___

HEALTH SAVINGS ACCOUNT

____

HEALTH SAVINGS ACCOUNT

Plan for Your Health Care and Dependent Expenses

Olympic Steel offers two types of Flexible Spending Accounts as smart and convenient ways to stretch your benefit dollars and receive real tax savings.

Health Care Spending Account: For 2023, you can contribute up to $3,050 per year on a pre-tax basis to pay for eligible out-of-pocket medical, dental and vision expenses.

Dependent Care Spending Account: For 2023, you can contribute up to $5,000 per household per year on a pre-tax basis to cover your cost of child care for children up to age 13.

Resources

FSA Enrollment Brochure

FSA Plan Highlights

Universal Claim Form

For those enrolled in the High Deductible Health Plan (HDHP) for medical coverage, Olympic Steel offers you the opportunity to open a companion Health Savings Account, administered by Benefit Resource (BRI).

Contact Benefit Resource with questions regarding your new account by calling 1-800-473-9595.

A Health Savings Account is a tax-advantaged personal savings and investment account that is used to save and pay for qualified healthcare expenses, whether they are incurred now or in the future. Paired with an HDHP, an HSA is a powerful financial tool that allows you to manage and plan for your healthcare expenditures. For example, you can use HSA dollars to pay for Medicare premiums when the time is appropriate. *

However, unlike other financial savings vehicles (Roth IRA, Traditional IRA, 401(k), etc.), an HSA has unique potential to offer triple tax savings through:

Federal & State Tax-deductible contributions to the HSA
Tax-free interest or investment earnings
Tax-free distributions when used for qualified healthcare expenses

*65+ Members:

It is the member’s responsibility to ensure eligibility requirements are met
One should consult a tax advisor as individual factors and situations vary
Medicare Part A and/or Part B members cannot contribute pre-tax dollars to an HSA