FSA & HSA

Health Savings Account (HSA)

Administered by HSA Bank (through Cigna). Enroll via ADP Workforce Now.

• Eligibility: You are enrolled in the HDHP; You are not covered by a spouse’s plan; No one else can claim you as a dependent; You are not enrolled in Medicare, TRICARE or TRICARE for Life; You have not received VA benefits in the past 3 months.
• A health savings account (HSA) is a tax-advantaged savings account that can be used for qualified healthcare expenses. You own your HSA and can contribute to the account with pre-tax payroll deductions.
• Unspent dollars roll over each year and are yours to keep, even if you retire or leave the company.
• The money you contribute is pre-tax. Interest accumulates in the account tax-free. Money withdrawn from an HSA isn’t taxed, provided you use it for qualified healthcare expenses.
• You own your HSA. All amounts in your HSA are fully vested, move with you when you change employers, and unspent balances remain in your account until spent.
• There is no deadline to reimburse yourself, as long as the expense was incurred after your HSA was established.
• You can use the account to pay for qualified healthcare expenses.
• You can invest your HSA funds, so your available healthcare dollars can grow over time.
• Access and manage your HSA at www.mycigna.com. You’ll set up your payroll contributions during your enrollment period. You can change the contribution amount at any time (although it may take up to two payroll periods to process).
• Keep your receipts.
• *Not enrolled in Medicare. Limits include Modera’s contribution, so factor it in when setting your own payroll contribution.