Each year you enroll for coverage, Hess puts $500 into your HSA if you have employee only coverage and $1,000 if you have employee + one or employee + family coverage. These amounts are prorated for new hires based on calendar quarter of hire date.
You can also contribute up to $3,050 (employee only coverage) or $6,100 (employee + one or employee + family coverage) of your own tax-free money into your HSA. (These amounts may be slightly higher for new hires due to the proration of the company contribution, but total contributions cannot exceed the 2020 annual IRS maximums of $3,550 for an individual or $7,100 for a family.)
If you’re age 55 or older, you may contribute an additional $1,000 each year. You can use the money in your HSA to pay out-of-pocket health care expenses now, or you can save it for later.
After you meet the deductible, coinsurance kicks in to share the cost. Once you meet your out-of-pocket maximum, the plan pays 100 percent of eligible expenses for the remainder of the year.