What You Need to Know
A Health Savings Account (HSA) is a great way to save on healthcare expenses — now and in the future. If you enroll in a Consumer Directed Health Plan (CDHP), you’re eligible to open an HSA through HSA Bank.
The Power of an HSA
In a nutshell, a Health Savings Account (HSA) is a savings account that lets you pay for eligible medical, dental, vision and pharmacy expenses with tax-free dollars. Use your HSA to pay for eligible healthcare expenses not covered under your medical, dental or vision plan.
Plus, there are plenty of reasons to take a second look at an HSA and consider contributing toward it:
Hitachi Vantara gives you a lot of money for your HSA, depending on the plan you choose and whom you cover.
You own your HSA, so the money is yours to keep even if you change jobs or retire.
There’s no use-it-or-lose-it rule, so you don’t have to spend the money when you don’t need to. Your balance rolls over each year and keeps growing.
You have three ways to save on taxes: tax-free contributions, tax-free earnings on interest and investments and tax-free withdrawals to pay for healthcare.
The account is flexible, so you can spend your HSA dollars now on current health expenses, down the road if you leave Hitachi Vantara or even later after you retire. You also can reimburse yourself for eligible expenses — even ones that are years old — to get a bigger payout later.
Plus, once your account balance reaches $1,000, you can invest your HSA dollars to help your account potentially grow faster. There are many investment options available, and you can choose the ones you prefer, just as you do with a 401(k) plan. With the HSA, any income you gain from investments is also tax-free.
If you have any questions about your HSA account, you can contact the dedicated team at 1-844-650-8952.
Am I Eligible?
The HSA is only available when you enroll in a Consumer Directed Health Plan, or CDHP. You also are not eligible for the HSA if you:
- Are enrolled in any form of Medicare, including Parts A, B or D.
- Are covered by another healthcare 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 (HCFSA) or Health Reimbursement Account (HRA), including one through your spouse’s/domestic partner’s employer.
Contributing to the HSA
In 2022, HSA contribution limits, including those from Hitachi Vantara and your own contributions, will increase to $3,650 if you have employee only coverage and $7,300 if you have family coverage. And Hitachi Vantara will continue to make a sizable contribution to your HSA, depending on the medical plan you choose and whom you cover.
- Anthem Silver CDHP: HV’s HSA contribution is $1,000 for employee only coverage and $2,000 for family coverage (that’s more than half the deductible!).
- Anthem Bronze CDHP: HV’s HSA contribution is $750 for employee only coverage and $1,500 for family coverage.
- Kaiser CDHP: HV’s HSA contribution is $1,000 for employee only coverage and $2,000 for family coverage.
HV contributions will be deposited into your HSA Bank account twice a year, in January and July so you have access to your funds sooner.
In addition, you may make pretax contributions to your HSA through regular payroll deductions. The IRS sets the maximum amount that can be contributed to an HSA, including your employee contributions and Hitachi Vantara’s employer contributions combined. In 2022, you can save:
- Up to $3,650 if you enroll in employee only coverage.
- Up to $7,300 if you enroll in family coverage.
- Plus an additional $1,000 catch-up contribution beginning the year you turn age 55.
Set Up an Online Account
When you enroll in a CDHP, you will automatically be enrolled in an HSA. You will receive an HSA Bank debit card to pay for eligible expenses within 10 to 14 days after your enrollment is processed. HSA Bank allows up to two free debit cards per account. You can also go to myaccounts.hsabank.com to set up your online account with HSA Bank.
If you need to submit a claim, you can call the HSA Bank team at 1-844-650-8952. You will be asked to provide personal information such as your first and last name, date of birth, the last four digits of your Social Security number and your full address. Depending on the issue, you may also be asked to confirm your employer’s name (Hitachi America, Ltd.).
You can also go to myaccounts.hsabank.com and sign in to your online account.
Health Savings Account