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.
*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 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?
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.
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 midyear. Our HSA vendor, HealthEquity, will notify Alight 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.
Because you can change your contribution amount throughout the year, your HSA contributions will not automatically resume when the new calendar year begins. You’ll need to log in to Alight and enter an HSA contribution amount. See instructions for changing your HSA contribution. Your HSA contribution is effective beginning with the first paycheck of the following month. To resume your HSA contributions in January, you must submit your HSA contribution election to Alight by the end of December.
If your contributions have been stopped, Alight will notify you in December about how and when to take action to resume your HSA contributions in January.
Example: You are a new hire joining Intuit on Dec 15, 2022.
- You enroll in the HSA with a total FY23 contribution goal amount of $7,300, including Intuit’s $1,500 employer contribution. (This amount varies based on your salary and coverage tier. See more details under the How much will Intuit contribute? section.) Your FY23 contributions ($5,800) are deducted from each paycheck ($386.67 each pay period) between Jan 1 and July 31, 2023.
- During annual enrollment, you elect to contribute $7,750 to the HSA for FY24 (August 1, 2023–July 31, 2024)—with $1,500 funded by Intuit. Starting August 1, your per-pay-period contribution is now $240.38.
- The HSA contributions you made between January and July 2023 result in your reaching the IRS calendar-year HSA limit for 2023 with your first paycheck in August 2023, which is also when Intuit’s $1,500 employer contribution would normally be made to your account. On your first August 2023 paycheck your contribution of $240.38 is funded to your HSA, but to avoid exceeding the annual IRS limit, only $209.62 of the $1,500 Intuit employer contribution can be applied to your HSA. Your contributions stop for the rest of the calendar year.
- The total excess HSA contribution amount of $1,290.38 (from the employer contribution) will be returned to you on your second paycheck in August, less applicable taxes. Since the entire Intuit employer contribution cannot be applied to your HSA, it is instead provided as additional taxable income to ensure that you still receive the funding, while also remaining compliant with the IRS maximum.
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 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 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.
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.