Citi Benefits Handbook
Health Savings Accounts (HSAs)
An HSA is used in conjunction with a qualified High Deductible Health Plan (HDHP).
When you enroll in the HDHP, you are eligible to open an HSA through any bank or institution that offers one. HSAs were designed to work with HDHP to help you:
- Pay for expenses incurred before you meet your deductible;
- Pay for qualified medical expenses that are not otherwise reimbursable by the HDHP; and
- Save for future qualified medical and retiree health expenses on a tax-free basis.
To establish an HSA, you must:
- Be covered under the HDHP;
- Have no other health coverage except what is permitted under "other health coverage";
- Not be enrolled in Medicare Parts A and B or Medicaid; and
- Not be claimed as a dependent on someone else's tax return.
You may visit Citi's on-site medical clinics for preventive care and allergy injections (if you supply the allergy medication)/visits; to obtain non-prescription pain relievers; and as a result of an accident at work. If you established an HSA, you may not use Citi's on-site medical clinics for treatment when sick. Use of on-site medical clinics for reasons other than those noted in this paragraph would be considered "impermissible medical coverage."
Citi will contribute to your HSA if you:
- Enroll in the HDHP for 2018;
- Open a Citi HSA administered by ConnectYourCare;
- Accept the terms of an HSA through Your Benefits Resources™; and
- Satisfy Citi's policies and procedures required to establish an HSA.
The annual contribution amounts are based on your medical plan coverage category and when you establish an HSA. Amounts paid are up to $500 for Employee Only coverage and up to $1,000 for any other coverage category. Citi's contribution is paid on a quarterly basis. Your HSA must be established by the following dates for you to be eligible for the Citi quarterly contributions.
Details of the deadlines to receive Citi's contribution to your HSA are below:
Note: To receive Citi's quarterly contribution, you must establish an HSA by accepting the terms and conditions, and satisfy Citi's policies and procedures requirements by the deadlines listed above.
The maximums that you can contribute to an HSA for 2018 are:
- $3,4501 for an eligible individual with Employee Only coverage, and
- $6,9002 for an eligible individual enrolling in any other coverage category.
1 Includes Citi's annual employer contribution of up to $500, if you open an HSA through ConnectYourCare.
2 Includes Citi's annual employer contribution of up to $1,000, if you open an HSA through ConnectYourCare.
Under federal law, individuals who are 55 or older by December 31, 2018, can make a catch-up contribution of an additional $1,000 for 2018 and each year going forward.
If you do not enroll in the HDHP, by law you cannot establish an HSA.
Funds are available in the HSA once they have been contributed. This is different from the HCSA, where your entire elected contribution amount is available for reimbursement at the beginning of the plan year.