Health Savings Account
If you are eligible for an HSA, Schneider Electric opens an HSA for you and contributes to your account in late January each year you participate in the Schneider Electric GeoBlue CDHP + HSA medical option. You can also make contributions to the HSA, up to IRS limits, as shown below.
If you enroll in the GeoBlue CDHP + HSA option, you will be prompted to review and accept the terms and conditions associated with the HSA. PayFlex, the HSA administrator, will reach out to you if they need additional information to set up your account.
Key features of an HSA
- Get triple tax savings:
- Contributions are tax-free: both Schneider Electric’s and yours.
- Money grows tax-free with interest.
- Withdrawals are tax-free for eligible expenses.
- Decide if you want to contribute: You can start, change or stop your contributions anytime during the year at
- Use now or save: When you incur eligible expenses, you decide…
- If you want to use HSA dollars to pay the expense (funds are available when they’re posted to your account), or
- Pay out of your own pocket and save your HSA dollars for future expenses.
- Money is always yours: Because any unused money in your HSA rolls over from year to year, you can save the money in your HSA to use in the future, even if you leave the Company or retire.
- Invest your money: If you have at least $1,000 in your account, you can invest the additional money in a variety of mutual fund options. To access your account and for more information, visit payflex.com.
2023 HSA contribution limits
|Who is covered||Schneider Electric contribution1||+||Your maximum contribution2,3||=||2023 IRS maximum contribution|
1. Contributions for new hires will be prorated and deposited based on your effective date for medical coverage.
2. If you turn age 55 by December 31, 2023, you can contribute an additional $1,000.
3. Benefit Bucks applied toward your HSA will apply toward your maximum contribution limit.
Consider applying some of your Benefit Bucks to your HSA. These Benefit Bucks are applied to your HSA per pay period.