Health Savings Account (HSA)

Lay the groundwork for smarter healthcare spending by taking advantage of triple tax savings. A Health Savings Account (HSA) pairs with our high deductible health plan (HDHP) and provides a way for you to use pre-tax dollars on eligible medical, dental, vision, and prescription expenses. For a complete list of qualified expenses, visit IRS Publication 502.

HSA Major Benefits

M/I Homes contributes to your account
Employee contributions will lower your taxable income
All employee and employer contributions will belong to you even if you change plans, change jobs, or retire
Balance rolls over from year to year
Helps build a healthcare nest egg for emergencies or retirement
Catch-up contributions available in the tax year in which you turn age 55

Do You Qualify for an HSA?

You’re most likely eligible to open an HSA if you:

Have no other health coverage, such as military or VA benefits
Are not enrolled in a Health Care Flexible Spending Account (FSA)
Are not enrolled in Medicare
Are not claimed as a dependent on someone else’s tax return

Triple Tax Advantage

Reduces federal income taxes: Reduce your federal income tax by the amount you deposit in your HSA when you contribute directly from your paycheck.
Tax-free interest: Your money earns interest while it is in the account, and you do not pay taxes on the interest earned. Any gains on dollars invested in mutual funds are also tax-free.
Tax-free withdrawals: You never pay taxes on HSA withdrawals when used to pay for qualified expenses, including medical, dental, vision, and prescription expenses.

M/I Homes Contributes to Your HSA

M/I Homes contributes to your HSA. Employer contributions are made into your HSA per pay period. Employer contributions count towards the IRS annual maximums illustrated below. If you are enrolled in the HSA Medical plan, you must open your HSA through Fidelity to receive payroll contributions and company funding. Look out for an email from Fidelity with a link to open your account.

IRS Annual HSA Funding Limits

Coverage Level	IRS Limits	Employer Contribution	Your Total Possible Contribution
Individual	$4,400	$500	$3,900
Family	$8,750	$1,000	$7,750
Catch-Up Contribution (Age 55)	$1,000	N/A	$1,000

NOTE: Employee + Company contributions cannot exceed the IRS maximum contribution limits. Company contributions are counted toward the maximum limit.

How to Use Your HSA Funds

HSA Debit Card

You will receive a debit card which allows you to pay directly from your account at the point of service, eliminating the hassle of filing claims.

Submit for Reimbursement

Request reimbursement directly through Fidelity for out-of-pocket eligible expenses. Reimbursement for your expenses may be paid to you via check or direct deposit.

Keep Receipts and Documentation

For tax purposes, keep all receipts and invoices for any expenses paid for with the HSA debit card or that were reimbursed directly to you.

This Benefits Website provides general information for our benefits-eligible employees; however, more detailed information is available within the plan documents and legal contracts between our company and the insurance providers. In case of any discrepancy between this Benefits Website and the plan documents, the plan documents always govern and determine your exact benefits. In addition, the company reserves the right to modify or terminate any benefit plan at any time. Benefits are not a guarantee of employment.