An HSA has a triple tax advantage — even better than a 401(k) or Roth IRA, which both tax you somewhere along the line. Your HSA money goes in tax free, builds earnings tax free, and comes out tax free when spent on eligible expenses.
A Consumer Driven Health Plan, or CDHP, helps you stay healthy, spend wisely, and build up tax-free savings. You have a choice of CDHPs with Clean Harbors, but they all share the same great advantages:
Low-premium, high-deductible coverage
With a CDHP, you pay less from your paycheck in exchange for a higher deductible when you need care. You have a choice of CDHPs with Clean Harbors:
Remember, our medical plans cover preventive care at 100% as long as you stay in network, so you pay nothing for things like checkups and vaccines to help you stay healthy. Keep in mind: If you cover more than just yourself, the family deductible applies before the plan begins to pay benefits for any covered person.
For non-preventive care (like treatment for an illness) you’ll want to plan ahead so you’re prepared to cover your out-of-pocket costs — the amount you pay in full before meeting the deductible and then your share of the coinsurance. A great way to do this is to put the money you’re saving on premiums into your HSA for future use.
Tax-free savings account that’s yours forever
If you enroll in a CDHP, Clean Harbors automatically opens a Health Savings Account for you with HSA Bank. An HSA is the smartest way to save for your health costs, and the money is always yours to keep (there’s no use-it-or-lose-it rule as with Flexible Spending Accounts). Use your HSA to stash away tax-free money you can spend on eligible medical, prescription, dental, and vision expenses anytime, even in retirement.
You even get contributions from Clean Harbors to grow your HSA faster! Here’s how much you’ll receive for the year:
In 2024, you and Clean Harbors combined can contribute up to $4,150 to your HSA for individual coverage or $8,300 if covering dependents. If you’ll be age 55 or older in 2024, you can contribute $1,000 more!
Stay healthy, spend wisely, save for the future!
No other type of medical plan helps you stay healthy, spend wisely, and build up tax-free savings to pay for future medical expenses.
Clean Harbors offers you a choice of medical plans, including multiple CDHPs. To help you choose the plan that best fits your needs, use the MyChoice Recommendation Engine when enrolling in your 2024 benefits on My Clean Harbors Benefits Hub. Just answer a few simple health and lifestyle questions to see which plan it recommends for you.
Note: Clean Harbors’ HSA contribution is divided among pay periods throughout the year and prorated based on plan enrollment date.
See a full list of fully covered preventive care services for adults and children.
You can stay healthier — and lower your medical bills — by keeping up with your preventive care. It’s FREE as long as you stay in-network and your provider submits the claim as preventive, so there’s no excuse to skip it!
You can change your HSA contribution at any time during the year. So feel free to increase, decrease, stop, or restart as needed to meet your needs.
When you need non-preventive care, you pay your costs in full until you reach your deductible. Then, you share the cost through coinsurance. Contributing to your HSA is a great way to budget for your expenses. You can save just enough to cover the current year’s costs or plan ahead for future health care.
Here are some examples.
In retirement, you can spend HSA money on eligible health expenses, Medicare premiums, nursing home care, long-term care and much more.
Many HSA users spend as they go, allowing what’s left to roll forward. But you can also leave your HSA money untouched so it can build up for the future — your balance earns interest, and investment options are available, too. Not a bad idea, since a couple may need to have as much as $383,000* in savings to cover their health care expenses in retirement.
Data source: EBRI.org, 2014 report. Assumes a 5% rate of return, the maximum allowed contribution made on a monthly basis each year, no withdrawals, and the investment period ends at age 65 in each example.
*Employee Benefit Research Institute, 2022 data for a couple enrolled in a Medigap plan to have a 90 percent chance of having enough money to cover health care costs in retirement, including high prescription drug expenses.
Search for in-network accredited urgent care centers near you on the BCBS website or Kaiser website.
Why overpay for health care and prescriptions? You’ll keep more cash in your HSA if you know how to work the health care system. Take charge of your spending with these money-saving secrets.
when you need medical attention
to save on medical expenses
Keep your receipts! If the IRS audits you about your HSA before age 65, you’ll need to prove the account was used for qualified expenses. Also, other circumstances may disqualify you from contributing to an HSA, such as if you are covered by another plan. For a full list of tax rules, visit the IRS website.
Along with your HSA’s incredible tax benefits come a few rules. Knowing them will help you take full advantage of your account, now and in retirement.
Any time you are enrolled in a qualified high deductible health plan, like a CDHP through Clean Harbors, you may contribute.
You cannot contribute to your HSA once you turn 65.
The same things that are eligible before age 65, plus:
You pay ordinary income tax plus a 20% penalty on the amount withdrawn.
No penalty — you’ll just pay ordinary income tax on the amount withdrawn.