Health Savings Accounts, or HSAs, are a popular health care savings tool.
You can elect an HSA if you choose the Health Care Savings Medical Plan. HSAs cannot be elected with the PPO plan. Just like regular savings accounts, money can accumulate year after year and earn interest. HSA funds can be used to pay for eligible out-of-pocket health care expenses—for you, your spouse, or your dependent children. Best of all, the money in your HSA always belongs to you, even if you retire or change employers.
Triple Tax Benefit
- Contributions made on a pre-tax basis
- Funds grow tax-free
- Tax-free withdrawals for qualified expenses
Eligible HSA Expenses
- Office Visits
- Prescription Drugs
- Immediate Care Clinic Visits
- X-rays
- Lab Work
- Dental
- Vision
Find a complete list of eligible expenses on irs.gov.
This plan is subject to IRS guidelines. If your income is equal to or above the IRS highly compensated threshold, your contribution elections may be reduced.
2024 Contribution Limits
When you enroll in an HSA, you’ll determine how much you want to contribute annually within the IRS limits. We’ll automatically deduct the amount from your paycheck over the course of the year and deposit it directly into your HSA each pay period. You have the ability to change your HSA contribution any time throughout the year.
| Coverage | 2024 |
|---|---|
| Employee | $4,150 |
| Family | $8,300 |
If you’re 55 or older, you can make an additional catch-up contribution of up to $1,000. This is something many people choose to do as they prepare for retirement.
Log on to Fidelity
- Visit 401k.com
- If you don’t have an account yet, you’ll need to provide your name, date of birth, and the last 4 digits of your SSN.
