Health Savings Accounts

Cigna in partnership with HSA Bank

www.myCigna.com

1-877-852-6135

HSAs provide participants with an important tax advantage that can help pay health care expenses on a pre-tax basis. Unlike an FSA, funds rollover from year to year with no “use it or lose it” philosophy. Additionally accounts are portable and offer investment opportunities.

Calculate your potential savings with the HSA Tax Savings Calculator.

Compare plan options with the Plan Comparison Tool.

Who is Eligible and When

Active associates working a minimum of 30 hours per week and who are participating in the compatible medical “HSA Plan” are eligible for enrollment. In addition, participants enrolling for an HSA account must not be:

  • Covered under another “traditional” medical plan, “unlimited” Medical Reimbursement FSA, HRA Tricare or other VA benefits and may not be enrolled in Medicare or any supplemental Medicare coverage.
  • Cannot be claimed as a dependent (excluding spouses) on another person’s tax return.

Qualified Associates have up to 30 days to enroll in the plan after they become benefit eligible. Most benefit changes require a “qualifying life event” and must be identified within 30 days. Failure to do so will disqualify you from changing coverage until the next open enrollment.

Unlike an FSA, company owners are eligible for entry; however, all payroll deductions are post tax and later eligible for deduction when filing your personal Federal and State (per state guidelines) returns.

The account is made available for contributions the first of the month following date of hire or January 1 following open enrollment.

Eligible Expenses

This program allows associates to pay for certain IRS-approved medical care expenses not covered by their insurance plan with pre-tax dollars. Some examples of qualified expenses include:

  • Office visit copays, deductibles and co-insurance
  • Vision services, including contact lenses, contact lens solution, eye examinations, and eyeglasses
  • Dental services and orthodontia
  • Chiropractic services
  • Long-term Care, Medicare and COBRA premiums

Contributions

The annual maximum participants can contribute is determined by their “HSA Medical Plan” coverage level. Contributions can be made by electing pre-tax payroll deductions, making after-tax, tax deductible contributions, or rolling over a personal IRA or other HSA account (limits and fees may apply, please refer to HSA Bank schedule of fees). Funds are made available for use on an “as deposited” basis.

The company will provide a contribution corresponding to your enrollment in the “HSA Medical Plan”. These contributions will be funded on the first payroll following medical plan eligibility/enrollment and must be included in the total annual limit allowed. Below are the maximum contributions allowed for the 2018 calendar year.

Contribution Limits

Individual

Family

2019 Calendar Year Limit

$3,500 $7,000

Catch-up Contribution Limit (Age 55+)

$1,000 $1,000

Investing

HSA funds can be invested with a minimum HSA Cash balance of $1,000.  Two platforms are made available for HSA participants including the Devinir platform offering a pre-selected group of no-load mutual funds or the TD Ameritrade self-directed brokerage platform.  Learn more about investing your HSA HERE.

Beneficiary

Be sure to assign a beneficiary to your account. This can be done online by logging into your account at www.mycigna.com.

Transfer/Rollover

You can rollover existing HSA or MSA accounts at any time. HSA Bank facilitates a direct transfer option, eliminating the need to receive a distribution of funds from your existing account. One IRA transfer is allowed per lifetime under IRS guidelines. Forms for transfer/rollover can be obtained online or by contacting HR.

Complete information on HSA benefits can be found in the Mariner Wealth Advisors, LLC Health Care Plan Summary Plan Description and SPD Supplement on the Annual Notices Page.