[ HEALTH SAVINGS ACCOUNT ]
STRETCH YOURHEALTH CARE DOLLARS
Health care expenses can have a big impact on your budget. Pay for current expenses and save more for future ones with a Health Savings Account (HSA).
By participating in an HSA, you set aside pre-tax dollars to cover eligible health care expenses. You’ll keep saving for the future as your account keeps growing, even into retirement. When you enroll in either the HSA Blue Plan or the HSA Green Plan, Worthington Steel will automatically open a HealthEquity HSA for you.
Medical Plans with HSA
What's an HSA?
It’s a savings account that works in conjunction with your medical plan. You can use it to save and pay for qualified medical expenses like doctor’s visits, prescriptions, dental and vision costs.
All the money in your HSA is yours to keep; it rolls overs year after year. There’s no time limit on spending HSA funds. You can even save and invest them for healthcare you may need in retirement.
Key features of the HSA
- It’s all yours. Your funds are held in an account at HealthEquity.
- There’s no “use it or lose it.” Unused funds roll over year over year with no cap.
- Your funds build in two ways. Worthington Steel contributes money and you can contribute, too, up to annual IRS limits.
- It’s portable. Because the HSA is yours, you can take it with you if you retire or leave the company.
- You control it. You decide how to spend your money on qualified medical, prescription, dental and vision expenses.
- You save taxes. You don’t pay federal taxes on contributions, withdrawals or investment earnings.
Frequently Asked Questions (FAQs)
Who’s eligible for the HSA Plan?
Most employees are eligible. But, you can’t contribute to an HSA if:
- You’re enrolled in another medical plan like Medicare, your spouse’s plan or military coverage.
- You received VA medical care within the last three months without a disability rating.
If one of the above applies to you, you may enroll in an alternative plan. Call the Worthington Steel People Center at 614-840-3002 to learn more and enroll.
How much can I contribute?
The IRS regulates how much you can contribute to your HSA each year. In 2024, the combined limit for your contribution and the Company’s is $4,150 for employee-only coverage and $8,300 for all other coverage levels.
Note that if you are age 55 or over, you can make an additional catch-up contribution of $1,000.
For 2025 IRS contribution limits, see What’s New.
How do I update my HSA contributions?
Checking and changing your HSA contributions is easy to do, and you can change your contribution election at any time.
- Log into the Worthington Steel enrollment site.
- Click the “Life Event” link on the left of your personalized page.
- Follow the prompts for a Health Savings Account change.
If you prefer, you can check and change your HSA contributions by calling the Worthington Steel People Center at 614-840-3002.
