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. If you enroll in either the Original HSA Plan or the Sprinkles HSA Plan, you pay a lower paycheck contribution in exchange for a higher deductible.
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.
As long as you’re enrolled in the Original or Sprinkles plan, you can stash up to the annual limit every year. If you’re covering only yourself, you can contribute up to $3,850 in 2023. If you’re covering family members, you can sock away up to $7,750. If you’re 55 or older, you can contribute $4,850 for individual coverage and $8,750 for family coverage. 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 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.