Team members enrolled in the Choice medical plan will soon receive a cash contribution from Ballad Health to their health savings accounts (HSAs), which can be used to pay for deductibles, co-insurance and other eligible out-of-pocket expenses related to their health, dental and vision plans.
The amount of the January contribution is $250 for those enrolled in individual coverage and $500 for those enrolled in EE + child(ren) or family coverage. We anticipate these funds to be deposited into the HSA accounts by Jan. 5, 2024. This contribution will be for the 2024 calendar year.
As a reminder, you can also elect to make your own contributions into the health savings account. Contributions can be increased, decreased or stopped any time during the calendar year. Log into the HR & Payroll Service Center to make a contribution change. Click here for instructions.
The new 2024 HSA contribution limits are listed below (employer and employee contributions count toward the IRS maximum limit):
- Individual: $4,150
- Family: $8,300
- Catch-up Contribution: $1,000
HSA accountholders age 55 and older are eligible for a $1,000 annual catch-up contribution, which raises their applicable contribution limit by $1,000 each year.
For more information about your health savings account, you can log into optumbank.com.
If you have any questions, please email HR4U@balladhealth.org or call HR4U at 423-431-4748.
