High Deductible Health Plan with Health Savings Account
This medical plan option is comprised of two components (1) a High Deductible Health Plan (HDHP) and (2) a tax-exempt savings account called a Health Savings Account (HSA).
The HDHP is a high deductible health plan that provides health care benefits after the deductible has been met. All medical services, with the exception of preventive care, are paid for by you at 100%, less carrier discounts, prior to meeting your entire annual deductible. This includes routine office visits, procedures, lab work, prescription drugs, etc.
The HSA is a bank account paired with your HDHP allowing you to set aside money on a tax-free basis to pay your out-of-pocket qualified medical, dental, and vision expenses throughout the year or in the future. You own the money in your HSA account and it is yours to keep – even when you change plans or retire. The funds roll over from year to year to be used when you really need them.
If you enroll in the HSA plan, Bolin will contribute $1,300 annually to your HSA to help pay for qualified medical expenses now and in the future. It is pro-rated throughout the year for new hires.
| Date | Jan | Feb | Mar | Apr | May | June | July | Aug | Sept | Oct | Nov | Dec |
| Jan 1 | $500 | $458.33 | $416.66 | $375 | $333.33 | $291.67 | $250 | $208.33 | $166.61 | $125 | $83.33 | $41.67 |
| Apr 1 | $266.67 | $266.67 | $266.67 | $266.67 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| July 1 | $266.67 | $266.67 | $266.67 | $266.67 | $266.67 | $266.67 | $266.67 | $0 | $0 | $0 | $0 | $0 |
| Oct 1 | $266.66 | $266.66 | $266.66 | $266.66 | $266.66 | $266.66 | $266.66 | $266.66 | $266.66 | $266.66 | $0 | $0 |
| $1300 | $1258.33 | $1216.66 | $1175.00 | $866.66 | $825.01 | $783.34 | $474.99 | $433.27 | $391.66 | $83.33 | $41.67 |
NOTE: Employees enrolling in the Health Savings account are required to set up a Health Savings account at the bank of their choice with 30 days of enrollment. HR can provide a Health Savings Account Direct Deposit form that must be completed and turned in.
You’re eligible for a health savings account if:
- You are covered by a qualified high deductible health plan (HDHP)
- You are not covered by any other medical coverage that is not considered a qualified HDHP
- You are not enrolled in Medicare (Part A included)
- You are not claimed as a dependent on someone’s tax return
- You are not enrolled in a Medical Flexible Spending Account (your own or your spouse’s)
Advantages to having an HSA
- You pay less in premium for this plan
- Unused funds rollover each year with no maximum on how much you can save and accumulate over time
- The account is portable so you never have to worry about losing the money in the account should you change between plans, retire or even seek employment elsewhere
- Your HSA can be viewed as a second means of savings for your retirement
- You control your healthcare spending and choose when to use your HSA dollars and when to save them
- You become a more informed participant in your healthcare and healthcare spending
Another benefit to participating in the HDHP is that you are eligible to contribute into your Health Savings Account beyond what Bolin’s contributes. The chart below shows the 2024 IRS limits.
2025 HSA Contributions
| Tier | Company Contribution | Potential Employee Contribution | Maximum IRS Contribution Limit |
| Employee | $1,300 | $3,000 | $4,300 |
| Employee + Dependent(s) | $1,300 | $7,250 | $8,550 |
| Catch-up Contributions (Age 55+) | $1,000 |