If you are enrolled in the Cigna HSA Open Access Plus Plan, you can use a Health Savings Account (HSA) to pay for medical expenses with pre-tax dollars. Using an HSA can give you a triple tax advantage:

  • Your contributions to an HSA are pre-tax, meaning you don’t pay federal income tax, Social Security tax, and in most cases, state income tax on the money you contribute. That can save you 30% or more on eligible medical expenses.
  • Earnings on your investments in an HSA are tax free.
  • Withdrawals are tax free. (This is true unless you use money from your HSA for something other than medical expenses; if you do that, you’ll have to pay federal income taxes and a 10% penalty tax. These rules don’t apply past the age of 65.)

With an HSA, you are in control. The account belongs to you, not your employer. So, you decide whether to use the money now or roll it over to pay for medical expenses in the future (as in, save them for retirement). The account is portable, so you can move the money with you if you change employers or decide to change where the account is held. And, the money in your account can be invested, earning you income on your savings—you decide how it’s invested.

  • Contribution Limits

    A Health Savings Account is paired with your high deductible health plan. It allows you to set aside money on a before-tax basis for eligible medical expenses you have now, or you can save it to use for qualified medical expenses in the future (even after you retire). It also allows you to build a medical nest egg. Contributions, earnings and withdrawals are tax-free as long as you use the funds for qualified medical expenses.

    2025 limits: $4,300/individual; $8,550/family (based on who you cover under the medical plan).

    You can update or change your contribution amount at any time within the IRS annual limits.

  • Contribution Deadline

    Last day to contribute for the 2025-2026 plan year is September 15, 2026

  • Unused funds carry over?

    HSAs are intended to help you prepare for future medical expenses. Contributions, investment earnings and withdrawals are tax-free if used for qualified expenses.

    Yes

  • Can I track my account online?

    You are responsible for opening and managing your account with an HSA trustee or bank. You own it, not your employer.

    Yes, at https://www.theharrisongrouponline.com

  • Eligibility

    In order to make – or receive – contributions to a Health Savings Account (HSA), you must:

    Be enrolled in a qualified High Deductible Health Plan (HDHP),

    Not be covered under any other non-HDHP health coverage, including a full health care FSA through your spouse,

    Not be anyone else’s tax dependent, and

    Not be enrolled in Medicare A or B, Tricare, or VA benefits.

  • Does an HSA affect my taxes?

    Your contributions are tax-free. Contributions your employer makes (if any) do not affect your income. You must file Form 8889 when you file taxes to disclose your contributions for the year.

    Yes; you are required to file Form 8889 to disclose your contributions. Speak with your HSA trustee for details or see www.irs.gov, search Publication 969.

Health Savings Account (HSA) Plan

Provider: The Harrison Group

Phone: 610-853-9075

Website: https://www.theharrisongrouponline.com/