Health Savings Account (HSA)
If you have signed up for the company's HSA health plan, you are eligible for a free Health Savings Account (HSA). This savings account stays with you even after leaving the company, and Elmet will contribute up to $500 per year ($41.67 per month) to the account as long as you contribute each year. The money from this HSA is tax-free and can be spent on qualified medical-related costs, such as over-the-counter medications, prescriptions, medical, dental, or vision expenses. You receive a free debit card with this account and also can reimburse yourself for any eligible costs you pay out of pocket.
HSA funds are ALWAYS YOURS; rolling over from year-to-year and staying usable even if your employment status changes. Your Health Savings Account will start with $0 and funds will build up as you contribute to your account (just like a standard savings account). Your contributions to the account are flexible and can be changed throughout the year.
According to Federal regulations, you must be enrolled in a High Deductible Health Plan (HDHP) to elect and to contribute to a Health Savings Account (HSA). HPI PPO Plan participants do not qualify.
You are also eligible to enroll in a Flexible Spending Account (FSA) which can also be used for medical, dental, vision, pharmacy, and other related expenses. However, you cannot participate in both a Health Savings Account (HSA) and a Flexible Spending Account (FSA); you must choose one or the other.
Opening an Account
Open your KeyBank HSA by visiting www.key.com/keywork/elmet and use Group Code: 272637
Need some help? Contact KeyBank by calling (207) 262-5712
Important Notes:
- Eligibility does require that you are not considered a dependent on someone else’s tax return and that you’re not covered by Medicare, Tri-Care, or another health insurance plan (other than as permitted in IRS Publication 969).
- If you do not elect an HSA account within Zevo, and either open the account with Key Bank or provide HR with the account information for your own independent HSA account, you will not receive the Elmet employer contribution to your HSA account.
- There is no minimum contribution requirement, but employees must elect an HSA account in Zevo, and contribute at least $1 per pay period, for your account to be opened and for you to receive the Elmet employer contribution to your HSA account.
2024 Contribution Maximums
Individual Medical Coverage: $3,650
Family Medical Coverage: $7,800
Over 55 Catch-Up: $1,000
Employees over the age of 55 can add $1,000 to the standard maximums for their tier.
***The maximums listed above have factored in Elmet's $500 annual contribution to your HSA Account***
