Health Savings Benefits

Health Savings Account (HSA)

Those enrolled in a High Deductible Medical Plan have the option to make tax-free contributions to a HSA through payroll deductions. The money can be used for medical expenses such as the cost of doctor’s visits, eyeglasses, fillings, and contacts - to name a few. Your HSA is controlled and owned by you. The money in your HSA is your money; it rolls over from year-to-year, and you take the money with you if you leave Northwest. You are responsible for reporting your HSA contributions and distributions to the IRS on your tax return.

HSAs provide triple tax benefits:

• Tax-free contributions
• Interest accumulates tax-free
• Distributions for qualified medical expenses are tax-free

For full-time employees, Northwest contributes to HSAs on a bi-weekly basis, provided the appropriate documentation is received by Human Resources.

Northwest’s Contributions for full-time employees (based on level of medical of coverage):

Northwest contributes to your HSA on a bi-weekly basis, provided the appropriate documentation is received by Human Resources.

Flexible Spending Accounts (FSA)

Full-time employees have the option to contribute to a Medical Flexible Spending Account (FSA), Dependent Care Reimbursement Account, and Commuter’s Expense Reimbursement Account. These accounts offer an opportunity to save money by allowing you to pay for out-of-pocket health care, dependent care expenses, and commuter expenses with tax-free dollars.

Employees can contribute up to the IRS limits. Any unused monies in FSA accounts at the end of the year will forfeit. Per IRS regulations, you may not contribute to an HSA and Medical FSA at the same time.