Administered by Act Wise
Those employees who elect to enroll in the $3,200 HSA plan may be eligible to make a pre-tax contribution to a Health Savings Account (HSA) through Act Wise.
HSA’s are tax-favored banking arrangements that allow individuals to put money aside for Qualified Medical Expenses:
- Triple Tax Savings
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- Money goes in tax free
- Grows tax free
- Comes out tax free as long as it’s used for Qualified Medical Expenses as defined by the IRS
- No “Use it or Lose it” Provision – Balance rolls over from year-to-year
- Take it with you when you leave your employer – the account BELONGS TO YOU
- Must be combined with a Qualified High Deductible Health Plan
Resources
In order to be eligible to make pre-tax contributions to an HSA, individuals must:
- Be enrolled in a Qualified High Deductible Health Plan
- Cannot be enrolled in any other health plan that is NOT a Qualified High Deductible Health Plan
- Cannot be entitled to Medicare
- Cannot be claimed on another person’s Tax Return
If you are eligible to make a contribution to an HSA, in 2024 you may contribute:
- Single Coverage = $4,150
- Family Coverage = $8,300
Additional Catch-up Contribution if over the age of 55 = $1,000
For the 2024-2025 plan year, Arhaus will make a contribution to the HSA of all eligible employees who have elected to enroll in the $3,200 HSA Plan:
- Single Coverage = $750 total annual contribution
- Family Coverage = $1,500 total annual contribution
- Contributions will be deposited into your H.S.A each pay period.
HSA Funds can be used to pay for Qualified Medical Expenses including:
- Doctors Office Visits
- Prescriptions (require a prescription from the doctor)
- Inpatient/Outpatient Surgery
- Labwork/Diagnostic Testing
- Dentist Visits
- Orthodontia
- Glasses/Contacts
- Eye Doctor Visits
Please consult your tax advisor for confirmation of eligibility & refer to IRS publication 502 for a full listing of eligible expenses.
