HSA / FSA
HEALTH SAVINGS ACCOUNT
If you enroll in the Cigna HDHP/HSA $1,750 plan, you may be eligible to open and fund a health savings account (HSA) through HSA Bank.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
AMERICHEM CONTRIBUTION
If you enroll in the Cigna HDHP/HSA $1,750 plan and engage in the wellness program, Americhem will help you save by contributing to your account.
- Employee-only: $500
- All other coverage levels: $1,000
You must participate in the MotivateMe wellness program to earn the HSA contribution from Americhem.
2024 IRS HSA CONTRIBUTION MAXIMUMS
Contributions to an HSA (including the Americhem contribution) cannot exceed the IRS allowed annual maximums.
- Individuals: $4,150
- All other coverage levels: $8,300
If you are age 55+ by December 31, 2024, you may contribute an additional $1,000.
HSA ELIGIBILITY
You are eligible to fund an HSA if:
- You are enrolled in the Cigna HDHP/HSA $1,750 plan and meet additional eligibility requirements. You are NOT eligible to fund an HSA if:
- You are covered by a non-HSA eligible medical plan, health care FSA, or health reimbursement arrangement.
- You are eligible to be claimed as a dependent on someone else’s tax return.
- You are enrolled in Medicare, TRICARE, or TRICARE for Life.
Refer to IRS Publication 969 for additional eligibility details. If you are over age 65, please contact Human Resources.
MAXIMIZE YOUR TAX SAVINGS WITH AN HSA
FLEXIBLE SPENDING ACCOUNTS
Americhem offers three flexible spending accounts (FSAs), which are administered by Admin America.
Log into your account at adminamerica.com to: view your account balance(s), calculate tax savings, view eligible expenses, download forms, view transaction history, and more.
HEALTH CARE FSA (NOT ALLOWED IF YOU FUND AN HSA)
Pay for eligible out-of-pocket medical, dental, and vision expenses with pre-tax dollars.
The health care FSA maximum contribution is $3,200 for the 2024 calendar year. You can roll over up to $640 each year.
LIMITED PURPOSE HEALTH CARE FSA (IF YOU FUND AN HSA)
If you fund an HSA, you can also fund a limited purpose health care FSA. The limited purpose health care FSA can only be used for dental and vision expenses.
The limited purpose health care FSA maximum contribution is $3,200 for the 2024 calendar year. You can roll over up to $640 each year.
DEPENDENT CARE FSA
The dependent care FSA allows you to pay for eligible dependent day care expenses with pre-tax dollars. Eligible dependents are children under 13 years of age, or spouse, a child over 13, or elderly parent residing in your home who is physically or mentally unable to care for him or herself.
You may contribute up to $5,000 to the dependent care FSA for the 2024 plan year if you are married and file a joint return or if you file a single or head of household return. If you are married and file separate returns, you can each elect $2,500 for the 2024 plan year.
HOW TO USE AN FSA
Open Enrollment Has Ended. If You Are A New Hire, Follow The Instructions Below To Enroll:
To enroll in benefits, log into workforcenow.adp.com/public/index.htm . Once logged into the portal, you will be automatically directed to the new hire enrollment wizard. You must complete the enrollment process regardless of whether you are electing or waiving coverage. Coverage begins and ends based on the plan rules.