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. For more information on HSA rules and eligiblity requirements, please see the 2022 Benefit Summary booklet. 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 2022, eligible employees enrolled in a single medical plan will receive $250 in January in their HSA, while those enrolled in the family medical plan will receive $500. Those employees have the opportunity to earn an additional $250 and $500, respectively, by completing specific wellness activities. Employees can use this Preventative Care Form to send information to MMO for any HSA activities completed during 2021 under a prior carrier or for which a claim was not submitted through MMO.
Employees have the option to deposit pre-tax dollars into a Health Savings Account so long as the total amount contributed by the employee 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.
2022 HSA Contribution Limits:
Single Plan = $3,650
Family Plan = $7,300
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. The negotiated agreement also requires employees leaving the plan prior to the end of the calendar year to pay back a prorated portion of the Board HSA contribution granted in January. It is also the employee's responsibility to ensure he or she does not overcontribute to their HSA.