If you enroll in UMG’s High-Deductible Health Plan (HDHP), you can use a Health Savings Account (HSA) to save and pay for eligible health care expenses—now or in the future.

UMG puts money into your HSA to help with your health care costs. You can also contribute your own money from your paycheck before taxes are taken out.

The best part? The money is always yours. There’s no deadline to spend it. Your unused balance rolls over from year to year, and you keep it even if you leave UMG or retire.

UMG puts money in your FSA

UMG contributes money to your HSA to help you pay for out-of-pocket health care expenses.

• Individual coverage: UMG contributes up to $850 per year* 
• Family coverage: UMG contributes up to $1,700 per year*

You don’t need to contribute your own money to receive UMG’s contribution.

*UMG’s contribution is prorated quarterly based on when you enroll.

You can contribute, too

You can choose to put your own money into your HSA directly from your paycheck before taxes are taken out. This lowers your taxable income and gives you more money to use for eligible health care expenses. You can change how much you contribute at any time during the year.

Annual employee contribution amounts:

• Individual coverage: Up to $3,550 
• Family coverage: Up to $7,050
• Age 55 or older: You can contribute an additional $1,000

What can I use my HSA for?

You can use your HSA money to pay for many eligible health care expenses for you and your eligible dependents, including:

• Doctor visits
  
• Deductibles, co-pays and coinsurance
  
• Prescription medications
  
• Many over-the-counter medications
  
• Dental and vision expenses
  
• Sunscreen that meets eligibility requirements
• Healthcare expenses in retirement
• And much more

Check the full list of eligible expenses if you’re unsure whether something qualifies.

How does an HSA work?

1. UMG puts money in your account.
UMG contributes to your HSA to help with your health care costs.

2. You can add your own money.
Choose how much you want to contribute from each paycheck before taxes are taken out. You can change your contribution amount at any time directly in your benefits account 

3. Use the money when you need it—or save it for later.
Use your HSA to pay for eligible health care expenses today, or leave the money in your account for future expenses.

4. Your money rolls over every year.
Unlike a Healthcare FSA, there’s no “use it or lose it” rule. Any money you don’t spend stays in your HSA for future years.

5. The account belongs to you.
Your HSA money goes with you if you change jobs or retire—including money contributed by UMG.

Save it now, use it later

You don’t have to spend your HSA money during the year you contribute it or in the near future. If you don’t need the money for current health care expenses, you can leave it in your account and build your balance for future health care costs.

Once your HSA balance reaches $2,000, you can choose to invest some of your money through HealthEquity. Investment options include a selection of mutual funds.

HSA + Limited Purpose FSA

If you’re enrolled in the HDHP and eligible for an HSA, you cannot contribute to a regular Healthcare FSA.

You may, however, be able to contribute to a Limited Purpose FSA (LPFSA), which can be used for eligible dental and vision expenses.

Using an HSA and Limited Purpose FSA together can help you save even more on eligible health care expenses.

HSA vs. Healthcare FSA: What’s the biggest difference?

HSA = Your money stays with you.
Your unused balance rolls over every year, and the account belongs to you.

Healthcare FSA = Use your money by the deadline.
Unused Healthcare FSA funds are forfeited after the plan’s deadline.

If you’re enrolled in UMG’s HDHP and eligible to contribute to an HSA, you cannot also contribute to a regular Healthcare FSA.

HSA Resources

• How LPFSAs Work
• How HSAs Work
• How do HDHP with HSA compare to other plans
• Difference between HSA & FSA
• HSA Store
• HSA for 55+