Health Savings Account

A Health Savings Account (HSA) is a tax-free account you can use to pay for your health care now or in the future. The HSA is administered by PayFlex.

How It Works

An HSA is separate from the medical plan, but they work together. The benefits of an HSA include:

  • Triple tax advantages. You can contribute pre-tax money to your account, your account can grow by earning tax-free interest, and you pay no taxes when you use the money for eligible expenses.
  • Use it now or save for later. You can use the money in your account to pay for current or future eligible health care costs.
  • Invest your HSA. If you choose to let your account grow, you can invest the money in a choice of investment options.
  • Roll it over. Your unused account balance rolls over from year to year.
  • Keep the money. The money in your account is always yours, even if you change jobs or retire.

At-A-Glance

Here’s a quick look at the HSA. For details, review the PayFlex website for eligible expenses and frequently asked questions.

HSA Eligibility
  • You are eligible for an HSA if you are enrolled in the Stimson high-deductible plan.
  • You are not eligible if you are covered by Medicare, or other health insurance that is not a high-deductible plan, including coverage under your spouse’s medical plan.
Stimson Annual Contribution

Stimson makes an annual contribution to your HSA at the beginning of the year. If you are a new hire, Stimson will contribute to your HSA once you are benefits eligible. Stimson’s contribution is based on your pay and the medical plan coverage level you elect. The annual contribution will stay the same even if you have a salary or job change during the year.

Stimson’s Automatic Contribution
Your Pay Employee Only Coverage Employee Plus Coverage
Less than $60,000 $1,000 $2,000
More than $60,000 $ 750 $1,500
Additional Stimson Contributions

You can earn additional Stimson contributions to your HSA when you participate in the Stimson wellness program. If you and your spouse/domestic partner are enrolled in the Stimson medical plan, you can each earn up to $750 for participating in wellness activities — that’s $1,500 if you both participate.

Important: To receive the Stimson contribution, you must be employed. Contributions will not be made retroactively if you leave the company.

Employee Contributions

 

You may contribute up to IRS limits, which includes both your contribution and Stimson’s contribution (annual contribution and additional contribution for participating in the wellness program):

Employee only coverage: $3,650

Employee-plus coverage: $7,300

Catch-up: If you are 55 or older by the end of 2022, you can contribute an additional $1,000.

Important: The maximum amount you can contribute annually to the HSA depends on the amount of Stimson’s contribution:

Your contributions are automatically deposited into your HSA on a pre-tax basis from each paycheck throughout the year.

During the year, you can start, stop, increase or decrease your election. To make a change, go to UltiPro. From the menu, select the “Myself” tab, then “Life Events.”

Note: You are responsible for managing your HSA and the maximum contribution amount so that it does not exceed the IRS limits.

Eligible Expenses

Use your HSA to pay for eligible expenses, defined by the IRS, including:

  • Most medical care and services
  • Prescription drugs and over-the-counter medications with a doctor’s prescription
  • Vision care
  • Orthodontia and non-cosmetic dental care
  • Medicare, COBRA and qualified long-term care expenses

View a list of common eligible expenses.

Using Your HSA

Pay health care expenses with your HSA.  

  • Use your PayFlex Card or PayFlex online feature for direct payment from your HSA.
  • Pay eligible expenses out of pocket, then withdraw funds from your HSA to pay yourself back.

Save money in your HSA for future eligible health care expenses and let your HSA grow earning interest:

  • Unused money in your HSA rolls over each year.
  • You own your HSA. The money in your account is always yours, even if you change health plans, jobs or retire.
Growing your HSA

Your HSA grows tax-free in an interest-bearing cash account at Citibank.

Once your account balance reaches $1,000, you may invest your HSA dollars in a variety of mutual funds through a PayFlex investment account. For more investment information, review the Investing Quick Reference Guide.

Portability Your entire account balance is always yours, even if you change health plans, leave Stimson or retire.
Fees Certain fees apply. Review the HSA fee schedule.

UltiPro

Username: STMSN plus 6-digit clock number. If clock number is less than 6 digits (e.g., 1234), add zeros to ensure a total of 6-digits: STMSN000123.

Activate Your HSA

Once you enroll in the Stimson medical plan, PayFlex will set up an interest-bearing HSA bank account with Citibank. You’ll receive instructions on how to register and may have to provide some personal information (e.g., home address).

Be sure to designate a beneficiary for your HSA on the PayFlex website.