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Health Savings Account (HSA)
When you sign up for the High Deductible Health Plan (HDHP), you will have a Health Savings Account (HSA) in which you accumulate savings to pay for medical expenses that make up your deductible or are not covered by your insurance plan.  Health Equity is the HSA Administrator, if you enroll an account will be opened at Health Equity and payroll contributions will be loaded to that account.

Each month, the City contributes money to your account based on your coverage level. The City of Chattanooga will contribute up to $60 a month (with family coverage) into your HSA account. See chart below for contribution amounts based on coverage. You may contribute additional amounts tax-free up to the 2018 federal maximum of $3,450 for employee-only coverage and $6,900 for family coverage. Because unused funds roll over from year to year, the money you save each year can be used later on bigger expenses.

The money placed in your HSA by the City can be used to pay for medical expense and help you meet your deductible. After you meet your deductible, the plan pays for 80% of your in-network services.

The Health Savings Account is an employee-owned account. This means the funds you contribute and receive are portable and roll over from year to year. Also, money remaining in your account can be saved for retirement.


Building Your Balance

Annual Maximum Contributions to your HSA

Employee $3,500  
Family $7,000
Catch Up Contribution: for those 55+ $1,000

Plan Year Contribution by the City

Employee $180
Employee & Child(ren) $240
Employee & Spouse $300
Family $360


Is the HSA right for me?

In general, if you are a relatively healthy person and your dependents are healthy, an HDHP might be a good option for you. This is because your annual health care expenses may be relatively low, allowing you to save up for health care expenses that arise later.