Health Savings Account

Stretch your healthcare dollars further. Big time.

If you’re enrolled in our High Deductible Health Plan, the Health Savings Account (HSA) allows you to use pre-tax dollars to pay for many of your qualified out-of-pocket healthcare expenses for you and your eligible dependents. You’ll also benefit from company contributions makes to this account on your behalf to help you keep your overall healthcare costs down each year.

It’s important to note that you can only contribute to an HSA if you are enrolled in the company’s HDHP medical plan.

Quick facts

How the HSA works

The money you save through your HSA is taken out of your pay before you pay taxes, up to certain limits set by the IRS. Using before-tax dollars lowers your taxable income, which means you’ll pay less in taxes. HSA funds can even be invested in an assortment of investment options offered by Fidelity, managed through NetBenefits.

Note: State income tax applies to HSA contributions and investment earnings in California and New Jersey.

Contributions

Here’s a look at the amount you’re allowed to set aside in your HSA, and how much the company will contribute to your account. Both your contribution and our contribution will count toward the IRS limit. The most you can contribute through payroll is the IRS limit, less the contributions from the company.

2024	IRS Maximum Contribution*	Annual Company Contribution**	Your Maximum Payroll Contribution
Employee Only	$4,150	$1,170	$2,980
Employee + Dependent(s)	$8,300	$2,340	$5,960

*For those age 55+, the IRS allows an additional $1,000 annually in catch-up contributions.
**Amount is prorated for new hires. Funding is deposited each pay period following enrollment.

New to the team? Remember that HSA contributions made at your former employer count against the annual IRS limit. Factor those in when setting your contributions. You are responsible for not overcontributing to your HSA.

The bottom line

When you combine your HSA contributions with the additional contributions we make on your behalf, you can use your HSA spending account to set aside up to a total of $4,150/individual and $8,300/family (+$1,000 for those 55+) on a pre-tax basis to help pay for health care costs.

Other important notes about HSA contributions

What you need to know

You can start, stop, or change your HSA contributions at any time.
You’ll receive a HSA debit card from Fidelity to make accessing these eligible funds easy and convenient throughout the year.
You can use your HSA funds anytime to help pay for current eligible medical, dental, and vision expenses—or you can apply them to future expenses.
Funds can be used for any reason in retirement, penalty-free.
Any unused funds left in your HSA at the end the year will automatically roll over to the following calendar year.
All funds that accumulate in your HSA always belong to you. The full value of your account is portable, which means it stays with you if you change employers or retire.

Important note: If you or the company are contributing to an HSA in your name, you cannot enroll in a Health Care Flexible Spending Account.

Explore more

Contact Fidelity directly

Questions: (800) 544-3716
Website: fidelity.com

Want to save more on health care expenses?

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It’s important to note that IRS regulations do not allow you to enroll in the Health Care FSA if you select the HDHP. However, if you want to benefit from extra tax savings in addition to what you’ll receive through the HSA, you are eligible to enroll in a special Limited Purpose FSA.

Like the Health Care FSA, the Limited Purpose FSA lets you set aside up to $3,200 before taxes annually—but you can only use this money to pay for eligible dental and vision care expenses allowed by the IRS.

Keep in mind, it is only truly beneficial to enroll in the Limited Purpose FSA if you are already maxing out your HSA. Your HSA funds are eligible for the same dental and vision expenses and you run no risk of losing those funds because they are deposited into a bank account you own.