Health Savings Account (HSA)
Administered by: HealthEquity
Available only to employees who enroll in the Aetna Open Access Managed Choice HDHP with an HSA.
SCAN offers you the following accounts and encourages you to take full advantage of their money-saving potential. You can enroll in them on the Employee Central website as a new hire, during Open Enrollment, or if you have a qualifying life event. Note: You must enroll in these accounts each Open Enrollment if you want to contribute the next year, even if you already participate.
2024 Tax-Advantaged Accounts
Health Care Flexible Spending Account (FSA)
Administered by: HealthEquity
Available to employees who enroll in the Aetna Whole Health HMO, Aetna Value HMO, Aetna HMO or do not elect medical coverage through SCAN.
Limited Purpose Flexible Spending Account (FSA)
Administered by: HealthEquity
Available to employees who enroll in the Aetna Open Access Managed Choice HDHP with an HSA.
Dependent Care Flexible Spending Account (FSA)
Administered by: HealthEquity
Available to all employees.
Key Features at a Glance
Tax-free money.
Money goes in tax-free* and comes out tax-free when it’s used for eligible expenses.
Convenient payroll deductions.
Contribute to your accounts easily and effortlessly.
Helpful budgeting tool.
Plan for upcoming expenses by setting aside money each paycheck.
*Contributions are not subject to federal income tax. However, HSA contributions are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.
Compare the Accounts
Access your Account
What’s Eligible?
How Much Could You Save?
Here’s an example. Let’s say Tom decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, he’d pay $480 in federal income tax, $100 in state income tax, and $153 in payroll tax. So, by contributing that $2,000 to his HSA or FSA, he’ll get $733 in tax savings for the year.
| Without an HSA or FSA, Tom would pay … | Savings |
|---|---|
| 24% in federal income tax | $480 |
| 5% in state income tax* | $100 |
| 7.65% in payroll tax | $153 |
| His total tax savings for the year with an HSA or FSA | $733 |
This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.
*Contributions are not subject to federal income tax. However, HSA contributions are currently subject to state income tax in CA and NJ. Consult with your tax advisor to understand the potential tax implications of enrolling in an HSA and/or FSA.
With the Aetna Open Access Managed Choice HDHP plan, you’re eligible to open and contribute money to a Health Savings Account (HSA) through HealthEquity. The HSA is a tax-free savings account that you own. You can use it to pay for eligible health expenses anytime, even in retirement.
Get Unbeatable Advantages with an HSA
The HSA has a triple-tax advantage that trumps even a 401(k) or Roth IRA. And, SCAN will contribute to your account, too!
Put Money in Tax-Free.
You contribute to your HSA through pre-tax payroll deductions.
If you need to, you can change your contribution amount anytime.
Get Company Contributions.
SCAN contributes to the HSA based on where you live.
- California: $600 employee-only coverage or $1,200 family coverage
- Non-California: $1,250 employee-only coverage or $2,250 family coverage
Pay for Care Tax-Free.*
Pay for eligible medical, dental, and vision expenses for you and your family using your HSA debit card (provided sufficient funds are in your account).
Track your spending, check your balance, reimburse yourself, and more on the HealthEquity website.
Grow Money for the Future Tax-Free.
All the money in your HSA is yours to keep, year after year.
You can build up savings through tax-free interest and even invest your money once it reaches a minimum balance, which gives you the potential for tax-free earnings growth and a way to plan ahead.
2024 Contribution Limits
Keep in mind, the maximum amount you [and SCAN] can contribute to your HSA is determined by annual limits that the IRS sets. In 2024, the total contribution limits are:
- $4,300 if you have employee-only medical plan coverage, or
- $8,550 if you cover dependents.
Add $1,000 to these limits if you’re age 55 or older.
Who’s Eligible for an HSA?
In order to establish and contribute to an HSA, you:
- Must be enrolled in the Aetna Open Access Managed Choice HDHP or another qualified high-deductible medical plan.
- Cannot simultaneously participate in the Health Care FSA (but participation in a Limited Purpose FSA is allowed).
- Cannot be enrolled in any other medical coverage, including a spouse’s plan or Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
You should review IRS rules for making HSA contributions if you will turn age 65 during the year. For more information, see IRS Publication 969.
Increase Your Tax Savings with a Limited Purpose FSA.
Use your HSA together with a Limited Purpose FSA for additional tax savings. With the Limited Purpose FSA, only dental and vision expenses are allowed.
Getting Started
To contribute to an HSA, you must enroll in the Aetna Open Access Managed Choice HDHP plan. You will elect your HSA contribution amount during enrollment. You can then manage your account through the HealthEquity website.
As you start using your account, keep in mind that you can only spend money that has actually been deposited into your account — your entire annual contribution amount is not available to you from the beginning of the plan year. Your HSA balance will grow as deposits are made from each paycheck.
Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. There are separate FSAs for health care and dependent care. Our FSAs are administered by HealthEquity.
Use Your Money!
With FSA money, you “use it or lose it.” If you have a balance left in your FSA as year-end approaches, try to spend as much of it as you can on eligible expenses. Request reimbursement or manage your account on the HealthEquity website.
Health Care FSA
A Health Care FSA is available to employees who enroll in the Aetna Whole Health HMO, Aetna Value HMO, or Aetna HMO or do not elect medical coverage. You can contribute up to $3,200 for the year through pre-tax payroll deductions to help cover eligible medical, dental, and vision expenses.
How the Health Care FSA Works
Choose
Choose your contribution amount when you enroll. You can only change it during the year if your personal situation changes, so estimate carefully.
Contribute
Your annual contribution will be divided into equal payroll deductions, but the entire amount is available to you from the beginning of the plan year.
Spend
Spend your money by using your FSA debit card, or log in to the HealthEquity website to request reimbursement for payments you’ve made.
Carry Over
Up to $610 of unused money may be carried over to the next year; amounts above $610 will be forfeited, so be sure to use it up!
Limited Purpose FSA
A Limited Purpose FSA is available only to employees with an HSA to offer additional tax-saving opportunities. You can contribute up to $3,200 for the year through pre-tax payroll deductions. This account can be used for eligible dental and vision expenses only.
How the Limited Purpose FSA Works
Choose
Choose your contribution amount when you enroll. You can only change it during the year if your personal situation changes, so estimate carefully.
Contribute
Your annual contribution will be divided into equal payroll deductions, but the entire amount is available to you from the beginning of the plan year.
Spend
Spend your money by using your FSA debit card, or log in to the HealthEquity website to request reimbursement for payments you’ve made.
Carry Over
Up to $610 of unused money may be carried over to the next year; amounts above $610 will be forfeited, so be sure to use it up!
Dependent Care FSA
A Dependent Care FSA is available to all employees. You can contribute up to $5,000 for the year through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
How the Dependent Care FSA Works
Choose
Choose your contribution amount when you enroll. You can only change it during the year if your personal situation changes, so estimate carefully.
Contribute
Your annual contribution will be divided into equal deductions from each paycheck. You can only use money that has been deposited into your account.
Spend
Spend your money by logging in to the HealthEquity website to request reimbursement for payments you’ve made.
Use It Up
Unused money does not carry over at the end of each year — use it or lose it! Be sure to use it up.
Consider a Dependent Care Flexible Spending Account (FSA)
Child and elder care can present significant expenses for you. With a Dependent Care FSA, you can pay less for child and elder care expenses by using tax-free dollars.
- Contribute up to $5,000 a year to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders. Visit the https://HealthEquity.com/Learn website to reimburse yourself for payments you’ve made. Keep in mind, you can only use money that has actually been deposited into your account.
- Select your annual contribution amount during Open Enrollment.
Remember! Use it or lose it — unused money does not carry over at the end of each year, so plan carefully.
| Health Savings Account (HSA) | Health Care Flexible Spending Account (FSA) | Limited Purpose Flexible Spending Account (FSA) | Dependent Care Flexible Spending Account (FSA) | ||
|---|---|---|---|---|---|
| Available with … | Available to employees who enroll in an Aetna Open Access Managed Choice HDHP medical plan | Available to employees who enroll in an Aetna Whole Health HMO medical plan through SCAN or are not enrolled in a medical plan | Available to employees who enroll in an Aetna Open Access Managed Choice HDHP/HSA medical plan | Available to employees who enroll in an Aetna Whole Health HMO medical plan through SCAN or are not enrolled in a medical plan | |
| Receive company contribution | Yes | No | No | No | |
| Change your contribution amount anytime | Yes | No | No | No | |
| Access your entire annual contribution amount as needed | No | Yes | Yes | Yes | |
| Access only funds that have been deposited | Yes | No | No | No | |
| Use account money for… | Eligible health care expenses as defined by the IRS (Publication 502) | ||||
| “Use it or lose it” at year-end | No | Yes | Yes | Yes | |
| Money is always yours to keep | Yes | No | No | No | |