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.
Administered by: HealthEquity
Available only to employees who enroll in the Aetna Open Access Managed Choice HDHP with an HSA.
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.
Administered by: HealthEquity
Available to employees who enroll in the Aetna Open Access Managed Choice HDHP with an HSA.
Administered by: HealthEquity
Available to all employees.
Money goes in tax-free* and comes out tax-free when it’s used for eligible expenses.
Contribute to your accounts easily and effortlessly.
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.
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.
The HSA has a triple-tax advantage that trumps even a 401(k) or Roth IRA. And, SCAN will contribute to your account, too!
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:
Add $1,000 to these limits if you’re age 55 or older.
In order to establish and contribute to an HSA, you:
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.
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.
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.
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.
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 $3,300 for the year through pre-tax payroll deductions to help cover eligible medical, dental, and vision expenses.
A Limited Purpose FSA is available only to employees with an HSA to offer additional tax-saving opportunities. You can contribute up to $3,300 for the year through pre-tax payroll deductions. This account can be used for eligible dental and vision expenses only.
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.
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.
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 |