Health Savings Account (HSA)
Available for Full-Time Krispy Kremers
Take a bite out of your taxes with a health savings account.
Two of Krispy Kreme’s medical plan options can be paired with a tax-advantaged account called a Health Savings Account or HSA. An HSA is a great way to save money on your medical expenses. You can make contributions directly from your paycheck before taxes are taken out, saving you money on the tax you pay. That money goes into your HSA, where it can grow, tax-free, and be used to pay for eligible medical expenses like copays and deductibles. Your paycheck contributions are lower in exchange for a higher deductible.
If you enroll in the Original HSA Plan, Krispy Kreme will make a contribution to your HSA, even if you decide not to. You’ll get a $250 contribution if you elect employee-only coverage, or a $500 contribution if you elect coverage for you plus one or more family members. Employer contributions are funded on a quarterly basis. If you enroll in the Sprinkles HSA Plan, you may elect to contribute to your HSA, up to IRS limits.
How Does an HSA Work?
It’s easy. When you enroll, you’ll be given information about contributing to a Health Savings Account. Your contributions are made to the account directly from your paycheck before taxes are taken out, so you pay less in taxes while the dollars in your account earn interest. It’s like moving your paycheck dollars around to make sure you’re getting the most out of your earnings.
You’ll be mailed an HSA card that you can use to pay for eligible medical expenses, like your copays, coinsurance and even your deductible, all tax-free. You can also use the money to help pay health expenses for your family members—even if they’re not covered by the medical plan. And it’s yours to keep forever, even if you leave Krispy Kreme. Please note a Health Savings Account is a bank account; therefore, Customer Identification Program (CIP) verification is required.
Krispy Kreme Adds MORE DOUGH!
You are eligible to contribute up to $4,150 in 2024 for employee-only coverage and $8,300 for family coverage. If you’re 55 or older, you can contribute $5,150 for employee-only coverage and $9,300 for family coverage.
If you enroll in the Original HSA Plan, Krispy Kreme will make a contribution to your HSA. You’ll get a $250 contribution if you elect employee-only coverage, or a $500 contribution if you elect coverage for you plus one or more family members. Employer contributions are funded on a quarterly basis.
Don’t worry if you don’t use it by the end of the year—your Health Savings Account balance rolls over from year to year and it’s yours to keep if you leave Krispy Kreme.
Your HSA is administered by Flores.
What’s so great about a Health Savings Account?
- Your contributions are moved from your paycheck to your bank account before taxes are taken out, so you’re taxed on less income.
- The money you contribute to your HSA earns interest.
- You can use those dollars you’ve contributed to pay for eligible medical expenses (like your deductible) tax-free.
- If you enroll in the Original HSA Plan, Krispy Kreme will add a contribution to your account to help you grow your balance!
- If you don’t use the money in your account, it will roll over from year to year and continue to earn interest. No use-it-or-lose-it.
- If you want, you can invest your money for the potential to build up your balance, in case you need it for an unforeseen medical expense.
- You can continue to grow your HSA balance (you may contribute up to the annual limits each year) throughout your employment and into retirement.
- Your investment earnings earn interest—and they’re tax-free, too!
- If you leave Krispy Kreme, your account goes with you.
- You are not required to use your HSA dollars for medical expenses (but your purchase will be taxed if you use them for something else).
- When you retire, you can use your HSA dollars to pay for health care, tax-free.