If you enroll in the Choice + HSA Plan or the Value + HSA Plan, you can take advantage of a Health Savings Account (HSA), administered by MyChoice. The HSA can help you save on taxes, pay medical, prescription, dental, or vision costs throughout the year and save for future healthcare expenses.
Your Contributions
You decide how much you want to contribute to your HSA every year up to the IRS maximum of $4,150 if you enroll only yourself, or $8,300 if you enroll in family coverage. You can make additional catch-up contributions up to $1,000 if you are age 55 or older in 2024.
Ingram’s Contribution (Choice + HSA Plan only)
Ingram contributes annually to your HSA to help pay for out-of-pocket medical expenses before your deductible is met: $500 for individual coverage and $1,000 for family coverage. If you enroll in the HSA during the year, you will receive a prorated amount. You can also add your own money to your account. Both contributions, Ingram’s and yours, belong to you. Keep in mind, Ingram’s contributions apply toward the IRS limits.
Using Your Account
You can use your MyChoice debit card:
- at the time of service
- to pay your provider directly via your MyChoice account
You can also pay out-of-pocket and then reimburse yourself, or save your HSA funds for future healthcare expenses.
The Triple Tax Advantage
- The contributions you make to your HSA are made through payroll deduction on a before-tax basis
- The money in your account (including interest and investment earnings) grows tax-free
- Funds are withdrawn tax-free to pay for qualified medical expenses
Special Eligibility Rules
In order to qualify for the HSA, you and your covered dependents must meet all the following requirements:
- You can’t be covered by another medical plan (like your spouse’s plan) that does not qualify as a “high-deductible health plan.”
- You can’t be claimed as a dependent on someone else’s tax return, except as a spouse.
- You can’t be covered by Medicare.
- You can’t have received Veterans Administration health benefits in the past three months, other than for preventive care.
- You can’t be active in the military and covered by Tricare.
- You are not eligible for the HSA if your medical expenses are eligible for reimbursement under the terms of your spouse’s Health Care FSA.
Remaining Funds
Money left in your HSA at the end of the year will roll over to the next year. Once your HSA balance reaches $1,000, you have investment options. If you leave Ingram or retire, you take your HSA account with you for future healthcare expenses.
Invest in your HSA
- Once your HSA balance reaches $1,000, you have investment options
- Several investment funds are available online – while investments do not guarantee a return, every effort is made to provide choices that help your savings grow
- Some investment options charge a small fee, just like an IRA
Helpful Information About Your HSA
User Guide
MyChoice Mobile App
HSA Fact Sheet
Eligible Expenses Guide
