Health Savings Account (HSA) 2027
HSA Bank
A tax-advantaged Health Savings Account (HSA) administered by HSA Bank, available to JPS team members enrolled in the HD500 or HD250 High Deductible Health Plan. JPS contributes free money to the account, contributions are pre-tax, funds roll over year to year, and the account is portable if the team member leaves JPS.
If you enroll in the HD500 or HD250 Plan, you may be eligible to open an HSA to help pay for eligible healthcare expenses not covered under your medical, dental, or vision plan. An HSA makes it easy to pay for current healthcare costs and save for future healthcare needs in retirement.
- ✓JPS contributes FREE money to your account!
- ✓Option to fund HSA with WellCredit dollars.
- ✓You can set aside tax-free money to pay for out-of-pocket healthcare expenses.
- ✓An HSA is your bank account. If you leave JPS, the account goes with you.
- ✓All unused funds roll over year to year.
- ✓HSAs can make a great retirement savings account for healthcare.
- 👤Team members enrolled in the HD500 or HD250 High Deductible Health Plan who want to save pre-tax dollars for current and future healthcare costs.
1. HSA contributions are pre-tax but can't exceed the IRS annual limit.
2. Your account balance grows tax-free.
3. Funds are withdrawn tax-free to pay for qualified expenses.
If you're 55 or older you may be eligible to make a "catch up contribution" of an extra $1,000 per year beyond the normal maximum.
- ✓You must be enrolled in the HD500 or HD250 to be eligible to participate.
- ✓Take advantage of FREE employer funding to help pay for your annual deductible.
- ✓Contributions, qualified expenses, and earnings are tax-free.
- ✓Make personal contributions to help lower your taxable income.
- ✓Funds never expire, and the account goes with you.
You can contribute pre-tax dollars from your paycheck, up to the annual IRS maximums, to pay for qualified healthcare expenses. When you enroll in an HSA, you will receive an HSA Bank debit card. You can also submit claims online through your own personal account at hsabank.com.
You must first open an HSA to be eligible for employer contributions. JPS will automatically contribute to your HSA each year. Combined HSA contributions cannot exceed the annual IRS maximums.
*Employer contributions are pro-rated if joining the plan after January 1, 2027.
2027 HSA Contribution Limits
| Coverage Type | 2027 Maximum IRS Contribution Limit | 2027 JPS HD500 HSA Contribution* | 2027 JPS HD250 HSA Contribution* | Age 55+ Additional Contribution |
|---|---|---|---|---|
| Individual | $4,500 | $500 | $250 | $1,000 |
| Family | $9,000 | $500 | $250 | $1,000 |
Contributions in excess of IRS limits are subject to penalty and tax unless excess and earnings are withdrawn prior to tax filing deadline” are good to include.
Additional Catch-Up (Age 55+) Must be an HSA accountholder and not enrolled in Medicare. If you enroll in Medicare mid-year, annual contributions are prorated.
You must be enrolled in a qualified High Deductible Health Plan (HDHP), such as the HD500 or HD250 Plans.
You cannot be covered under another non-qualified health plan, including your spouse's Healthcare FSA.
You cannot be enrolled in Medicare or Tricare.
You cannot be claimed as a dependent on someone else's tax return.
Questions? Refer to IRS Publication 969 for a complete list of HSA rules. For a full list of qualified expenses, refer to IRS Publication 502.
- ✓See a list of eligible expenses on the HSA Bank Eligible Expense page at hsabank.com.
- ✓Estimate your medical expenses and long-term savings with the HSA Bank Savings Calculator.
- ✓See products eligible for purchase with your HSA at hsastore.com or on Amazon.
- ✓Watch the HSA video on the HSA Bank website.
- ✓Access a list of webinars offered by HSA Bank.
HSA Bank
1-844-650-8947
hsabank.com