If you’re enrolled in the Cigna HSA medical plan, you can set aside pretax dollars in an HSA through MyChoice Accounts. It can help you cover eligible health care costs now or in the future.
6 HSA advantages
- Gen helps you pay your health care expenses. Gen contributes $500–$1,500 per year to your HSA, depending on who you cover under your plan.
- Save on taxes three ways! You pay no federal taxes on contributions, interest earned, or withdrawals for eligible expenses. (HSA contributions, withdrawals, and earnings are also exempt from state tax, except in California and New Jersey.)
- It’s yours forever. Unused funds roll over from year to year, and you can take all the money in your HSA with you if you leave Gen.
- Invest your HSA funds. When you have more than $1,000 in your account, you can invest your balance to help you grow your savings.
- It’s a flexible way to save. To start, stop, or change your HSA contribution at any time, visit benefitsolver.com (or through Benefitsolver on MyApps).
- It’s another way to save for retirement. You can save your HSA money for expenses you’ll have in retirement, including Medicare premiums.
Eligibility
To contribute to an HSA, you need to be enrolled in the Cigna HSA plan, and you cannot be:
- Covered under another medical plan that is not HSA-eligible
- Enrolled in a general-purpose health care flexible spending account (FSA) (but you can be enrolled in a limited-purpose FSA)
- Claimed as a dependent on someone else’s tax return
- Enrolled in Medicare
Contribution limits
The IRS sets limits on how much you can contribute to your HSA each year, combined with Gen’s contribution.
2024 Limits
| Cigna HSA plan coverage level | Gen’s HSA contribution | Your contribution limit | Combined contribution limit |
|---|---|---|---|
| Team member only | $500 | $3,650 | $4,150 |
| Team member + spouse or domestic partner | $1,000 | $7,300 | $8,300 |
| Team member + children | $1,000 | $7,300 | $8,300 |
| Team member + family | $1,500 | $6,800 | $8,300 |
| Additional allowable contribution if age 55+ | $0 | $1,000 | $1,000 |
How the HSA works
To get the HSA contribution from Gen, you need to enroll in the Cigna HSA plan in Benefitsolver and enroll in a health savings account—even if your per-pay-period contribution will be $0.
After you enroll, you will begin making your elected contributions each pay period. Gen will deposit the employer contribution at the beginning of the year for current team members, and within three pay periods for new hires. The funds cannot be deposited if you have not enrolled with at least a $0 election.
You can pay for doctor visits, pharmacy purchases, and other qualified expenses with your MyChoice debit card. You can also schedule one-time or recurring online payments directly from your HSA.
For details, review the MyChoice Accounts user guide [PDF].
Eligible expenses
The IRS determines which expenses are eligible. Here are some of the expenses you can pay with your HSA:
- Copays and coinsurance for doctor visits and prescription drugs
- Over-the-counter medications and health supplies (e.g., first aid, sunscreen, blood pressure monitors)
- Lab fees
- Dental treatments
- Insulin
- Fertility treatment
- Vision exams
- Eyeglasses, contact lenses, and contact lens solution
- Hearing aids and batteries
For a full list of eligible expenses, visit the IRS website.
Save your receipts
You may need them to verify your eligible expenses.