Health Savings Account (HSA)
What is an HSA?
An HSA, or Health Savings Account, is a special savings account for eligible healthcare expenses. It offers tax advantages, allowing you to contribute money before taxes are taken out, reducing your taxable income.
Eligibility
You must be enrolled in the Cigna Consumer Health Plan — HDHP to contribute to the HSA.
How it works
Annual contribution limits
You and H&M contribute to the account. The amount depends on which HDHP coverage level you have:
- Employee-only coverage: up to $4,400 (+$500 H&M contribution*)
- Family coverage: up to $8,750 (+$1,000 H&M contribution*)
- Catch-up contribution for those 55 and older: contribute an additional $1,000
*This amount will be prorated depending on when you enroll.
Using your HSA funds
Funds can be used to pay for healthcare expenses like doctor’s visits, prescriptions, and more.
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Keep unsused funds
The money in your HSA rolls over from year to year, so you can save for future healthcare needs, and the account is portable, meaning it stays with you even if you change jobs or retire.