Health Savings Account (HSA)
About the Health Savings Account (HSA)
The HSA is available if you choose the Cigna HDHP $3,300 plan at open enrollment.
A Health Savings Account (HSA) lets you set aside pretax dollars to pay for qualified medical expenses - like doctor visits, prescriptions, braces, and even Lasik surgery. Your balance rolls over year to year, and the account is yours to keep, even if you change jobs or health plans.
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HSAs offer a triple-tax advantage:
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Tax-free contributions
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Tax-free interest or investment growth
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Tax-free withdrawals for eligible expenses
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If you chose the Cigna HDHP $3,300 plan, you will sign up for your HSA through Optum.
Visit www.optum.com/en/financial-services/health-savings-accounts.html and follow the instructions to enroll. You’ll receive a debit card for easy access to funds. Please make sure to review the examples of HSA eligible expenses to avoid penalties.
Eligibility
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You are enrolled in the High Deductible Health Plan (HDHP); and are not covered under another medical plan such as Medicare, Tricare or a spouse’s medical plan (not an HDHP) which provides similar coverage; and, cannot be claimed as a dependent on another person’s insurance policy or tax return.