Health Savings Account
When you enroll in the Cigna OAP HDHP you are eligible to contribute to a Health Savings Account (HSA) through Wex, which allows you to save money for healthcare expenses while taking advantage of valuable tax benefits.
What Can HSA Funds Be Used For?
HSA dollars can be used for a wide range of qualified healthcare expenses, including:
- Medical plan deductibles, copays, and coinsurance
- Prescription medications
- Dental and orthodontic care
- Vision care, glasses, and contact lenses
- Many other qualified out-of-pocket health care expenses
For a complete list of qualified medical expenses and additional HSA rules, refer
to IRS Publication 969 and applicable IRS guidance by clicking the link below
Managing your HSA is easy and convenient with the Wex portal.
Log in to your online account or mobile app to:
- Check your balance
- Check if an expense is eligible
- Upload receipts
- Contact customer service
HDHP with HSA
The High Deductible Health Plan qualifies to be used alongside a Health Savings account, with the benefit of three unique tax-saving strategies.
Employer Contribution
Bishop's helps your Health Savings Account grow by depositing tax-free dollars into your HSA.
Triple Tax Savings
Tax-deferred contributions
Tax-Free usage for eligible expenses
Tax-Free investment earnings
Invest
Like a 403(b) retirement plan, a portion of your HSA can be allocated to investments. And the earnings are tax-free!
Annual HSA Deposit Limits
| Employee Only | Employee + Dependent(s) | |
|---|---|---|
| Maximum Contribution | $4,400 | $8,750 |
| Catch-up Contribution (age 55 or older) | $1,000 | $1,000 |
| Maximum (with catch-up) | $5,400 | $9,750 |
Bishop's Helps You Save
Bishop's contributes directly to your HSA each year to support your healthcare savings goals.
Annual Bishop's Contribution
- Employee Only $500
- Employee + Dependents $1,000
Bishop's contributions are deposited throughout the benefit year and count toward the annual IRS contribution limit.
