The Health Savings Account (HSA) is a personal savings account that you use for health care. You and Intuit set aside money—tax-free.* Then, use the money to pay for medical, dental or vision care—such as office visits, lab work, X-rays and prescriptions—now or in the future. It’s only available if you enroll in the Cigna Choice Fund HSA medical plan.
*In CA, AL and NJ, the HSA is subject to state tax.
Watch! This short video for an intro to the HSA.
Am I eligible?
First, make sure you're eligible for medical coverage through Intuit—the HSA is only available with the Cigna Choice Fund HSA. Then, several rules apply. You are not eligible for the HSA if you:
- Are enrolled in Medicare.
- Are covered by another health care plan that’s not a high-deductible health plan.
- Can be claimed as a dependent on someone else’s tax return.
- Are covered by veterans’ benefits and have used Veterans Affairs medical services within the past three months.
- Are enrolled or covered by a health care flexible spending account (FSA) or Health Reimbursement Account (HRA), including one through your spouse’s/domestic partner’s employer.
How do I enroll?
When you enroll in the Cigna Choice Fund HSA medical plan, an HSA account is automatically opened for you with ConnectYourCare, Intuit’s HSA vendor, and UMB, its banking partner. You can enroll during annual enrollment, as a new hire or within 30 days of a qualified change in status (like getting married or having a child). Your HSA will be activated and available for use the first day of the month following enrollment and you will see Intuit’s contribution to your account within four weeks of enrollment.
How much will Intuit contribute?
If your annual salary is under $80,000, Intuit will contribute:
- $1,000 for individual coverage
- $2,000 for family coverage
If your annual salary is $80,000 or more, Intuit will contribute:
- $750 for individual coverage
- $1,500 for family coverage
How much can I contribute?
You can contribute up to the IRS maximums each year. For 2017, you can contribute:
- Up to $3,400 for individual coverage
- Up to $6,750 for family coverage
If you’re age 55 or older, you can contribute an additional $1,000 in catch-up contributions.
Can I change my contribution amount?
Yes, you can change your contribution amount at any time. Changes will take effect on the first paycheck of the following month.
When will my funds be available?
Intuit's full contribution is deposited into your HSA in the first payroll of the month after you enroll in the Cigna Choice Fund HSA plan. Your ongoing contributions will be funded each payroll cycle. If you are a new hire, your funds are available the first of the month after you enroll in the plan.
Whose expenses can I pay with my account?
Yours, and generally any dependents that meet the IRS definition of a tax dependent.
How do I use my HSA to pay for care?
Use your ConnectYourCare debit card when you receive care or to pay medical bills. You also may submit receipts for reimbursement later. ConnectYourCare, Intuit’s HSA vendor, will send detailed instructions after you open your account.
Can I use any other flexible spending accounts with my HSA?
Yes. You can use the new Limited Purpose FSA with your HSA to pay for eligible dental and vision care. However, under IRS rules, you can’t have both a Health Care FSA and an HSA.
While your HSA is a great way to pay for current health care expenses, you also can use it to build a health care nest egg for the future. Here’s how:
- Contribute the full amount to your HSA, up to IRS limits ($3,400 for individual coverage and $6,750 for family coverage in 2017, plus an additional $1,000 if you’re 55 or older).*
- If your budget allows, pay out of pocket for your health care to let your HSA balance grow, untaxed.
- Invest** your funds once your account balance reaches $1,000—any investment earnings are tax-free.
*If you send a check to ConnectYourCare for the full IRS limit, you will have to claim the tax savings on your return and you will need to be enrolled in a high-deductible health plan for at least 13 months.
**ConnectYourCare manages the HSA and has many mutual funds available as part of its standard investment offering. Intuit does not select the mutual funds offered, nor does Intuit monitor them on an ongoing basis.