A Health Savings Account (HSA) is designed to work with a qualifying High Deductible Health Plan (HDHP). The monthly contributions are deposited into a bank account tax-free and can be used for eligible medical expenses. You can carry over unused funds from year to year and the account is yours to keep even if you change jobs, change health plans, or retire.
Motivate will contribute up to $420/yr. for a single employee or $780/yr. for an employee and their dependent(s), so it is important to open your account. For 2023 employee's may contribute up to $3650/yr. (single) or $7750/yr. (family) total. These totals include Motivate's employer contribution. If you're 55 or older, you can put an extra $1,000 in "catch up" contributions.
When you enroll in the High Deductible Health Plan (HDHP), you will need to make a contribution to the HSA, which can be as little as $0.01 per paycheck, to enable Motivate to make monthly employer contributions.
HSA accounts are serviced by BMO Harris and HSA enrollment and contribution changes are completed in Dayforce by following these instructions. If BMO Harris requires additional information or verification to open your account, they will send you a letter in the mail. It is your responsibility to ensure your account is open so that the employer/employee contributions can be funded. Note: we will not deposit any employer contributions until the account is opened (and going forward).
Learn more about Cigna's HSA in this video or on their website.
If you have questions please contact benefits@motivateco.com and we'll be happy to assist you.