OVERVIEW

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.

For 2024
Masonite puts money in your HSA at the beginning of each calendar quarter at Healthcare Bank. Contributions for new hires will be prorated and put into your HSA account the first quarter following 3 months of service.

Basic HSA Plan:

$400 for employee-only coverage ($100 per quarter)
$800 if you cover dependents ($200 per quarter)

HSA Plus Plan:

$650 for employee-only coverage ($162.50 per quarter)
$1,300 if you cover dependents ($325 per quarter)

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

Pay for care tax-free.*

Pay for eligible medical, dental, and vision expenses using your HSA debit card (provided sufficient funds are in your account).
Track your spending, check your balance, reimburse yourself, and more on the Discovery Benefits website.

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 2024, the limits on total contributions to your account (from both you and Masonite) are:

Up to $4,150 for employee-only coverage
Up to $8,300 for family coverage

If you turn age 55 by December 31, 2023, you can contribute an additional $1,000.

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Increase your tax savings with a Limited Purpose FSA

Use your HSA together with a Limited Purpose FSA for additional tax savings. You can contribute up to $2,750 pre-tax to a Limited Purpose FSA to pay for dental and vision expenses.

*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