TL;DR
• You are losing out on valuable financial opportunity if you don’t have access to an HSA, as they are factually THE BEST (legal) financial product in the US
• Your employer realizes this and has offered you an HSA via the Yuzu Plan
More details
We believe in empowering you to take control of their healthcare expenses and financial well-being. That's why we offer HSAs (”health savings accounts”) as part of our comprehensive health benefits. Here's why HSAs outshine even 401(k)s:
Triple tax advantages
• HSAs are deemed “triple tax advantaged”, broken down below:
• Pre-tax contributions: This lowers your taxable income and provides you immediate tax savings
• Tax-free growth: You are not taxed on growth of funds and can invest or accrue interest tax free.
• Tax-free withdrawals: Withdrawals for qualified medical expenses are tax-free, and there is no time limit on when you can withdrawal (you could pull money out in 40 years).
Social security tax advantage
• Pre-Social Security tax contributions: HSA contributions are exempt from Social Security taxes (7.65% for employees). This provides an additional tax advantage not available with even 401(k) contributions
Flexibility and portability
• No use-it-or-lose-it: Funds remain available even if you switch jobs or insurance plans
• Independence and control: You decide how and when to use your HSA funds
Yuzu’s “Net $0 Deductible” plan
• Your employer chose the Yuzu Plan, which has a deductible of $2,400 (this is the amount you pay out of pocket before the plan starts paying for benefits) and a max out of pocket of $3,600 (aka “MOOP”, the most you will spend on treatments covered by the plan on an annual basis)
• The powerful part about the Yuzu Plan from a financial standpoint is most employers also agree to contribute to employees’ HSAs, effectively decreasing your deductible and potentially your MOOP, as exemplified below
• For employers who contributes $200 per month ($2,400 per year) the Yuzu Plan is a “Net $0 Deductible” plan - you will pay only cost-sharing from $2,401 to $3,600 on an annual basis
• For employers who contribute $300 per month ($3,600 per year) the Yuzu Plan is a “Net $0 MOOP” plan - you will not pay for any care on an annual basis
The bottom line
• For most employers, who contribute $200 per month into employees’ HSA, any dollar you spend pre-deductible on an annual basis is effectively paid for by your employer’s HSA contribution
• And on top of that, this is THE MOST tax-advantaged option for you - allowing you to reap all the above financial perks
Contact us
• If you have any questions about any of your health benefits, please text or call us at 203-208-9898, or email us at support@yuzu.health. We will respond to you ASAP, in most cases within minutes.
