Employees enrolling in the High Deductible Health Plan at Extra Space Storage can enjoy the benefits of a pre-tax savings program through a Health Savings Account (HSA managed by HealthEquity.
A HSA is a tax-advantaged spending and savings account that can be used to pay for qualified health expenses (includes medical, dental and vision). It takes two components to create a HSA-based health coverage plan:
A HSA-eligible health plan, often referred to as a high-deductible health plan (HDHP) or Consumer-Directed Health Plan (CDHP)
A Health Savings Account (HSA)
You are eligible to contribute to a HSA provided you:
Are not covered by any other health plan that is not another qualified HDHP/CDHP;
Are not entitled to benefits under Medicare; and
May not be claimed as a dependent on another person's tax return.
The annual contribution maximum limit for a HSA is set by the IRS. Contribution limits may change each year.