HSA and MCHCP

Your MCHCP Health Savings Account (HSA) coupled with a High Deductible Health Plan (HDHP) can help you save money on your medical expenses. By choosing the HSA Plan you can significantly save on your health care premiums, plus MCHCP will contribute to your HSA.

How Does a HDHP Work?

You are responsible for paying your covered medical expenses up to the deductible stated in your health plan. You can, if you choose, use HSA funds to pay for these out-of-pocket expenses or you can reimburse yourself sometime later. Save all your receipts because you are responsible for proving that you used your HSA for qualified expenses.

How Does Your HSA Work?

MCHCP will make contributions to your HSA at Central Bank. You will receive a before-tax benefit by making your contribution through payroll deduction. To make changes to your payroll deduction contributions, log in to myMCHCP.

The money in your HSA works like your checking account, which gives you easy access to your funds. Pay your doctor’s visit or any medical expense using your debit card or online bill pay.

The money in your HSA is always yours – there is no, "use it or lose it” rule. All balances in your HSA are fully vested and remain in your account until spent. The money is yours even if you change jobs or health plans. With an HSA, you are in charge. You decide how much and when to contribute and whether or not to invest some of your savings in mutual funds for greater potential long term growth.

2020 HSA Annual Contribution Limits
Contributions Employee Family Coverage*
MCHCP Annual Contribution $300 $600
Employee Maximum Contribution $3,250 $6,500
Employee Maximum Contribution
age 55 and older
$4,250 $7,500
IRS Contribution Limit $3,550 $7,100
IRS Contribution Limit
age 55 and older
$4,550 $8,100
2019 HSA Annual Contribution Limits
Contributions Employee Family Coverage*
MCHCP Annual Contribution $300 $600
Employee Maximum Contribution $3,200 $6,400
Employee Maximum Contribution
age 55 and older
$4,200 $7,400
IRS Contribution Limit $3,500 $7,000
IRS Contribution Limit
age 55 and older
$4,500 $8,000
* Family coverage consists of Employee plus one other person