Staying proactive about your health is important. It can help you maintain your well-being and potentially avoid more significant health issues down the line. At HPE, the Health Savings Account (HSA) is a powerful tool that can help support your physical health and financial well-being.
An HSA allows you to set aside pre-tax dollars for qualified medical expenses, which can include doctor visits, prescription medications, and even some over-the-counter items.
Keep reading for a quick overview of the advantages of this benefit.
What is an HSA?
At HPE, an HSA is a tax-advantaged health savings account for employees enrolled in the Anthem HDHP + HSA $2000 medical plan. It’s an account that you own that can help you pay for medical expenses now or save for them in the future.
HSA’s have become increasingly popular due to their unique combination of tax benefits and flexibility. Let’s dive into some reasons why they stand out:
- Triple tax advantage*– HSAs offer tax-free contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
- Long-term savings – HSA funds roll over year after year. This means you can potentially build a substantial balance over time, which could provide a financial cushion for future medical expenses.
- Portability – Your HSA is yours to keep, even if you change jobs or retire. This portability can help ensure that your savings continue to work for you, regardless of your employment status.
- Investment opportunities – Once your HSA balance reaches a certain threshold, you can invest the funds in a variety of options, similar to a 401(k). This can allow your savings to potentially grow more over time.
- Versatility for retirement – After age 65, you can use HSA funds for non-medical expenses without penalty (though you’ll pay income tax on those withdrawals). This can make HSAs a versatile tool for retirement planning.
*With respect to federal taxation only. Contributions, investment earnings, and distributions may or may not be subject to state taxation.
HPE HSA Highlights:
- HPE contributes $500 (individual) or $1000 (family) annually when you enroll in the HDHP + HSA, elect a contribution of $0 or more, and open an HSA with Fidelity.
- HPE contributes to your HSA even if you contribute $0.
- The account is always yours, so you can accumulate a balance and use it to pay for eligible expenses in future years—even when you’re not enrolled in the Anthem HDHP + HSA $2000 or if you leave HPE or retire.
- HPE will contribute an extra $100 if you get an eligible in-network preventive cancer screening.
By leveraging your HSA, you can address physical health concerns while working to build a secure financial future. Invest in your health – start maximizing your HSA today!
Getting Started
Visit MyHPERewards to learn more and enroll. You can start, stop, or change your contributions during the year through the HPE Benefits Center.
To access your HSA, visit Fidelity NetBenefits or call 1-844-537-5304 (choose Spending and Reimbursement Accounts).
Our benefits team is here to help you.
Investing involves risk, including risk of loss.
This information is intended to be educational and is not tailored to the investment needs of any specific investor.
The information provided herein is general in nature. It is not intended, nor should it be construed, as legal or tax advice. Because the administration of an HSA is a taxpayer responsibility, you are strongly encouraged to consult your tax advisor before opening an HSA. You are also encouraged to review information available from the Internal Revenue Service (IRS) for taxpayers, which can be found on the IRS website at IRS.gov. You can find IRS Publication 969, *Health Savings Accounts and Other Tax-Favored Health Plans*, and IRS Publication 502, *Medical and Dental Expenses*, online, or you can call the IRS to request a copy of each at 800-829-3676.
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Put your HSA to work
From tax-free medical expenses to long-term savings opportunities, your HSA can support multiple financial goals.
