HEALTH SAVINGS ACCOUNT (HSA)
For those enrolled in HL’s Cigna HDHP $2,000 / $4,000 or Cigna HDHP $3,000 / $6,000 Medical Plan, you can elect to participate in the Health Savings Account. HSAs allow you to set aside funds on a pre-tax basis that you can then use for qualified medical, dental, and vision expenses.
GET TO KNOW YOUR HEALTH SAVINGS ACCOUNT
How much can you contribute to your HSA in 2024?
The annual contribution limits for 2024 are the following:
- $4,150 for individual coverage
- $8,300 for family coverage
- Individuals 55 years of age or older by December 31st, 2024 may defer an additional $1,000 for the year
Will you receive an HSA Card?
Yes, WEX will mail all 2024 enrollees a Visa Card to their home address listed in Workday. Contributions will be loaded to the card to pay for doctor’s bills, pick up prescriptions or any other eligible expense.
Enrolled in Dependent Care, Commuter FSA, & HSA Plan?
If you are enrolled in the Dependent Care FSA, Commuter FSA and the Health Savings Account (HSA), WEX will send you one card to use for all plans.
What happens to your unused HSA dollars at the end of the Plan Year (by December 31st)?
Your unused money at the end of each year rollover and accumulate tax-free, as does the interest on the account.
What if you forgot to use your HSA Card to pay for eligible expenses?
No worries, you can reimburse yourself for eligible expenses through your WEX online account.
Did you know you can invest your HSA balance?
Those with a balance of $1,000 or more, can invest HSA funds in a selection of investment options for additional pre-tax account earnings. Login to your WEX Account to learn about the investment options and process details.
Additional HSA Eligibility Details
As mentioned above, you must be enrolled in HL’s HDHP Plans to participate but it’s important to know other eligibility requirements. You are unable to participate if you are:
- Covered by any other health plan that is not a Qualified High Deductible Health Plan.
- Receiving any benefits from Medicare (including Medicare Part A).
- Covered under a spouse’s HRA or FSA.
