2023 Benefits Guide
HEALTH SAVINGS ACCOUNT (HSA) CIGNA AVAILABLE TO PARTICIPANTS IN THE HSA OPEN ACCESS PLUS PLAN.
1 (800) CIGNA-24 mycigna.com
A health savings account (HSA) is a tax-advantaged savings account that can be used for your qualified healthcare expenses. You own your HSA and can contribute to the account with pre-tax payroll deductions based on your needs. Did you know an HSA provides triple tax benefits? The money you contribute is pre-tax, and the interest that accumulates in the account is tax-free. In addition, money withdrawn from an HSA isn’t taxed, provided you use it for qualified healthcare expenses. Like a savings account, you will only be able to withdraw funds that are in the account. As an added benefit, our company will contribute $1,250 to individual accounts and $2,500 to employee and dependent accounts. If you are paid bi-weekly, expect an employer contribution to your health savings account bi-weekly. If you are on a weekly payroll frequency, you can expect employer contributions to be made weekly. OTHER HSA ADVANTAGES
You can use the account to pay for qualified healthcare expenses.
Unspent dollars roll over each year and are yours to keep if you retire or leave the company.
You can invest your HSA funds, so your available healthcare dollars can grow over time.
You are eligible if:
You are enrolled in the HDHP
You are not covered by a spouse’s plan
No one else can claim you as a dependent
You are not enrolled in Medicare, TRICARE or TRICARE for Life
You have not received VA benefits in the past 3 months
How Do I Access / Make Contributions to My HSA? You can manage your HSA at www.mycigna.com. You’ll set up your payroll contributions during your enrollment period and can make changes at any time throughout the year (although it may take between 1–2 payroll periods for any changes to be processed).
How Much Can Be Deposited into an HSA in 2023?
Up to $3,850 for individual
The maximum contribution increases by $1,000 *Not enrolled in Medicare
z
<55*
55+*
z Up to $7,750 for family *Not enrolled in Medicare
11
Made with FlippingBook - Online Brochure Maker