Get your questions answered below by reviewing some common questions employees have about the HSA.
Watch a video to discover how the triple-tax advantage in the HSA helps you save your money and keep it out of the tax man’s hands!
How the HSA Works
Who can participate?
You, but only if you enroll in the Hess Medical Plan.
Who can contribute?
You and Hess.
How much does Hess contribute?
Hess contributes $500 for employee only coverage or $1,000 if you have employee + one or employee + family coverage to your HSA in January. Hess also contributes another $500 for employee only coverage or $1,000 if you have employee + one or employee + family coverage, if you earn the necessary POWER UP wellness points within a program year. The wellness contribution will also be funded in your HSA in January.
How much can I contribute?
- Up to $4,150 if you have employee only coverage.
- Up to $8,300 if you have employee + one or employee + family coverage.
- Employees age 55 or older may contribute an additional $1,000.
The above amounts may be reduced if you earn the additional company HSA contribution for achieving the necessary POWER UP wellness points.
Can I change my contributions?
You can change (increase, decrease, start or stop) your HSA contributions anytime.
Do I need to open an account?
Yes. Unless you already have an open HSA, you will need to log onto the Hess Benefits Center at Fidelity or netbenefits.com to open your account.
What can I use the money for?
Eligible health care expenses, including office visits, prescription drugs, dental and vision, for yourself and your tax dependents. You can also use the money on non-medical expenses, but this money will be subject to income tax and a penalty, depending on your age.
How do I use the money?
You can make payments directly to providers using your HSA debit card or the online payment feature, or you can request an HSA checkbook.
When can I use the money?
You can use funds that are currently in your account. If you don’t have enough money in your account, you can pay expenses with other money, then reimburse yourself later with money from the HSA.
Can I lose the money?
No. The money in your HSA will roll over from year to year and is yours to keep.
Can I use HSA money next year if I waive coverage?
Yes. You can continue to use the HSA money for eligible health care expenses. However, you cannot contribute to the HSA when you are no longer covered by a high deductible plan.
Can I take my money with me if I leave Hess?
Yes. Your HSA belongs to you, and you may leave it with Fidelity.
REMEMBER
You must re-enroll in order to make HSA contributions every year. Your current election won’t roll over to next year. However, you can change (increase, decrease, start or stop) your HSA contributions at any time during the year.