WageWorks® Health Savings Account
A WageWorks® Health Savings Account (HSA) is like a 401(k) for healthcare. Combined with your company’s HSA-qualified high-deductible health plan, a WageWorks HSA gives you an easy, safe way to lower our healthcare costs today while saving money for future healthcare expenses.
Why You Need It
How It Works
Simply decide how much you want to contribute, and funds are withdrawn from your paycheck for deposit into your HSA before taxes are deducted. Use your HSA to pay for everyday eligible healthcare expenses, and any balance left builds your healthcare nest egg. You can even invest your HSA balance and not pay taxes on your gains. The money in your account is yours to keep even if you change jobs, switch healthcare plans, or retire. Unused funds are rolled over from year to year.
How You Manage It
With a variety of payment and reimbursement options, your WageWorks HSA is easy to use. The convenient WageWorks® Healthcare Card associated with your account can be used to pay for hundreds of eligible healthcare products and services for you, your spouse, and your dependents.
Manage your account via a secure website on any computer or mobile device that’s connected to the Internet or via the WageWorks® EZ Receipts® app.
The maximum amount you can contribute to your WageWorks HSA in 2017 is $3,400 if you have individual coverage and $6,750 if you have family coverage. If you are 55 or older as of December 31, 2017, you may contribute an additional $1,000.
How You Get It
Ready to save? Sign up for a WageWorks HSA during your Open Enrollment period. Contact the person or organization managing your benefits enrollment today!
Saving with your HSA
An HSA can help you save on taxes in three ways.
Use this calculator to see how much you can save with an HSA.
|Your Estimated Tax Savings|
|Without HSA||With HSA|
|Gross annual pay (estimate)||$60,000||Gross annual pay (estimate)||$60,000|
|Estimated tax rate (30%)||-$18,000||Max. annual family HSA contribution||-6,750|
|Net annual pay||=$42,000||Adjusted gross pay||=$53,250|
|Estimated annual medical expenses||-$6,750||Estimated tax rate (30%)||-$15,975|
|Final take-home pay||=$35,250||Final take-home pay||=$37,245|
Take home this much more with a HSA Account: $2,025