Medical Plans at The Bishop's School
The Bishop's School is pleased to present to you the choice between four distinct health plan options.
Triple Tax Savings
Tax-deferred contributions
Tax-Free investment earnings
Tax-Free usage for eligible expenses
Invest
Like a 403(b) retirement plan, you can allocate a large portion of your HSA to investments, just like your retirement plan. And the earnings are tax-free!
The Bishop's School...
...helps your HSA grow by depositing tax-free dollars into your HSA each payroll!
HDHP Plan with HSA
The High Deductible Health Plan with HSA is like the PPO plan, but with a higher deductible and the plan qualifies to be used alongside a qualified Health Savings account, with the benefit of three unique tax-saving strategies.
HSA
Wex is a leading national administrator of employee benefits program features and Health Savings Accounts
Health Savings Account
Amazing Tax-free Savings, Growth, and Spending
A Health Savings Account (HSA) is a powerful way to save money for healthcare expenses while taking advantage of valuable tax benefits. If you're enrolled in The Bishop's School's High Deductible Health Plan (HDHP), you can open and contribute to an HSA through WEX.
An HSA helps you pay for eligible medical, prescription, dental, and vision expenses using tax-advantaged dollars, while also giving you the opportunity to build savings for the future.
Why Choose an HSA?
An HSA offers several unique advantages:
- Tax-advantaged savings for eligible healthcare expenses
- Funds roll over every year with no "use it or lose it" rule
- Your account belongs to you, even if you leave The Bishop's School or retire
- Access your money anytime for qualified expenses
- Invest your balance once minimum account requirements are met
- Build long-term healthcare savings for future medical needs
Whether you're planning for current healthcare costs or preparing for expenses later in life, an HSA provides flexibility and control over your healthcare dollars.
Who Is Eligible?
Employees enrolled in The Bishop's School's Cigna OAP High Deductible Health Plan (HDHP) are eligible to participate in the Health Savings Account program.
The School Helps You Save
To support your healthcare savings goals, The Bishop's School contributes directly to your HSA each year.
Annual School Contribution
- Employee Only $500
- Employee + Dependents $1,000
School contributions are deposited throughout the benefit year and count toward the annual IRS contribution limit.
Grow Your Savings
Unlike a traditional flexible spending account, unused HSA funds remain in your account year after year. Once your balance reaches the required investment threshold, you may choose to invest a portion of your HSA funds and potentially grow your savings over time.
This makes an HSA a valuable tool not only for current healthcare expenses but also for future healthcare needs.
Annual Contribution Limits
| Category | Self-Only Coverage | Family Coverage |
|---|---|---|
| Maximum HSA Contribution Limit | $4,400 | $8,750 |
| Catch-up Contribution (age 55 or older) | $1,000 | $1,000 |
| Total Maximum (with catch-up) | $5,400 | $9,750 |
Helpful HSA Resources
Make the most of your account with these helpful tools:
- Access and manage your HSA through your WEX account
- Review eligible HSA expenses
- Download the WEX mobile app for account access on the go
- Shop for qualified healthcare products through the FSA Store
- Explore HSA FAQs and educational videos to learn more about maximizing your account
- Make Your Healthcare Dollars Work Harder
An HSA is more than a spending account. It's a smart financial tool that can help you pay for healthcare expenses today while building savings for tomorrow. By combining tax advantages, employer contributions, and long-term growth potential, your HSA can play an important role in your overall financial wellness.
Questions?
Human Resources
The Bishop's School
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