2025 Health Savings Account To qualify for an HSA, you must meet the following requirements, as defined by the IRS: A Health Savings Account (HSA) is a consumer-oriented, tax- • You must be covered under a advantaged savings account that is always combined with a Consumer Driven Health Plan Consumer Driven Health Plan (CDHP). • You have no other health coverage except what is permitted by the IRS HSA earnings grow tax-deferred and qualified withdrawals are • You are not enrolled in Medicare tax-free without “use it or lose it”. Money not used in your • You cannot be claimed as a dependent Health Savings Account can be rolled over to the following on someone else’s tax return year. HSA funds can be used for all qualified medical expenses, If You Will Be Turning 65 including medical services, as well as eyeglasses, dental Active employees turning 65 have the procedures, prescription drug coverage and over-the-counter option to accept or decline enrollment in medications provided you submit a prescription from your Medicare, including Medicare Part A. provider. See IRS Publication 969 for more information and a listing of Qualified Eligible Expenses at www.irs.gov. • Employees who accept enrollment in any IRS 2025 Maximum Contributions part of Medicare are no longer eligible to make or receive contributions to an HSA. IRS Max Contributions IRS Post Age 55 “Catch-up” • If you elect Medicare at age 65, your m aximum HSA contribution for the year Employee $4,300 $1,000 you elect will be prorated by the number of months you were not enrolled in Family $8,550 $1,000 Medicare. • Employees who decline enrollment may continue to make and receive Your UMB Health Savings Account (HSA) is an excellent tool for contributions to an HSA. managing your health, your family's health and your financial • Qualified distributions remain tax-free health. The UMB HSA allows you to pay for your current regardless of your eligibility to contribute. healthcare expenses or to save monthly for future qualified • Non-qualified distributions are taxable but expenses. Opening your UMB HSA is easy. You can complete all no longer carry a 20% penalty after age 65. your enrollment forms online. • Medicare Part(s) A, B, D and Medicare MO premiums may be paid or H reimbursed with tax-free HSA dollars. You How Should You Manage Your HSA? cannot use your HSA to pay for Medigap • Contributions can be made with pre-t premiums. ax money through payroll deductions, or contributions can be made post-tax For questions regarding how to and then deducted from your income when you file your manage your HSA or when to stop income tax return. contributing, reach out to Human • Funds should be limited to qualified medical expenses Resources. • Keep receipts documenting medical expenses Page 15 | Duncan Supply Company, Inc.| Plan Year 2025 Open Enrollment This booklet provides only a summary of your benefits. All services described within are subject to the definitions, limitations, and exclusions set forth in each insurance carrier or provider’s contract.