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.
Here’s a quick look at the HSA. For details, review the PayFlex website for eligible expenses and frequently asked questions.
|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.
|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.
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.
Use your HSA to pay for eligible expenses, defined by the IRS, including:
View a list of common eligible expenses.
|Using Your HSA||
Pay health care expenses with your HSA.
Save money in your HSA for future eligible health care expenses and let your HSA grow earning interest:
|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.|
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