Health Savings Account (HSA)

Pay for eligible healthcare expenses or save for future ones pre-tax with an HSA, administered by HealthEquity. When you participate in the HDHP or HealthChoice Plus plan, you can participate in an HSA.

How Your HSA works

An HSA can help you stretch your healthcare dollars further because of the triple tax advantage:

Contribute pre-tax (up to IRS limits: $4,150 for Employee only / $8,300 Family in 2024), which lowers your taxable income. If you’re age 55 or older, you can contribute an additional $1,000 in “catch-up contributions.”
Pay for eligible expenses tax-free, including coinsurance, deductibles, prescription drug costs, certain over-the-counter medications, and more. Find a complete list on irs.gov >.
Let your earnings continue to grow tax-free as long as they stay in your account to help save for future expenses.

HealthComp contributes to your HSA, too, based on the level of coverage you choose:

Employee only: $500
Family: $1,000

All money deposited into your account (including company contributions) is yours to keep when you leave or retire from the company. There is no “use it or lose it” rule; HSA funds roll over each year. Additionally, you may change your HSA contribution amount at any time during the year. Note that if your hire date is June 1, 2024, or later, your 2024 Company HSA contributions will be prorated.

Are You Eligible for an HSA?

You are eligible for an HSA if you are enrolled in the HDHP or HealthChoice Plus plan.

You are not eligible for an HSA if you are:

Enrolled in the Traditional Plan or HealthChoice Plan
Enrolled in Medicare
Eligible for TRICARE
Claimed as a dependent on someone else’s tax return
Married to someone who participates in a general-purpose Health Care Flexible Spending Account (FSA)

Once you enroll and open your HSA, you’ll receive a debit card from HealthEquity, which you can start using in January to cover your eligible healthcare expenses.