The key advantages of an HSA are that it’s triple tax advantaged and the balance rolls over forever! Check out Medical + Prescription Drug to see more details on how the HSA works with our medical plans.
The HSA allows you to (1) contribute pre-tax money, (2) earn tax-free interest on savings and (3) pay no taxes on amounts spent from the HSA on qualified expenses. You may use your HSA funds to pay for eligible health care expenses using a debit card that you’ll receive from Optum, our HSA administrator.
Givaudan contributes to your HSA, and you also can make per-paycheck contributions to your HSA on a pre-tax basis, subject to annual IRS limits.
The contribution limits are inclusive of contributions from Givaudan and you. You can use the money in your HSA to cover a significant portion of the annual deductible and other out-of-pocket medical costs. You can also choose to save your HSA for future medical expenses and even use it in retirement – that’s why we say it “rolls over forever.”
We encourage you to use the Health Savings Account Calculator available through Optum. It helps you figure out your maximum contribution, estimate your tax savings and see how your balance can grow over time.
According to the Internal Revenue Service, to contribute to an HSA, you cannot be enrolled in Medicare, TRICARE or other health coverage that is not a qualifying high-deductible plan, and you cannot be claimed as a dependent on someone else’s tax return. Consult a tax, legal or financial advisor to discuss your personal circumstances.