HSA Participant Instructions
Employees who enroll in the Choice Fund Open Access Plus HSA Plan with Pinellas County have the opportunity to open a Health Savings Account (HSA) with Cigna’s HSA Bank. An employee must have an open, active HSA in order to receive the funding provided by Pinellas County and to make contributions to the account.
An HSA account will automatically be opened for those on the Choice Fund Open Access Plus HSA Plan. While a physical address is required by HSA Bank in order to open the account (no P.O. Box), your P.O. Box can still be used as your mailing address.
HSA Bank offers one type of HSA account with opportunities to invest HSA funds in self-directed investment options through TD Ameritrade and Denevir. There is a minimum threshold of $1,000 required in the HSA account needed before you can invest funds.
HSA Bank sends a welcome kit with information on managing an HSA to new account holders within 7-10 days after the account is opened. A debit card is also provided to allow easy access to funds in the account. Additional cards are available for eligible family members.
Employee HSA Contribution
Employee contributions may be made through pre-tax payroll deduction to an open and active HSA account. During Annual Enrollment or new employee enrollment, you will be able to choose your contribution amount on the enrollment screens in OPUS.
At any other time, payroll contributions may be requested by emailing Benefits and will start no earlier than the medical coverage effective date. Contributions may be changed at any time by emailing Benefits. Changes will be effective the following pay period. An HSA may also accept after-tax dollars. The HSA Bank customer service team at (800) 357-6246 can provide information on this option.
Pinellas County HSA Contributions
The Pinellas County contributions for 2023 are shown below. Contributions are made approximately 3 weeks after the date account is opened or medical coverage is effective, whichever is later.
Annual Pinellas County HSA Contribution
|Employee Plus 1 or More||$1,200|
Calendar Year Maximum Contributions
When an HSA is opened before the first day of December 2023, the maximum IRS contribution for the plan year may be made. In order to take advantage of the tax savings the following
- Maintain continued enrollment in the Choice Fund Open Access Plus HSA Plan for the following 12 months (2024 plan year)
- You may not have coverage under another health care plan that would make an individual ineligible to contribute to an HSA, such as Medicare or Tricare coverage
Maximum Annual Combined HSA Contribution from Pinellas County and Employee*
|Type of Contribution||2023|
*Includes Pinellas County’s contribution of $500 or $1,200. (Age 55+ catch up contribution remains at an additional $1,000.)
Calendar Year Catch-up Contribution
Individuals who are age 55 and older may make an additional “catch-up” contribution of up to $1,000 during the plan year. For individuals that enroll in the Choice Fund Open Access Plus HSA Plan after January 1, 2023, the catch-up contribution is prorated based on the number of months they are enrolled in the plan during the year.
Things You Need to Know
- The contribution made by Pinellas County is applied to the IRS annual maximum HSA contribution.
- Individuals enrolled in a high deductible plan such as the Choice Fund Open Access Plus HSA Plan are eligible to make or receive contributions to an HSA. If an employee has other, non-high deductible coverage through another employer plan, or has Medicare or Tricare, they are not eligible to receive or make HSA contributions.
- An HSA account balance can be carried over year after year without any limits. Funds may be used to pay eligible expenses now or the account may grow and be used to pay future expenses, even in retirement.
- An HSA account is an individually owned account and belongs to the employee, even when their employment with the County ends. Payroll contributions will be cancelled on the last pay period in which employment ends for any reason, including retirement.
- HSA funds may be used on a tax-free basis for medical expenses at any age, but contributions may no longer be made once an employee no longer has coverage under the Choice Fund Open Access Plus Plan or has signed up for Medicare Part A or Part B.
- The IRS requires that the HSA account holder retains receipts for HSA expenses. The receipts will be required if audited by the IRS.
- Contact Cigna’s HSA Bank at (800) 357-6246.
- View the IRS Publication 969 on Health Savings Accounts.
- Consult your tax advisor.