Health Saving Account (HSA)
A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account can help pay the deductible. And money left in the savings account earns interest and is yours to keep.
The HSA applies to the High Deductible medical plan.
For 2023 you can contribute up to $3,850 if you enroll as a single in the medical plan, or up to $7,750 if you enroll as a family. Additionally, if you are age 55 or older, you are eligible to make a catch-up contribution of $1,000.
You may elect to change your contribution amount at any time throughout the year!
For 2023, CFG will make a dollar-for-dollar contribution to your Health Savings Account, up to $15 per pay! That’s a total of $780 per year of free money from CFG.