Spending Accounts

Health Savings Account (HSA)
Health Care FSA
Limited Purpose FSA

Health Savings Account (HSA)

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.

Is an HSA Right for You?
How Does the HSA Work?
Save Today, Save Tomorrow

*In CA, AL and NJ, the HSA is subject to state tax.

Is an HSA Right for You?

Watch! This short video for an intro to the HSA.

How Does the HSA Work?

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.

Save Today, Save Tomorrow

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.

Watch! This short video for using your HSA to support your future savings.

Health Care FSA

Flexible spending accounts, or FSAs, save you money because you can pay for eligible expenses with tax-free dollars. If you are enrolled in the Cigna Choice Plan with HSA account, you will only have access to the Limited Purpose FSA.

How It Works

  • You must re-enroll every year.
  • You decide how much to contribute to your health care FSA—between $26 and $2,600 per plan year (August 1–July 31).
  • Your plan year contribution will be deducted from your paycheck before federal, state, local and Social Security taxes are withheld. Your Form W-2 will include your calendar year (not plan year) contribution.
  • If you contribute $150 or more, you’ll get a Your Savings Account (YSA) debit card. Just swipe your card when paying for eligible expenses, and the amount is automatically deducted from your account.
  • You have until October 31—three months following the end of the plan year—to submit claims for reimbursement.

Eligible Health Care Expenses

You can use the health care FSA to pay for eligible out-of-pocket medical expenses (such as deductibles, copays and coinsurance) for:

  • Yourself
  • Anyone you claim on your tax return as a dependent—even if they’re not enrolled in an Intuit medical plan

Eligible expenses must be:

  • Tax deductible, according to the IRS
  • Medically necessary and not covered by your medical, dental, or vision plans. Examples include:
    • Deductibles and copays
    • Your share of covered expenses
    • Dental and orthodontia expenses
    • Prescription glasses, contact lenses and cleaning solution
    • Laser vision correction
    • Alcoholism or drug addiction programs
    • Prescription drugs and drug copayments
    • Over-the-counter medications with a prescription from your doctor

Good to Know

  • Save your receipts! Whether you have a YSA debit card or not, you may need to submit receipts to substantiate your claim.
  • Remember the use-it-or-lose-it rule. The money you contribute does not roll over from year to year. Carefully consider your needs when deciding how much to contribute.
  • Plan year versus calendar year. Your contributions are made on a plan year basis while IRS limits and FSA contibution amount that's shown on your Form W-2 are calendar year amounts.

Covered by the Cigna Choice Fund HSA Medical Plan?

The Limited Purpose FSA works hand in hand with the Cigna Choice Fund HSA plan. You can use it to pay for dental and vision expenses—your HSA can help you pay for medical and other eligible expenses. You may want to consider the Limited Purpose FSA for eligible non-medical expenses if you plan on saving your HSA money for the future.

Limited Purpose FSA

This type of FSA is available if you’re enrolled in the Cigna Choice Fund HSA plan, and you can only use it to pay for eligible dental and vision expenses.

Why? Under IRS rules, you cannot have both a Health Savings Account and a regular health care FSA.

How It Works

  • You must re-enroll every year.
  • You decide how much to contribute to your Limited Purpose FSA—between $26 and $2,600 per plan year (August 1–July 31).
  • Your plan year contribution will be deducted from your paycheck before federal, state, local and Social Security taxes are withheld. Your Form W-2 will include your calendar year (not plan year) contribution.
  • You have until October 31—three months following the end of the plan year—to submit claims for reimbursement.

Eligible Dental and Vision Expenses

Limited Purpose FSA eligible dental and vision expenses include:

  • Dental care and orthodontia, such as fillings, X-rays, braces, caps and mouth guards
  • Vision care—including eyeglasses, contact lenses, solutions and supplies, and LASIK eye surgery
  • Preventive care not covered under your medical plan—such as any vaccines or diagnostic tests
  • Prescriptions and eligible over-the-counter items for dental, vision and preventive care

Eligible expenses do not include cosmetic procedures, treatments not supervised by a qualified health care professional, or expenses that are not medically necessary. For a full list of eligible expenses, see IRS Publication 502, “Medical and Dental Expenses.”