Health Savings Account (HSA)

Home Financial Health Savings Account (HSA)

When you enroll in the PPO HDHP Plan with HSA, you gain access to a Health Savings Account (HSA) powered by Health Equity. The HSA is funded by contributions from Ferrotec and you to help pay for covered health care expenses now and in the future.

Available only to employees enrolled in the PPO HDHP Plan — the HSA through Health Equity is a tax-advantaged account you can use to save and pay for eligible health care expenses now, and in the future.

Key Features of the HSA

  • Pre-tax contributions: Money is deposited before taxes, lowering your taxable income.
  • Tax-free growth: Your balance can grow through interest or investment, tax-free. 
  • Tax-free withdrawals: If funds are used for qualified health care expenses, you won’t pay taxes when you use the money.
  • Once your balance reaches a certain threshold: You may invest part of your funds to grow as savings over time.
Coverage
Ferrotec Contributions
Your Contributions
2026 IRS Maximum
Employee only
$500
$3,900
$4,400
Employee + Family
$1,000
$7,750
$8,750
Planning for Retirement?

At age 65, you can withdraw HSA funds for any use without tax penalties, however, you’ll pay ordinary taxes (like an IRA). Funds withdrawn for qualified health care expenses, including Medicare premiums, are always tax-free.