You can use it to pay for expenses now or save for the future if you don’t use all your HSA money by the end of the plan year.
The HSA is a tax-advantaged personal bank account that works with the Premium HSA and Basic HSA Medical plans. It allows you to set aside money to pay for eligible health care expenses. The account is yours to own and manage on your own. If you ever leave Baker Hughes, you’ll take this account with you. Click here to see an example of how contributing to an HSA can impact your taxes.
Baker Hughes pays your HSA account set-up fee and monthly service fee, which includes a no-cost debit card and a monthly statement. You can use the debit card for eligible purchases at merchant locations with no transaction charge, up to your available account balance. You can also reimburse yourself for eligible expenses with ATM cash withdrawals at $1.50 per transaction. For more information on other reimbursement options and fees associated with your HSA, contact Optum Bank at 1-866-743-6549.
If you enroll in the Premium HSA, Baker Hughes will contribute:
If you are hired after January 1, the company contribution amount will be prorated based on your date of hire.
If you enroll in the Basic HSA, Baker Hughes does not make a contribution to the HSA for you.
You can contribute pre-tax dollars to your HSA up to the IRS limits each year. The 2020 IRS contribution limits are $3,550 for individual coverage and $7,100 for family coverage levels. If you are age 55 or older, you can contribute an additional $1,000.
Company contributions are included in the IRS limits. For example, if you enroll in the Premium HSA and elect Employee + Family coverage, Baker Hughes contributes $1,000 to your HSA and you can contribute an additional $7,100, for a total of $8,100.
The amount you elect to contribute to your HSA during Annual Enrollment will be deducted from your paycheck.
Use the account to pay for medical, dental, vision and prescription drug expenses. Examples of eligible expenses include:
Refer to IRS Publication 969 for more information.