A Health Savings Account (HSA) is a personal and portable bank account that is yours to keep. If you are enrolled in one of the two Cigna HDHP plans, you can open a Health Savings account through Payflex to pay for qualified medical, dental, and vision expenses.

Funds roll over at the end of each year and accumulate tax-free, as does the interest on the account. Once you reach the age of 55, you are allowed to make an additional $1,000 “catch-up” contribution to your HSA until age 65. For the 2023 calendar year, you can contribute up to $3,850 towards your HSA if you are enrolled in employee only coverage. If you have family coverage, you can contribute up to $7,750 towards your HSA.

Remember, your HSA is yours to keep. Your contributions are tax-free, and your money also earns interest tax-free. With a balance of $1,000 or more, you can invest HSA funds in a selection of investment options for additional pre-tax account earnings.

HSA Eligibility

• Must be enrolled in a High Deductible Health Plan (HDHP)
• Cannot be covered by any other health plan that is not a Qualified High Deductible Health Plan.
• Cannot be receiving any benefits from Medicare (including Medicare Part A).
• Cannot have coverage under a spouse’s HRA or FSA.
• You may not enroll in a Health Care Flexible Spending Account (HCFSA) if enrolled in an HSA***

Please note: State laws differ. Contributions made to your HSA may not be deductible from state income taxes. A Health Savings Account is a tax-advantaged savings account that permits you to contribute funds on a pre-tax or tax deductible basis. These funds may be used to pay for current and future eligible medical expenses. This includes eligible medical and prescription drug expenses that apply to your deductible, coinsurance amounts after you have met your deductible, or any eligible dental or vision expenses.