Insurance & Life Events Info 

High Deductible Health Plan (HDHP) and Dental Info

Health Savings Account  (HSA) Info 2023-2026

2024 Contribution Limits:

Self only coverage: $4,150*

Family coverage: $8,300*

*Participants 55 and older can contribute and extra $1,000 per year.

If you're not aware, contributing to our HSA if you're part of the HDHP plan can be tax-advantaged 4 ways; 

1. You get a deduction on your income for contributions.

2. The money you contribute can grow tax-free. 

3. The HSA can be withdrawn tax-free for qualified medical expenses. 

4. You can save on payroll taxes by having the HSA contributions be taken out of your payroll via the form Becki Miller.

Additionally;

• You can invest in any HSA account, which potentially allows your account value to grow ~10%/year. You can still pull out money for medical expenses too. 

• At the age of 65, funds can be pulled from the account for any reason (such as retirement usage) without penalty fees, but normal income taxes apply. 

The possible tax penalty issue occurs with the contribution limits.

As per our contract (slight changes for 2024-2026!): 

"For the 2023-2024 school year, the Board will fund fifty percent (50%) of the two

thousand/four-thousand-dollar ($2,000/$4,000) HSA deductible amount. For the

2024-2025 and 2025-2026 school years, the Board will fund fifty percent (50%) of the

two thousand two hundred fifty/four thousand five hundred dollar ($2,250/$4,500

HSA deductible amount. The Board’s contribution toward the HSA deductible will be

deposited into the HSA accounts in two (2) equal installments, the first one on the

first payroll date in September and the second (2°) one on the first payroll date in

January."

Insurance plans change in July, and not by Calendar Year, but contribution limits are by calendar year, and BOE contributions count toward contribution maxes. 

So, for a family plan, the BOE will contribute $1,000 in Jan 2024, and $1,000 in September of 2024 for a total of $2,000 contributed to it. 

For a single plan, the BOE will contribute $500 in Jan 2024, and $500 in September of 2024 for a total of $1,000 contributed to it. 

So, if you plan to max our HSA due to the tax/growth benefits, total contributions for the Calendar year 2024 will be $8,300 for a family and $4,150 for a single plan. 

This means that a family plan can only contribute their own $6,300.00 and a single plan can only contribute $3,150. If you over-contribute these limits, you may have to pay penalty fees to the IRS, so please plan any payroll contributions accordingly! 

2024 Presentation for HSA accounts based on the 2024 Paraeducator Contract

Note: They have very similar HDHP and HSA contract language, but there are slight differences. Video of presentation (below) provided for educational purposes. 

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