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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.

Advantage

A winning advantage.

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:

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CDHP

Low-premium, high-deductible coverage

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A higher deductible takes a little budgeting.

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:

  • A plan with an in-network deductible of $1,600 individual/$3,200 family
  • A plan with an in-network deductible of $3,500 individual/$7,000 family

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.

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HSA

Tax-free savings account that’s yours forever

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To help you out, you get an amazing benefit — a Health Savings Account.

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:

  • For a plan with the $1,600/$3,200 deductible: $200 for individual medical plan coverage or $400 if you cover dependents
  • For a plan with the $3,500/$7,000 deductible: $250 for individual medical plan coverage or $500 if you cover dependents

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!

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Winning advantage

Stay healthy, spend wisely, save for the future!

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Together, a CDHP and HSA give you an unbeatable advantage.

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.

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See a full list of fully covered preventive care services for adults and children.

Prevention

Preventive care is free.

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!

Tests

blood pressure, diabetes, cholesterol

Cancer screenings

including mammograms and colonoscopies

Counseling

quit smoking, eat healthy, treat depression

Kids

well-baby & well-child visits from birth to age 21

Vaccinations

COVID-19, flu, pneumonia, measles, polio, meningitis

Healthy pregnancy

counseling, screenings, and vaccines

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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.

Budgeting

With an HSA, it’s easy to budget for what isn’t free.

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.

Real-life HSA budgeting

Click to reveal Amy's options.

Amy

Covering everyday expenses

Click to reveal Dave's options.

Dave

Saving for a pricey procedure

Click to reveal Samuel's options.

Samuel

Ready for the unexpected

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In retirement, you can spend HSA money on eligible health expenses, Medicare premiums, nursing home care, long-term care and much more.

Save Big

An HSA helps you save big for retirement.

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.

How much could you save?

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.

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Search for in-network accredited urgent care centers near you on the BCBS website or Kaiser website.

Work It

You can pay less by working the system.

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.

KNOW WHERE TO GO

when you need medical attention

Click to reveal where to go.

KNOW WHAT TO DO

to save on medical expenses

Click to reveal what to do.

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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.

Rules

There are some rules to remember.

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.

When can I contribute to my HSA?

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.

What expenses are HSA-eligible?

  • Deductibles
  • Office visits
  • Prescription drugs
  • Hospital stays and lab work
  • Speech/occupational/physical therapies
  • Dental care
  • Vision care
  • COBRA premiums
  • And more

The same things that are eligible before age 65, plus:

  • Medicare premiums, copays, and coinsurance
  • Any health insurance other than a Medicare supplement policy (such as Medigap)
  • Nursing home fees and in-home nursing care
  • Long-term care services and policy premiums
  • Retirement community fees for lifetime care
  • And more

What happens if I use HSA money on ineligible expenses?

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.