If you enroll in the HealthSaver medical plan, you automatically get a Health Savings Account (HSA). Use this tax-advantaged account to pay for eligible health care expenses now or in retirement. It will carry over year to year, and you can take it with you if you leave ITW.
Health Savings Account
How the HSA Works
When you enroll in the HealthSaver Plan, ITW contributes money to your HSA: up to $500 for employee-only coverage or up to $1,000 if you cover one or more family members (prorated for enrollment after January 1).
Note: The annual HSA contribution from ITW is based on your coverage level when you first enter the plan (during Open Enrollment or when you become eligible for benefits). Any mid-year changes in coverage tier (adding or removing dependents) will not result in adjustments to the annual ITW HSA contribution.
You can also contribute to this account, up to IRS limits:
- Employee-only: $3,150 (plus $500 from ITW) = $3,650 IRS limit
- One or more family members: $6,300 (plus $1,000 from ITW) = $7,300 IRS limit
- Age 55 or older: An additional $1,000
You can use the money in your account to pay for eligible health care expenses now or save it for later. At the end of the year, money you don’t spend (including ITW’s contribution) will carry over so you can use it when you really need it — even when you retire! After age 65, you can even use it for non-health care expenses, but you’ll pay taxes.
Need to Use HSA Money Now?
Saving for retirement is a great benefit of the HSA, but what if you need to pay for medical expenses now? Learn the basics about the HSA and how to use it.