Common use of HSA Clause in Contracts

HSA. Licensed professionals who qualify for an IRS qualified Health Savings Account by selecting a High Deductible Health Plan and who have no other health coverage (except as permitted by the Internal Revenue Code), are not enrolled in Medicare and are not a dependent of another. The District shall contribute $100/month to HSA accounts each plan year. 1. Licensed professionals may also choose to divert salary into their Health Savings Account on a pre-tax basis through a salary reduction agreement. Salary diversion is also subject to calendar year contribution limits imposed by the Internal Revenue Code in effect at the time of deduction. Employees are responsible for making sure they do not exceed the annual IRS limits. 2. Licensed professionals are responsible to ensure account activities are in compliance with IRS regulations. Licensed professionals who choose a HSA compliant medical plan are responsible for setting up the HSA account during the open enrollment period or the first time an individual is eligible to enroll in insurance. Eligible employer contributions will begin after timely receipt of the employee's HSA account information. 3. Licensed professionals may choose a HSA custodian from a list of district-approved vendors.