Results for Health Savings Account
What is an HSA?
The HSA option comes with a Health Savings Account funded by Rockwell Automation and you (if you choose)—an account that uses tax-free dollars to help pay current and future health care expenses. When you enroll in the HSA option, your HSA is opened for you. Then, Rockwell Automation makes a contribution to help offset your health care expenses: $500 for you, $1,000 for family.
Your Contributions to Your HSA
You can make contributions to your HSA with tax-free dollars, up to the IRS maximums, each plan year you’re enrolled in the HSA option.
For 2023, your combined contributions with Rockwell Automation cannot exceed:
- $3,850 if you have you only coverage
- $7,750 if you have you + family coverage
Plus, if you’re age 55 and over, you can make a $1,000 catch-up contribution.
Changing HSA Contributions
Log on to Your Benefits™ to add or change Health Savings Account contributions at any time.
| HSA In-Network | |
|---|---|
| Who Owns the Money? | You |
| Who Can Contribute? | Rockwell Automation and you |
Triple-Tax Advantages with the HSA
The HSA offers three types of tax savings:
1. You won’t pay federal income and FICA taxes on the money contributed to your account.
2. You won’t pay federal income and FICA taxes on the money you use from your account to pay for eligible expenses.
3. Your HSA balance will earn interest, tax-free, every year.
If you live in Alabama, California or New Jersey, your HSA contributions are subject to state income tax.
