A health savings account (HSA) is a tax-advantaged savings account you can use to pay for eligible medical, Rx, dental and vision expenses – like office visits, X-rays, lab work and prescriptions – for you and anyone you claim on your taxes. If you are enrolled in one of FirstEnergy’s high-deductible health plans (HDHP), you can contribute to an HSA through Anthem’s financial partner BenefitWallet.
You can contribute dollars on a pre-tax basis through payroll deduction up to the IRS maximum limit. Contributions, earnings and distributions are exempt from federal income and Social Security taxes when used to pay for qualified expenses now or in the future. Money left in your account at the end of the year rolls over into the next year. If you change health plans or leave the company, your HSA goes with you.
- It’s flexible. Use it now to pay for eligible expenses. Or, save it for your future health care needs and let the balance grow.
- The money is yours to keep—forever. Take your HSA with you when you leave the company or retire.
- No “use it or lose it.” Unlike a flexible spending account, your account balance rolls over and continues to grow tax-free each year.
- You can invest it. Once your account balance reaches $1,000, you can invest in mutual funds and any investment earnings are tax-free.
Health Savings Account Info for Domestic Partners
If an employee enrolls their domestic partner onto a FirstEnergy medical plan, they are permitted to contribute into their HealthEquity HSA for the domestic partner, even if the domestic partner is not eligible for an HSA. However, the employee is not permitted to use their HSA to pay for the domestic partner’s expenses unless the domestic partner qualifies in another way - such as being a tax dependent due to disability. Contact HealthEquity at 877-713-7712 for more information.