Health Savings Account (HSA)

To be eligible for a Health Savings Account (HSA), you must:

be covered under the Base HDHP Plan on the first day of the month
not be covered under the Buy-Up PPO Plan
not be enrolled in Medicare
have no other non-HDHP coverage, and
not be claimed as a dependent on another person’s tax return

For the 2026 tax year, IRS guidelines allow contributions up to $4,400 each year if you have self-only HDHP coverage, or up to $8,750 if you have family HDHP coverage. Any money left in the account at the end of the year will roll forward to the next year.

If you are an eligible individual who is age 55 or older at the end of the tax year, you may contribute an additional $1,000 as a catch-up contribution each year. Beginning with the first month you are enrolled in Medicare, you may not contribute to your HSA as you are no longer eligible.

The money in the HSA is to be used for eligible medical expenses, as defined by the IRS (see IRS Publication 502, Medical and Dental Expenses for more details). Distributions from the HSA for ineligible expenses are subject to taxation and penalties.

Individuals who enroll in the UHC High Deductible Health Plan are eligible to open a health savings account (HSA) with Bank of America. You are not required to use Bank of America, but if you choose another HSA, you will NOT be able to use the pre-tax payroll deduction feature and will not be eligible for the employer match. Instructions on how to set up an HSA with Bank of America will be included during the open enrollment process.

For additional guidelines, please go online to www.bankofamerica.com or call Bank of America at 800-718-6710. See also IRS Publication 969, Health Savings Accounts and Other Tax Favored Health Plans.

HSA Questions? FAQs – Health Savings Accounts (HSAs) – Bank of America

2026 Health Savings - Employee Only Maximum Funding $4,400
	PER PAY	ANNUALLY
Employee Contributes (pre-tax)	$159.62	$4,150
PLM Matching Contribution	$9.62	$1 for $1 up to max of $250

2026 Health Savings - Employee + Dependent(s) Maximum Funding $8,750
	PER PAY	ANNUALLY
Employee Contributes (pre-tax)	$317.31	$8,250
PLM Matching Contribution	$19.23	$1 for $1 up to a max of 500

Note: Participants over the age of 55 may contribute up to an additional $1,000 a year as a "catch-up" contribution.

2026 HSA PLAN

Pre-tax shared contribution plan like 401-K
For each $1 an employee contributes, PLM will match $1 up to $250 for single coverage and $500 for family coverage
Contributions by both the employee and PLM will happen on each regular payroll run
Employees designate the specific amount they wish to put into their HSA each payroll
2026 IRS employee single annual limit is $4,400 dependents annual limit is $8,750 (limits are a combination of both the employee & employer contributions)