Health Savings Account (HSA)

A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan. To learn more, please view the Easy Guide to Understanding your HDHP-HSA.

Your HSA is always yours — no matter what.

One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.

    How the HSA Works

    Eligibility

    You must be enrolled in the High Deductible Health Plan (HDHP). Once enrolled in our HDHP, you will be automatically enrolled in the Foundation’s HSA plan with Bank of America. Please notify HR immediately if you are not eligible to open an HSA.

    Annual Contributions

    Hewlett Contributes*:
    $1,750 (Employee Only) | $3,500 (Family)

    *HSA contributions for mid-year enrollees are pro-rated.

    You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,300 if you enroll only yourself or $8,550 if you enroll in family coverage. You can make an additional $1,000 catch-up contribution if you are age 55 or older.

    Eligible Expenses

    You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.

    Using Your Account

    You can use your account to pay for qualified healthcare expenses that aren’t paid for by your HDHP. When possible, use your HSA debit card to pay for expenses. If you’ve paid out-of-pocket, you can submit a request for reimbursement from the Bank of America HSA portal. You can also take your HSA debit card to any bank and request a cash advance. Make sure that you keep records of your receipts and any OTC prescriptions in case the IRS requests them.