SPENDING ACCOUNTS
Hapag-Lloyd offers employees several options for spending accounts including an HSA and several FSAs. If you enroll in the Anthem High Deductible Health Plan (HDHP), you will automatically be enrolled in a Health Savings Account (HSA).
IMPORTANT: You cannot participate in both a Health Savings Account and Healthcare Flexible Spending Account. If you enroll in the HSA, you are eligible to enroll in a Limited Purpose FSA.
HEALTH SAVINGS ACCOUNTS (HSAs)
An HSA is an account established to pay for qualified medical expenses for you and your eligible dependents. You can elect to contribute money to the HSA by having it withdrawn from your paycheck each pay period. In addition to your contributions, Hapag-Lloyd will also make a contribution to your Health Savings Account.
For all benefit eligible employees who enroll in the Anthem HDHP as of January 1, 2025 this contribution will be $825 for employees who elect Single coverage and $1,650 for employees who elect to enroll with their eligible dependents. This total contribution will be applied to your HSA on a semi-annual basis in January and July 2025. Employees who elect to enroll in the Anthem HDHP after January 1, 2025 will receive a prorated contribution from Hapag-Lloyd based on their effective date.
An HSA provides you with tax savings:
- Contributions you make to your HSA via payroll deduction are pre-tax;
- Earnings growth through interest and investments is not taxed; and
- Withdrawals from your account are tax-free, if used for qualified medical expenses
2025 Annual Contribution Limits
$4,300 for Individual / $8,550 for Family
Catch-Up Contributions: $1,000/year (HSA owners 55 and older)
Other program highlights include:
- Contributions to your HSA can be made through payroll deductions or you can deposit money directly into your account;
- You own the account and it’s portable (you can take your HSA funds with you even if you change jobs or leave the workforce);
- Balances carry over from year to year (no “use it or lose it”);
- You can spend your funds on qualified medical expenses or save them for your future;
- You will receive an HSA debit card, which allows you to use the money deposited in your HSA to pay for qualified expenses;
- You can withdraw money as soon as it is put into the HSA account, but not before.
You can use HSA funds to pay for qualified health care expenses as defined by Section 213(d) of the Internal Revenue Code, including:
- Medical expenses – deductible and coinsurance
- Prescription drug copayments
- Certain over-the-counter drugs
- Retiree health expenses (once you are age 65)
- Dental and vision expenses
You are eligible for an HSA if:
- You are enrolled in a qualified high deductible health plan (HDHP); and
- You are not covered by any other health plan that is not an HDHP; and
- You are not covered under an FSA due to your own or your spouse's employment (Limites Purpose FSA designed to wotrk with an HDHP are allowed); and
- You are not currently enrolled in Medicare or TRICARE; and
- You have not received medical benefits through the Department of Veterans Affairs (VA) during the preceding three months; and
- You cannot be claimed as a dependent on someone else's tax return.
Please Note: If you enroll a dependent in the HDHP who is not your tax dependent, then you cannot use money from your HSA to reimburse expenses for that individual. That dependent must set up his or her own HSA to take advantage of this tax-free savings. (If you are married and filing separately, then you can use your HSA money for your spouse’s expenses.)
To access and manage your Health Savings Account, visit the below link to Inspira's member website to view your HSA balance, manage claims, and view your investments.
HOW TO USE YOUR HSA CARD
How does a Health Savings Account Work?
Present your Anthem ID card at the time of service.
Complete your visit with provider.
Provider will submit claim for processing.
Anthem will adjust the claim and prepare your EOB (Explanation of Benefits).
You will receive an EOB and invoice from your provider.
Pay the patient responsibility from your HSA account.
FLEXIBLE SPENDING ACCOUNTS (FSAs)
Hapag-Lloyd employees have the opportunity to participate in several spending accounts. Since the funds are pre-tax, every dollar you contribute earns you more in tax savings! Hapag-Lloyd offers a Healthcare, Dependent Care, Limited Purpose, and Commuter Flexible Spending Accounts to all employees through Baker Tilly Vantagen. For more information about your FSA benefits, you can visit the Baker Tilly portal or contact Baker Tilly at 1-800-307-0230.
HEALTHCARE FSA
The following Medical FSA plan is not available to employees who enroll in the Anthem High Deductible Health Plan. You may deposit up to $3,300 into a Medical FSA. This type of FSA allows you to save money on a pretax basis for any IRS-allowed health expenses (medical, dental and vision) not covered by insurance.
FSA's do have a 'Use it or Lose it Rule' - however, Hapag-Lloyd allows employees to carry over $660 into the next plan year.
Examples of eligible expenses include:
- Deductibles - Coinsurance - Dental Care
- Orthodontia - Eyeglasses, Contact Lenses, etc. - Copays - Approved Over-the- Counter Products - Hearing Exams
- Hearing Aids
DEPENDENT CARE ACCOUNT
You may deposit up to $5,000 ($2,500 if you are married and you and your spouse file separate tax returns) into a Dependent Care FSA. This type of FSA allows you to save money on a pre-tax basis for day care expenses for your child, disabled parent or spouse.
Examples of eligible expenses include:
- Payments to Day Care Centers - After-School Care - Summer Day Camp - Preschool Costs - Elder Care
LIMITED PURPOSE FSA
A Limited Purpose FSA is a pre-tax benefit account used to pay for eligible dental and vision care expenses.
You can elect up to $3,300 annually. These funds are available to you at the beginning of the plan year.
Your annual election is subject to the use-it-or-lose-it rule - however, Hapag-Lloyd allows employees to carry over $660 into the next plan year.
WHY USE AN FSA?
Hapag-Lloyd lets you deposit a portion of your pay, through payroll deduction, into Flexible Spending Accounts (FSAs). Your FSA benefits are administered by Baker Tilly Vantagen. The money that goes into your FSA is deducted from your pay before taxes are calculated. Because you do not pay taxes on the money that goes into an FSA, you reduce your taxable income. Please Note: The FSA Plan Year runs from January 1st through December 31st each year.
HOW DOES A FLEXIBLE SPENDING ACCOUNT (FSA) WORK?
Here’s an example of how a participant can increase their take-home pay by participating in a FSA:
Annual Income
Annual Pre-Tax FSA Election
Taxable Salary
Tax Deduction (est. 35%)
Net Take-Home Pay
Expenses - Annual After Tax
Net Spending Income
ANNUAL SAVINGS
WITHOUT FSA
$55,000
$ -
$55,000
($19,250)
$35,750
($2,000)
$33,750
N/A
WITH FSA
$55,000
($2,000)
$53,000
($18,550)
$34,450
$0
$34,450
$700
COMMUTER BENEFIT
Hapag-Lloyd allows you to deposit a portion of your pay, through payroll deduction, into a Commuter Account. This benefit is administered by Baker Tilly Vantagen and allows you to pay for your work-related transportation costs on a pre-tax basis. When you elect this benefit, you agree to have your wages reduced in exchange for tax-free reimbursements that pay for parking and mass transit passes. Up to $325 in parking and mass transit expenses can be pre-tax each month. Additional funds can also be contributed on a post-tax basis to cover expenses more than these monthly limits for one convenient way to pay.
