Changes for are noted in pink. Please review carefully.
A Health Savings Account (HSA) is a tax-advantaged account which allows you to pay for your eligible out-of-pocket health care costs using pre-tax dollars – meaning you save money.
You’re offered an HSA if you select the Advantage Plan. You can use this account to pay for your health expenses in the current plan year or roll it over into future years.
*There are some exceptions for state taxation, so it’s important to check how your state treats the HSA.
Your wallet will thank you for being in the right plan.
Over 40% of Reynolds employees are enrolled in the Advantage Plan. They are paying less for their monthly medical premiums, receiving a Start-up contribution in their Health Savings Account, and are saving and investing money for health care expenses that is growing tax-free.
Health Equity administers the HSA. Once you confirm that you meet the eligibility requirements, Health Equity will open your account and you’ll be able to start contributing.
Reynolds will make a Start-up Contribution to give your HSA a boost. You can contribute additional funds through pre-tax payroll deductions or by making tax-deductible contributions directly to Health Equity. You can change your contributions anytime through Alight.
The main differences between an HSA and an FSA are shown in the table below.
| HEALTH SAVINGS ACCOUNT | FLEXIBLE SPENDING ACCOUNT | |
| Who can contribute? | Employees enrolled in the Advantage Plan as long as HSA eligibility requirements are met. | Employees who aren’t enrolled in the Advantage Plan. |
| What is the maximum that can be contributed during 2024? | For Individual Coverage: $3,850 ($4,150) Family Coverage: $7,750 ($8,300) At age 55 you can contribute an additional $1,000 annually. |
$2,750 ($3,000) |
| If funds are left at the end of 2024, will they rollover to the next year? | Yes | No |
| Can the funds be invested to potentially grow? | Yes | No |
| Will the account remain open if you leave the Company? | Yes – you own the account. | Generally, no. |
You’re able to contribute to an HSA if you are enrolled in an HSA-eligible health plan like the Advantage Plan and meet other IRS requirements. If you’re unsure if you qualify, talk to a tax advisor or consult IRS Publication 969.
Since the HSA is a tax-advantaged account, there are rules about who can participate. You won’t be eligible if:
