Worthington School Benefits
Health Savings Accounts - CME Federal Credit Union
High Deductible Health Plans are coupled with the opportunity to open a Health Savings Account (HSA) to help you to save to pay for eligible medical, dental, vision and prescription drug expenses. The Board of Education provides a flat dollar amount funding to an HSA opened by you through CME Federal Credit Union. You can apply for your HSA online by following these step-by-step instructions.
For 2021, eligible employees enrolled in a single medical plan will receive $375 in January in their HSA, while those enrolled in the family medical plan will receive $750. Those employees have the opportunity to earn an additional $375 and $750, respectively, by completing specific wellness activities.
You have the option to deposit pre-tax dollars into your Health Savings Account so long as the total amount contributed by you and the Board of Education does not exceed the contribution limit set forth by the IRS (see below). Employees can choose to have their personal HSA contributions deducted over 2, 12 or 24 pay periods. This option is available to you when completing your online enrollment during open enrollment.
2021 HSA Contribution Limits:
Single Plan = $3,600
Family Plan = $7,200
Additional catch-up contribution (age 55 or older) = $1,000
*Please note, these are annual limits. If you are joining or leaving the plan mid-year, these limits should be prorated by the number of months you were enrolled in the medical plan. It is also the employee's responsibility to ensure he or she does not overcontribute to their HSA.