Health Savings Account
If you choose to enroll in the High Deductible Health Plan (HDHP), known as the BCBSTX Choice Saver Plan for non-union employees or BCBSTX High Deductible Health Plan for union employees, it can be coupled with an optional Health Savings Account (HSA). The HSA is administered by Fidelity and is a triple-tax-advantaged account you can use to pay for qualified health related expenses, including deductibles and coinsurance for medical, prescription drug, dental, and vision expenses. You are eligible to enroll in an HSA at Fidelity if you enroll in the HDHP.
The Company will make a contribution to your HSA each plan year which will be deposited into your HSA account at the beginning of the plan year. For new entrants to the plan throughout the year, the Company contribution will be pro-rated based on your start date and in compliance with IRS rules. If opening an HSA account for the first time, you will need to make your election during the enrollment period and then open an account with Fidelity at www.401k.com.
The full annual Company contribution is:
- Individual: $500
- Family: $1,000
IMPORTANT: Open your HSA account with Fidelity within 60 days from the end of your enrollment period or you will forfeit the employer HSA contribution. However, you may still make your own employee contributions once the account is opened.
You may also make tax-free contributions to your HSA, up to the IRS limit, which includes Genesis’ contribution.
For 2024, the IRS limits are:
- Individual: $4,150
- Family: $8,300
If you are age 55 or older, you can contribute an additional $1,000 to your HSA annually in catch-up contributions.
Any unused funds in the HSA are yours to keep. They will not be forfeited at the end of the year, and you can keep them even after your employment with Genesis Energy ends.
Making Changes to Your HSA Contribution:
Unlike a FSA, you may make changes to your HSA election any time throughout the year by logging into Ceridian Dayforce.
Please review the following for more information on the Health Savings Account:
- Getting to Know the HSA
- Fidelity HSA Guide
- How to Open Your HSA
- Fidelity Four Things to Know about a Health Savings Account
*This site highlights your benefits. Official plan and insurance documents govern your rights and benefits under each plan. For more details about your benefits, including covered expenses, exclusions, and limitations, please refer to the individual summary plan description (SPD), plan document, or certificate of coverage for each plan. If any discrepancy exists between information on this site and the official plan contracts, the official plan contracts will prevail.
