HSA/FSA
Budgeting For Your Care
HireVue offers two types of pre-tax accounts: a health savings account (HSA) and flexible spending accounts (FSAs).
When you put money into a pre-tax account, you can save up to 20%* on your care and increase your take home pay. This is because you don't pay tax on your contributions.
*Percentage varies based on your tax bracket.
Health Savings Account
If you enroll in the Cigna HDHP, you will be automatically enrolled in a health savings
account (HSA) through HealthEquity.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
HireVue Contribution
If you enroll in the Cigna HDHP, HireVue will help you save by contributing to your account.
- Team Member-only: $1,000
- Team Member + spouse or child(ren): $1,750
- Team Member + family: $2,500
2024 IRS HSA Contribution Maximums
Contributions to an HSA (including the HireVue 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.
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 People Success.
Maximize Your Tax Savings with an HSA
- Spend
Pay for eligible expenses such as deductibles, dental and vision exams, menstrual care products, and prescriptions. - Save
Roll over funds every year to boost your long-term savings. Even if you switch health plans or jobs, the money is yours to keep. - Invest
Invest and grow HSA funds tax free—including interest and investment earnings. After age 65, spend HSA dollars on any expense penalty free.
Flexible Spending Accounts
HireVue offers three flexible spending account (FSA) options through HealthEquity.
- 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 $3,050 for the 2023 calendar year or up to IRS maximum for the calendar year.
- 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 $3,050 for the 2023 calendar year or up to IRS maximum for the calendar year.zz - 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 a 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 2023 calendar 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 2023 calendar year.
Note: 2024 FSA IRS limits not released by time of publication. FSA IRS limits are subject to change.
How To Use An FSA
- Contribute
Decide how much to contribute to your FSA
on a plan year basis up to the maximum allowable amounts. This amount will be evenly divided by the number of pay periods and deducted on a pre-tax basis from your paycheck. - Pay
Use your FSA debit card to pay for eligible expenses at time of service or submit a claim for reimbursement at healthequity.com. Keep all receipts in case HealthEquity requires you to verify the eligibility of a purchase. - Use it or lose it
Use your FSA funds before the end of the year—any funds in excess of $610 will be forfeited.