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When you enroll in the Consumer Choice Plan, you have access to a Health Savings Account (HSA) through HSA Bank. An HSA is a great way to save money to pay for eligible healthcare expenses today and save for eligible expenses in the future, even in retirement. The HSA offers triple-tax savings:
In addition, the Company contributes to your account:
And don’t forget: It’s always your money. Just like a bank account, you own your HSA―so it’s yours to keep even if you leave the Company. Therefore, an HSA can be a critical part of your healthcare strategy and budget now, as well as an important piece of your long-term retirement plan.
You Need to Save for Medical Expenses in Retirement
It’s estimated that a couple retiring today at age 65 will need $404,2502 to cover their healthcare expenses in retirement.3 Since you are not required to use all the money in your HSA each year, you may want to contribute more than you currently need to help pay for qualified medical expenses down the road.
And if you can afford to do so, you may want to consider paying current healthcare expenses out of pocket, allowing your HSA to grow.
Visit the HSA Bank Resource Center > HSA Savings Calculator to model how your account can grow.
Reminder: We’re transitioning from MyChoice Accounts to HSA Bank. View the transition timeline and steps you may need to take here.
Smart Money Moves!
If you’re moving your HSA from Fidelity to HSA Bank, you can make final 2025 contributions (up to IRS limits) through March 27, 2026, before funds transfer in April. If you’re keeping your HSA with Fidelity, you have until April 15, 2026 to contribute to your 2025 balance.
Why? Work with your tax advisor to see if an additional contribution improves your tax situation for 2026. You’ll also benefit from the triple tax advantage while saving for future expenses.
*Note: If you enroll mid-year, the Company contribution to your account will be prorated.
If you’re using your HSA to cover current qualified medical expenses, you’ll want to ensure easy access to your money. Always prepare for the unexpected by saving enough money in cash to cover your anticipated out-of-pocket medical expenses for the year (including those of your spouse and eligible dependents).
Visit the HSA Bank Resource Center or download the HSA Bank mobile app for resources, including an HSA Overview, list of eligible expenses, FAQs, and a series of webinars to help you understand and maximize your account. From this site, you can also log into your account to view your balance, submit claims for reimbursement, and submit receipts when requested.
You Need to Name Your Beneficiary
If you don’t have up-to-date beneficiary information on file with HSA Bank, your loved ones may not receive your account balance. You can name or change your beneficiary any time on the HSA Bank Resource Center. Go to Settings > My Profile > HSA Info. Add the name, birthdate, and Social Security number for anyone you wish to name as a beneficiary.
You will need a minimum of $1,000 in your HSA cash balance before you’re eligible to invest. However, you can enroll in the HSA Invest program, even if you don’t meet the minimum balance requirement yet. This way, you’ll be ready to invest once you have enough saved. You’ll pick your investment option(s) and once you have $1,000 in your cash balance, additional contributions will be automatically added to your investment account. If your cash balance dips below $1,000, contributions will be redirected to that account until you meet the threshold again.
Once your account is available, log in and visit Manage Investments to enroll in HSA Invest and manage your investments ongoing.
With HSA Invest, offered by LeafHouse, an SEC-registered investment advisor (RIA), you have the opportunity to manage your savings, spending, and investing on one website and one app: the HSA Bank Resource Center.
HSA Invest offers three investment options: Choice, Select, and Managed. These options give you a variety of investment choices that complement HSAs and are designed to help you meet your financial goals and objectives. You’re able to enroll in more than one option.
Fees for HSA Invest
If you choose to invest in the Choice and/or Select option, you will not incur any fees through HSA Bank.* If you choose to invest in the Managed option, asset-based fees of 0.35% will be applied on a quarterly basis and deducted from the investment balance. However, the fee for the Managed investment option may be waived any quarter during which you maintain an average HSA cash balance of $7,500 or more.* View exact fees in your online account.
*You may be charged additional regulatory pass-through fees (SEC Fees, TAF Fees, ADR Fees) from the broker-dealer.
Important notes:
Refer to this flyer for additional information on investing your HSA.
Note: Investing comes with risk. Please consult your financial advisor.
There are multiple ways to use your HSA to pay or get reimbursed for qualified healthcare expenses, such as:
Tax Reporting for Your HSA
Note: HSA Bank does not provide legal or tax advice. Please contact your tax professional with any tax-related questions.
You’ll receive an HSA Bank debit card after you enroll in an HSA.Your debit card will be activated when you first use it; no additional action needed.
You’ll use this card for all HSA Bank accounts you enroll in, including a Health Savings Account, Health Care or Limited Purpose Health Care Flexible Spending Account (FSA), Dependent Care FSA, and Commuter Benefits. HSA Bank will coordinate deducting expenses from the correct account.
If you don’t receive your debit card or to request additional cards for yourself or your dependents, call the Client Assistance Center at 1-833-506-3611. Representatives are available 24 hours per day, seven days per week. If your card is lost or stolen, call this number for a replacement.
Note: Additional cards are available at no cost. If you request a card for an eligible dependent, their name will be on the card.
You are able to change your contribution amount at any time during the year by logging into your account on the HSA Bank Resource Center or mobile app.
Keep 2026 IRS limits in mind:
Note: These limits include the amount the Company contributes to your account:
*While you and your spouse can have separate HSAs and make your own contributions, the IRS maximum applies to your household, regardless of what level of insurance coverage you each have. For example, if one spouse has individual HDHP coverage and the other spouse has family HDHP coverage, you are still held to the IRS family maximum allowable contribution limit. In addition, your spouse may not contribute to a Health Care FSA while you contribute to an HSA.
1 The amount the Company contributes to a new hire’s HSA depends on your coverage level and the month your coverage begins (generally, the month you are hired).
If you are hired:
Note that if your coverage begins in November or December, you will become eligible to receive the annual Company contribution for the following plan year, provided you stay enrolled in the Consumer Choice Plan coverage for that year.
2 RBC Wealth Management https://www.rbcwealthmanagement.com/en-us/insights/the-real-cost-of-health-care-in-retirement
3 Estimate based on a hypothetical couple retiring in 2019, 65 years old, with life expectancies that align with Society of Actuaries’ RP-2014 Healthy Annuitant rates with Mortality Improvements Scale MP-2016. Actual assets needed may be more or less depending on actual health status, area of residence, and longevity. Estimate is net of taxes: cost basis is assumed to equal market value. Estimate is calculated as the assets required today in a taxable account with an effective tax in retirement of 5%, an asset allocation of 30% equity, 50% bonds, and 20% cash, such that there is a 90% chance of being able to pay for healthcare expenses through life expectancy.