The Health Savings Account (HSA) is a personal savings account that you use for health care. You and Intuit set aside money—tax-free.* It’s only available if you enroll in the Cigna Choice Fund with HSA medical plan. See what expenses you can use the account for.
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 with HSA medical plan. 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 with HSA medical plan, an HSA account is automatically opened for you with HealthEquity. Read more about enrollment.
How much will Intuit contribute?
Intuit contributes to your HSA at the start of each fiscal year (Aug 1–Jul 31) or upon initial enrollment into the Cigna Choice Fund with HSA medical plan.
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 FY24, you can contribute:
- Up to $3,850 for individual coverage, or
- Up to $7,750 for family coverage
If you’re age 55 or older, you can contribute an additional $1,000 in catch-up contributions.
Calendar year vs. fiscal year
- All Intuit benefit plans follow the Intuit fiscal year—Aug 1 through Jul 31. That means that when you enroll in the health savings account (HSA), your contribution deductions begin Aug 1 (or when you’re eligible to enroll).
- However, the IRS annual contribution maximum is based on the calendar year—Jan 1 through Dec 31.
So, half of your Intuit fiscal-year contributions (Aug–Dec) are part of the IRS maximum for the current calendar year, and the other half are part of the next calendar year (Jan–Jul). During each year’s Intuit annual enrollment period (generally in June), you can choose to contribute up to the IRS maximum for the current calendar year, and your election will be evenly contributed over the Intuit fiscal year.
The bottom line: The combined total of your HSA contributions made Aug 1–Dec 31 plus your contributions made Jan 1–Jul 31 cannot exceed the IRS calendar-year annual maximum.
Why your contributions might stop
If you contribute the IRS annual maximum to the health savings account (HSA) before the calendar year is over, your contributions will stop. Our HSA vendor, HealthEquity, will notify My Benefits to stop your HSA payroll deductions so you don’t exceed the IRS calendar-year maximum. Any funds above the IRS limit that you contributed to your HSA will be returned to you in your next paycheck, less applicable taxes.
Your HSA contributions will resume in the new calendar year. Your HSA contribution is effective beginning of the month following your election.
View the FAQ for more information.
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 month following your election change.
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 with HSA medical 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?
Learn more about using your HSA to pay for care.
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 ($3,850 for individual coverage and $7,750 for family coverage in FY24, 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 HealthEquity 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.
**HealthEquity 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.