Health Savings Account (HSA)
Company contributions* to employee Health Savings Accounts in 2023:
$500 (if you contribute $250 or more) - Employee only
$800 (if you contribute $400 or more) - Employee + Spouse
$800 (if you contribute $400 or more) - Employee + Child(ren)
$1,000 (if you contribute $500 or more) - Employee + Family
- You receive 50% of the Company funding in January. If you contribute equal to or greater than the 50% during 2023, the Company will match the additional 50%.
- The federal contribution limit (including employer contribution) is Single: $3,850; Family: $7,750. If you are age 55+, you may contribute an additional annual catch-up contribution of $1,000.
*New Hires, New HSA participants and Qualifying life event participants, please see section below regarding HSA Company contributions.
New hires may contribute to their HSA once they become benefit eligible. However, the employee will not receive any Company money during the first calendar year of participation. In 2024, the employee will then be eligible to receive the initial 2024 Company money and the 2024 employer match (as long as the employee is contributing at the appropriate level to the 2024 HSA plan).
New HSA Participants and Qualifying Life Event Participants
New participants to the HSA in 2023 may contribute to their HSA. However, the employee will not receive any Company money during the first calendar year of participation. In 2024, the employee will then be eligible to receive the initial 2024 Company money and the 2024 employer match (as long as the employee is contributing at the appropriate level to the 2024 HSA plan).
Qualifying Life Events During the Year
If an HSA participant has a qualifying life event during the year and changes their HSA coverage (for example changes their HSA plan contribution from Employee Only to Employee + Spouse), they may continue to contribute and receive appropriate company match, however their initial employer seed money provided in January 2023 will not be modified.
HSA Bank administers your HSA account. Any balance remaining in your HSA rolls over to the next year, and if you leave or retire from the Company, the money in your account goes with you. It is never taxable if it is used for qualified medical expenses at any time in the future.
- Contributions to your HSA are taken out of your paycheck before taxes – so the amount of taxes withheld are reduced.
- You will receive an HSA Debit card which draws money directly from your HSA. Use your debit card to pay for services at the doctor’s office, at your local pharmacy, eyeglass retailer or other locations where you purchase medical-related items or services
- The Company pays for the basic banking fees, and the employee is responsible for any additional fees. Please see attached fee schedule for details.
Things to Know About Your HSA
- To receive the Company's HSA contribution, you must elect the Health Savings account (HSA) during the enrollment process.
- HSA Bank may request additional information from you in accordance with the USA Patriot Act. If you don't submit the requested information by the deadline indicated, your account will be closed. Click here for a sample letter and identification verification form to assist you with this process.
- HSA Bank will mail your HSA debit card to a P.O. Box address however, a physical address is needed to keep the account open.
- If you do not receive your HSA debit card in the mail, please contact HSA Bank.
- Learn how to use the HSA Bank customer website through mycigna.com with easy access to account features and functions.
- See additional HSA resources: HSA User Guide | HSA Brochure | HSA FAQs | HSA Bank Investment Options
- For HSA Debit card disputes, please see HSA Fraud Protection document.
Additional Links and Information
Eligible and Ineligible Expenses
Designating a Beneficiary for Your HSA
Contact the Benefits Service Center or Cigna
For questions about your benefits including claims, eligibility, or to order an ID card contact
Benefits Service Center | 1-866-481-4922 OR
Cigna | 1-855-566-4295 | www.mycigna.com
- In Ala., Calif., and N.J., contributions are prior to federal taxes but after state income taxes. Employer contribution, earned interest and investment income are all taxable as gross income for state income tax purposes.