Your HSA will be administered by HealthEquity.

Note: The last day you can use your BenefitWallet debit card is May 2, 2024. Please visit the HealthEquity portal at www2.healthequity.com/benefitwallet3/members for more information, including other key dates you should be aware of. 

An HSA is a tax-advantaged account available to you if you enroll in the High Deductible HSA.* (This account is not available if you enroll in the Standard Care, Premium Care or Kaiser Permanente HMO plan.) You can use the HSA to pay for qualified out-of-pocket health care expenses, including medical, dental, vision and prescription drug costs. WSI adds money to your HSA, and you can also make your own contributions. After you enroll, you will receive more information in the mail about setting up your HSA.

*You must meet all eligibility requirements for the HSA. No one can claim you as a dependent on their taxes, you can’t be enrolled in Medicare or Tricare and you can’t be enrolled in or covered by another person’s general purpose Health Care Flexible Spending Account (FSA) or health coverage.

KEY HSA FEATURES

Pretax Contributions: You may contribute pretax income to an HSA.

Triple Tax Benefit:

  1. Pretax contributions from your paycheck can be set at Open Enrollment and changed at any time. HSA payroll deductions will start with your first available paycheck after July 1, 2024.
  2. Withdrawals from your HSA used to pay for qualified health care expenses for you and your tax dependents are free from federal income tax. Any money left in your HSA at the end of the year remains in your HSA year over year.
  3. Once your HSA reaches a balance of $1,000, you can invest your funds. Interest and any earnings in the account are free from federal income tax (provided you withdraw the money to pay for qualified health care expenses).

Portable: Your HSA is owned by you and remains with you if you leave the company.

Health Care: Your HSA funds can be used in retirement to pay for qualified health care expenses.

Employer Contributions: WSI will add money to your account: $500 for individual coverage or $1,000 for family coverage. You’ll receive half of WSI’s contribution during the first available pay cycle after the start of the plan year (July 1, 2024) or after your election is processed. You’ll receive the remaining WSI contributions on a per-paycheck basis throughout the year. If you enroll in the High Deductible HSA after July 1, 2024, your remaining HSA deposits will be prorated based on the number of pay periods left in the plan year.

Make Changes Any Time: Keep in mind you can change your contributions at any time during the year.

Learn more about the HSA.

WHO CAN ENROLL?

Per IRS regulations, you must be enrolled in a High Deductible Health Plan (HDHP) to be eligible to contribute to an HSA. In addition, you cannot:

  • Have any health coverage, other than an HDHP. However, you can still be an eligible individual even if your spouse has non-HDHP coverage, provided you are not covered by that plan.
  • Have coverage under a general purpose health care FSA or health reimbursement arrangement, TRICARE, general purpose health reimbursement account or any other type of coverage that provides significant benefits in the nature of medical care.
  • Be a dependent on another person’s tax return.
  • Be enrolled in Medicare (note that if you delay your enrollment in Medicare Part A at age 65 you will remain eligible to contribute to an HSA).

CONTRIBUTION LIMITS

The federal government limits the total amount of money that can be contributed to an HSA in a single year. You are responsible for ensuring the total of your contributions to your account stay within the federal limits.

IRS HSA Annual Contribution Limits

2024

Associate Only Coverage

$4,150

Associate Plus Child(ren) Coverage

$8,300

Associate Plus Spouse Coverage

$8,300

Family Coverage

$8,300

Age 55 Catch-up Contribution

$1,000

The annual total of all contributions to your HSA, from all sources, including your contributions through payroll deduction, any after-tax personal contributions and any employer contributions, cannot exceed the above annual contribution limit. Because your benefits coverage crosses into two calendar years, whatever you elect to contribute to your HSA this year will also carry over into next calendar year.

If you decide to participate in an HSA this plan year, you will need to decide how much you want to contribute. This amount will depend on your anticipated expenses and budget for the coming year. You will also need to take into account the annual IRS limits on your contributions. This year, you and WSI can contribute up to a combined $4,150 for individual coverage and $8,300 for family coverage. In addition, if you are eligible and enroll in the High Deductible HSA plan, and you are at least age 55, you may be able to make additional “catch-up” contributions each year to your HSA bank account up to $1,000. You can change your contributions anytime during the year. Please review your payroll elections carefully.

HEALTHEQUITY MAKES MANAGING YOUR HSA EASY

  • Member Portal – The HealthEquity Member Portal has everything you need to understand and manage your HSA, from savings calculators to account statements.
  • Debit Card – Debit cards make it easy to use your HSA account and offer greater consumer protection and peace of mind. One card per account will be mailed to each enrolled member and must be activated upon receipt.
  • Mobile App – To download the mobile app, search for it by name (HealthEquity Mobile) in Google Play (for Android users) or Apple Store (iOS).

Investing with your HSA

Your HSA has a built-in investment account that can be used like a 401(k) for health care costs in retirement. Remember, the money in your HSA never expires. There are several benefits to investing in an HSA:

  • You can save for medical expenses in retirement.
  • Your investment gains are tax free.*
  • You have the potential of investment growth.
  • You have the flexibility to spend the money any time – from today through retirement.

*Investment gains are not subject to federal income tax or state income tax in most states.