Health Savings Account (HSA)
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What is an HSA?
When you elect the Michaels Choice HSA medical plan, you are eligible to participate in a Health Savings Account (HSA). An HSA is an account much like a 401(k) plan, but it is used for eligible health care expenses.
An HSA is a pretax savings account for health care expenses that provides a triple tax advantage that lets you keep more of your money!
- Tax-Deductible Contributions: The money you put into your HSA is deducted from your paycheck before taxes.
- Tax-Free Growth: Your savings grow over time, and any interest or investment gains are tax-free.
- Tax-Free Withdrawals: You can withdraw money at any time to pay for qualified medical expenses.
Michaels contributes tax-free dollars to your HSA and you can contribute, too.* These funds can be used to pay for eligible health care expenses, now and in the future.
*Each year, the IRS issues maximum contribution limits for HSAs, as outlined below.
Annual Contribution Limits |
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| Individual Coverage | |
| How Much Michaels Contributes1 | How Much You Can Contribute |
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$500 per year |
Up to $4,400 If you are age 55 or older, you may contribute an extra $1,000 per year. |
| Family Coverage | |
| How Much Michaels Contributes1 | How Much You Can Contribute |
|
$1,000 per year |
Up to $8,750 If you are age 55 or older, you may contribute an extra $1,000 per year. |
|
1Michaels contribution amount is pro-rated for new hires or when first enrolling in the Choice HSA Plan.
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Are Michaels contributions into my HSA account included in the IRS maximum limits?
Yes. When calculating your annual contributions, remember to include in your Michaels contributions!
If I make the $1,000 catch-up contribution is it included in the IRS maximum limits?
No, the Health Savings Account (HSA) catch-up contribution is not included in the annual IRS maximum contribution limit.
What can I use my HSA for?
The HSA can be used for medical, prescription drugs, dental, and vision expenses, including deductibles, coinsurance, and office visits (in-network and out-of-network).
Is the Michaels contribution deposited all at once?
No. Contributions from Michaels are deposited each pay period, over the annual 26 pay periods and is prorated for new hire Team Members or newly enrolled in the Choice HSA plan.
Do the contributions roll over from year to year?
Yes, the contributions to your HSA will roll over from year to year without affecting your next year’s IRS maximum contribution limits.
How do I access my account?
You must set up an account through Health Equity, our HSA administrator, for your contributions and your Michaels contributions to be deposited.
You will receive a debit card from Health Equity to pay for eligible expenses.
Can I get reimbursed for an expense when not paid with my debit card?
Yes. Reimbursement claims for eligible expenses can be submitted through Health Equity.
Can I have both an HSA and FSA?
Because you have an HSA, the IRS allows you to contribute to a Limited Purpose FSA (LPFSA) that can be used for eligible dental and vision expenses only. You may also participate in the Dependent Care FSA (DCFSA).
For more information about FSAs, visit this link: Flexible Spending Accounts.
Helpful Resources
HealthEquity
Flexible Spending Accounts (FSA) & Health Savings Account (HSA)
Contact Information
HSA: 866-346-5800
FSA: 877-924-3967
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