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 a Schneider Electric CDHP medical option. You can also make contributions to the HSA, up to IRS limits, as shown below.
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.
Getting started
If you enroll in a CDHP option, you will be prompted to review and accept the terms and conditions associated with the HSA. Inspira Financial (formerly PayFlex), the HSA administrator, will reach out to you if they need additional information to set up your account.
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. Inspira Financial (formerly 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/earnings.
- 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 se-benefitslink.com.
- 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: 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 – the money is yours, even if you leave the Company or retire.
- Invest your money: If you have at least $1,000 in your account, you can invest in a variety of mutual fund options. To access your account and for more information, visit inspirafinancial.com.
2024 HSA contribution limits
| Who is covered | Schneider Electric contribution1 | + | Your maximum contribution2, 3 | = | 2024 IRS maximum contribution |
|---|---|---|---|---|---|
| Employee only | $700 | + | $3,450 | = | $4,150 |
| Family | $1,400 | + | $6,900 | = | $8,300 |
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- Contributions for new hires will be prorated and deposited based on your effective date for medical coverage.
- If you turn age 55 by December 31, 2024, you can contribute an additional $1,000.
- Benefit Bucks applied toward your HSA will count toward your maximum contribution limit and are applied to your HSA per pay period.
Looking ahead: We all share in the cost of health care, and an HSA is a great way to pay for your expenses. In 2025, to receive any Schneider Electric HSA contribution, you’ll need to contribute to your HSA, too: $100 for employee only coverage and $200 for family coverage.
Are you eligible?
To be eligible for an HSA:
- You must be enrolled in a CDHP medical option; and
- You must be a U.S. citizen, Green Card holder, or H1-B or L-1 visa holder with a U.S. residential address.
You cannot be:
- Covered by any medical plan that is not a consumer-directed health plan, including your spouse’s or domestic partner’s plan;
- Covered under a general FSA through your spouse’s or domestic partner’s plan (however, you may participate in a Limited-use Health Care FSA specifically for dental and vision expenses);
- Claimed as a dependent on someone else’s taxes;
- Enrolled in Medicare (including retroactive Medicare coverage);
- Covered by TriCare, TriCare for Life, or Medicaid;
or - The recipient of VA benefits within the last three months unless you have a disability rating from the VA.