Health Savings Account (HSAs) is a personal savings account which you can use to pay qualified out-of-pocket medical expenses with pre-tax dollars. You own and control the money in your HSA.
Eligibility for an HSA
You are eligible to open and contribute to an HSA if you meet all of the following IRS requirements:
- You are enrolled in CPM’s Core High Deductible Health Plan.
- You are not covered by any other non-qualified health plan.
- You are not covered under a Health Care Flexible Spending Account (including your spouse’s).
- You are not enrolled in Medicare or TRICARE.
- You have not received VA benefits within the last three months for conditions unrelated to military service.
- You are not claimed as a dependent on someone else’s tax return.
If your children are your tax dependents, you may use funds from your HSA to pay their eligible health care expenses.
You Never Forefit the money in your HSA
Your unused HSA balance carries forward year after year — it can even grow through interest and investment earnings.
Tip: Consider paying smaller health care expenses out of your pocket rather than with your HSA. Think of your HSA as a tax-free savings account, and use it only when you really need it.
Who's covered under the plan?
| HSA | Just You | Employee + 1 Dependent | Employee + Family |
|---|---|---|---|
| Free money! CPM Contribution | $500 | $750 | $1,500 |
| What you can contribute to your HSA pre-tax | Up to $3,650 | Up to $7,550 | Up to $6,800 |
| 2024 IRS HSA Maximum | $4,150 | $8,300 | $8,300 |
| Are you 55 or older? | You can make an additional $1,000 pre-tax contribution | ||