addition to the annual maximum.