Health Savings Account

Health Savings Account  

OVERVIEW



Learn more about HSA's





HSA video (Spanish version)



With the Basic HSA or the HSA Plus medical plan, you’re eligible to open and contribute money to a Health Savings Account (HSA) through Discovery Benefits. Masonite will contribute to your account, too!

 

The HSA is an individually-owned, tax-free, interest-bearing savings account that is used to pay for qualified health care expenses. The money in your HSA is always yours to keep any remaining balance rolls over year after year. You can take your HSA with you if you leave Masonite; it can even be used in retirement. If you enroll in Medicare while enrolled in the Basic HSA or HSA Plus medical plan, you are no longer eligible for contributions to your HSA, (bank account). If you are enrolled in the Basic HSA or HSA Plus medical plan or you are covered under a spouse’s plan and your spouse has a Flexible Spending Account (FSA), you are not eligible for the HSA (bank account).



HSA features

Put money in tax-free.
  • Contribute to your HSA through pre-tax payroll deductions (up to annual limits).
  • Change your contribution amount anytime.


Get company contributions.

Basic HSA Plan:

  • $350 for employee-only coverage
  • $700 if you cover dependents


HSA Plus Plan:

  • $600 for employee-only coverage
  • $1,200 if you cover dependents


(These amounts are prorated for new hires based on your hire date.)

Pay for care tax-free.*
Carry unused money over.
  • All the money in your HSA is yours to keep, year after year.
  • You can build up savings to pay for future health care expenses. You can even invest your money once it reaches a minimum balance, which gives you the potential for tax-free earnings growth and a way to plan ahead for your medical costs in retirement.



Contribution limits

For 2021, the limits on total contributions to your account (from both you and Masonite) are:

  • Up to $3,600 for employee-only coverage
  • Up to $7,200 for family coverage

Add $1,000 to these limits if you're age 55 or older.

*Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
Contact Us

 Website
Discovery Benefits
 Phone
1.866.451.3399

Policy/Group Number: 27711