Health Savings Account
If you enroll in the HSA Plan through UMR/United Healthcare or Kaiser, you have the option to contribute to a health savings account (HSA). Unlike money in an FSA, the funds in your HSA roll over each year and continue to build. Your HSA funds are also portable, so if you leave Petco, you can take your account balance with you.
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Contributions to Your Health Savings Account Direct Link
Follow the instructions on the Benefitfocus website to open your HSA reimbursement account.
If you enroll in the HSA plan, Petco will contribute to an HSA reimbursement account in the amount of $350 for employee coverage or $750 if you cover one or more dependents, provided you establish an HSA reimbursement account with Health Equity at the time of your enrollment. Use this money first to pay for health care expenses until the account balance reaches $0. Any unused amounts in your HSA roll over each year and continue to build. If you leave Petco, you can take your account balance with you.
IMPORTANT: In order to receive Petco’s contribution to your HSA, you must opt-in and open an HSA reimbursement account at the time of your enrollment. If you do not wish to contribute to the HSA, elect $0 contributions when you enroll.
In 2023, you can contribute pre-tax dollars to your HSA up to $3,500 for employee coverage and up to $7,050 for family coverage. Those 55 and older can contribute an additional $1,000 as a catch-up contribution.
Understanding HSA Deductibles and Out-of-Pocket Maximums Direct Link
Employee Only Coverage
If you are enrolled in “employee only” coverage in the HSA Plan, you must meet the $2,000 deductible before the plan begins to pay for services. Once you reach $4,000 in out-of-pocket expenses, the plan will pay for 100% of covered services for the remainder of the plan year.
Under the HSA plan, when you cover at least one family member you are subject to the family deductible and family out-of-pocket maximum.
- $4,000 family deductible must be met before the plan begins to pay for any one individual
- $8,000 in out-of-pocket expenses must be satisfied before the plan will pay 100% for covered services for the remainder of the plan year for all participants
Amount the must be met before co-insurance applies
Amount that must be met before plan begins to pay 100% of covered services
|Employee + Spouse||$4,000||$8,000|
|Employee + Child(ren)||$4,000||$8,000|
Eligibility for account Direct Link
When you elect coverage under either the Kaiser or UMR-United Healthcare HSA eligible medical plans, you are also eligible to elect a health savings account. There are a few restrictions that apply to HSAs:
- You are not covered by other health insurance
- You are not enrolled in Medicare Parts A, B, C or D, TRICARE or TRICARE for Life
- You cannot participate in a Health Care Flexible Spending Account (FSA)
- Your spouse cannot be enrolled in a Health Care Flexible Spending Account through his or her employer.
- Other restrictions and exceptions may also apply. We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances.
Advantages of a health savings account: Direct Link
- It’s flexible. Use the money now to pay for eligible medical expenses. Or, save it for your future health care needs and let the balance grow.
- There’s no “use it or lose it rule.” An HSA has no “use it or lose it” feature like the Health Care Flexible Spending Account, so your account balance rolls over each year.
- The money is yours to keep—forever. That’s right. You can take your HSA with you if you or when you retire.
- Triple tax savings. You don’t pay federal taxes on contributions to your HSA. Earnings to your HSA from interest and investments are tax free. You don’t pay taxes on purchases when used for qualified medical expenses.
HealthEquity Helps You Get the Most from Your HSA
Rely on HealthEquity Member Services and online resources to get the most from your HSA.
HealthEquity Welcome Kit—complete instructions about your HSA will be mailed to you after you enroll.
Live service 24/7/365—get the same service at 2 am or 2 pm from knowledgeable, US-based HealthEquity Member Services specialists.
Easy-to-use online account access—access your HSA, FSA, or Commuter claims, pay bills, get reimbursements and more—all from a single, easy-to-use online portal. Medical, dental and pharmacy claims will be integrated with your HealthEquity HSA or FSA to provide substantiation, or “verifiable proof” of eligible expenses to reduce your need to provide receipts.
HealthEquity educational and informational resources—view videos, use interactive tools including a contribution calculator and access links to other useful websites.
U.S. Patriot Act (Required for All New HSAs) Direct Link
The IRS requires the disclosure of the U.S. Patriot Act to participants when a new HSA account is opened. The U.S. Patriot Act requires banks to verify your identity through a process called the Customer Identification Program (CIP).
- You may receive a request from Healthcare Bank to provide additional documentation to complete the CIP process.
- If you receive a request, please respond promptly so your HSA can be established.
- If you do not respond to a request for documentation your account will not be opened. Any pending contributions will be returned to Petco and refunded to you via payroll as soon as administratively possible.