Health Savings Account
If you’re enrolled in the Medical Savings Plan, a Health Savings Account (HSA) helps you pay for eligible healthcare expenses and save on taxes. You can use an HSA for healthcare costs now or save it for future needs.
How It Works
You’re eligible if you enroll in the Savings Plan.
To open and contribute to an HSA, you must be enrolled in the Medical Savings Plan. Set up your account and enjoy the triple-tax advantages of the HSA: contributions are tax-free, your account can be invested and grow tax-free, and funds are spent tax-free when used for qualified expenses. You can’t contribute to an HSA if you’re covered by other insurance or a dependent on someone else’s tax return.
Contribute tax-free money from your paycheck.
You can contribute to your HSA through payroll deductions or directly to your account, up to IRS annual limits. In 2027, the IRS annual limits are $4,500 for single coverage and $9,000 for family coverage. If you are age 55 or older, you can contribute an additional $1,000 catch-up contribution. Sunland Asphalt contributes $750 for single coverage or $1,500 for family coverage as long as you contribute $250 for single coverage or $500 for family coverage. Both your contributions and Sunland Asphalt’s contributions count toward the IRS annual limit. Log in to the Benefits Portal to set or update your contribution amount.
Use your HSA to pay for eligible healthcare expenses.
Pay HSA funds for medical, dental, and vision expenses for yourself and your dependents. You can pay with your HSA debit card or reimburse yourself later. Save your receipts!
Grow your HSA.
Your unused dollars roll over from year to year and are yours to keep, even if you leave Sunland Asphalt or change plans. Once your account reaches $1,000, you can invest your balance above this amount and earn tax-free interest.
Add a beneficiary.
If you choose, add a beneficiary to your HSA account by logging into your member portal at hsabank.com.
Using Your HSA Dollars
You can use your HSA to pay for eligible healthcare expenses now or save your funds for future needs. Eligible expenses include:
- Doctor visits and prescriptions
- Dental and orthodontia care
- Vision exams and eyewear
For a complete list of eligible expenses, visit IRS.gov.