You can help alleviate the added cost with a MetLife Health Savings Account.
1. You can contribute to an HSA if: (1) you are not covered under any other health plan that is not a qualified HDHP, including a general purpose health care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA), or if you are not covered under TRICARE; (2) you are not enrolled in Medicare or Medicaid and (3) you cannot be claimed as a dependent on another person’s tax return.
2. HSA funds used for non-qualified expenses are taxed and subject to a 20% penalty for accountholders less than 65 years of age. Beginning at age 65, HSA funds for non-qualified expenses are taxed, but do not incur any penalty.
3. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results.
4. See IRS publication 502 available at http://www.irs.gov/pub/irs-pdf/p502.pdf for information about eligible dependents and a list of qualified expenses. In addition, there may be legislation or additional publications that may modify or expand available qualified expenses. Please refer to your employer's plan document for the latest list of qualified expenses under your plan.
5. Contribution limits are subject to change and should be checked on an annual basis on the IRS website.
6. MetLife Internal Analysis (last updated November 2020). Cash savings balances in an HSA earn interest through a funding agreement issued to the custodian bank, are not FDIC insured, and are subject to the financial strength and claims-paying ability of Metropolitan Tower Life Insurance Company. The interest rate earned on the assets allocated to the funding agreement option are declared to the custodian and are guaranteed for at least 12 months from the date the interest rate is declared. There may be different interest rates applicable to different allocations depending upon when the allocation was made to the funding agreement option. The funding agreement option provides the investor with a stable rate of return over time. Metropolitan Tower Life Insurance Company may earn a spread from assets allocated to the funding agreement option available under HSAs.
7. It is the employee who determines whether to invest funds, and the employee selects those investments from the platform made available through MetLife.
Like most group benefit programs, benefit programs offered by MetLife and its affiliates contain certain exclusions, exceptions, waiting periods, reductions of benefits, limitations and terms for keeping them in force. Nothing in these materials is intended to be, nor should be construed as, advice or a recommendation for a particular situation or individual. Participants should consult with their own advisors for such advice. Federal and state laws and regulations are subject to change.