Health Savings Account
If you enroll in the Cigna HDHP $5,000 plan, you may be eligible to open and fund a health savings account (HSA). An HSA is a personal savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars. The money remains in the account for you to spend on eligible expenses no matter where you work or how long it stays in the account.
Contributions to an HSA cannot exceed the 2021 IRS contribution maximums: $3,600 for individual coverage and $7,200 for all other tiers. If you are age 55+ by December 31, 2021, you may contribute an additional $1,000.