SPS Companies has partnered with Further to administer our Health Savings Account, and all employees will own and manage their accounts individually. For a quick overview about HSAs, watch the video from Further below.
CLIMB THE LADDER
Whether you are an experienced HSA user who is ready to use your HSA as an investment tool or you’re ready to start your first Health Savings Account, we want to help. Here are some great next steps no matter where you are in your journey.
The first step is to get 100% of the HSA company match. SPS Companies, Inc. will match $0.50 on the dollar of an employee’s HSA contribution up to $500 for individuals and $1,000 for families. If you haven’t reached that level yet, this is a great place to start.* See “How To Get Started” section below for the steps to take to take advantage of the full company match.
*For an individual to get the full company match, they would contribute $1,000/yr in order to get the maximum $500 company match. For an employee who has their spouse and/or children on their plan, they would contribute $2,000 in order to receive the full company match of $1,000.
If you’re already getting the full company match, you may want to explore increasing the amount you put in your HSA to the contribution limit. The federal government sets limits on how much you can contribute to an HSA in a tax year. For individuals, the yearly limit for 2022 is $3,650, and for families the limit is $7,300. See “How To Get Started” section below for the steps to increase your contribution to the maximum amount.
The money you contribute to your health savings account grows and earns interest at rate(s) established by your HSA plan type. But it’s possible to grow your money even more by investing your HSA funds in either a Basic Investment Account or a Schwab Health Savings Brokerage Account. These options are available to Further HSA holders for an annual fee of $18 per year. For more information on the investment options for your HSA, visit the Further investment options website.
HOW TO GET STARTED
Anyone on our HDHP medical plan can start or increase their contributions at any point during the year. Once you’ve logged into your UKG/UltiPro account, it’s as simple as 1, 2, 3:
- Click “Manage My Benefits”
- Click “Update My Benefits”
- Select HSA under “Life Event” and let the system walk you through the process from there.
If you want to start an HSA but are not on our HDHP medical plan, you’ll have the opportunity to make that change during Open Enrollment in October.
Six-Part Email Series – Sign up for Further’s “6 Smart Ways to Maximize your HSA” email series to learn how to get the most out of an HSA.
HSA Essential Guide – This document from Further provides an easy-to-read overview of HSAs, and can help employees decide if an HSA is right for them and how to maximize their savings.
Review Further’s HSA Fact Sheet