6 Ways HSAs Work for You

If you’re enrolled in Dominion Energy medical Option A, you can also sign up for a Health Savings Account (HSA). An HSA is a special tax-free account that you can use to reimburse yourself for eligible medical expenses when you’re enrolled in Option A. What makes an HSA special? Let’s take a minute to find out:

  1. You pay the lowest in paycheck premiums when you enroll in Option A—the medical option that gives you the HSA.
  2. Dominion Energy gives you money to get started. Dominion Energy makes an annual tax-free contribution of $500 (individual coverage or employee + domestic partner coverage) or $1,000 (employee + spouse or family coverage) to your HSA. This money goes into your account in January!
  3. Your contributions are tax-free! You don’t pay federal and state income taxes or Social Security taxes on the amounts you contribute.
  4. You can reimburse yourself for eligible out-of-pocket expenses. Because of the tax advantages, you could save as much as 30% on eligible medical expenses, depending on your tax status.
  5. No use it or lose it rules. Unused HSA money can be saved for the future. You can use your HSA to pay for current expenses or expenses you incur in later years, and it’s yours to keep no matter where you work.
  6. Your HSA can grow through investments, and any earnings are tax-free! There is no minimum balance required and no monthly fee to invest your account.

Want to learn more? Contact HSA Bank, the HSA administrator at 1-800-357-6246 or visit the HSA Bank website