Common use of HSA Contribution Clause in Contracts

HSA Contribution. Employees that elect a high deductible plan with a HSA will receive a contribution to their HSA in an amount equal to the remaining hard cap established for the plan year, less amounts paid towards other health care costs for the Employee. The Employer HSA contribution will be made with the first payroll in January. Eligibility for the HSA contribution will be determined by the employee’s status ten (10) calendar days prior to the contribution date. Employees experiencing subsequent changes in coverage status will receive an additional pro-rated contribution to their HSA or repay the excess received on a pro-rated basis to account for differences in the Employer HSA contribution levels of the plans. The additional contribution made by the City or repayment by the employee will be pro-rated based upon the remaining number of whole months in the calendar year to twelve. Employees who leave the employment of the City during the same calendar year of receiving a HSA contribution will be required to repay the contribution received based upon the ratio of the number of complete months of service during the year to twelve. Employees hired after the contribution date who elect to participate in a HSA Plan will receive a pro-rated HSA contribution based upon the ratio of the number of complete months of service in the calendar year to twelve.