A Health Savings Account or HSA is a tax-advantaged personal bank account that works with the HSA plan. It allows you to set aside money to pay for eligible health care expenses. The account is yours to own and manage on your own. If you ever leave Sysco, you’ll take this account with you.
In 2020, Sysco will contribute $250 for individual and $500 for family coverage to your Health Savings Account to help you lower your out-of-pocket costs and save more. Then, you can make pre-tax contributions from your paycheck to build your savings to pay for health care now or in the future.
There’s no “use it or lose it” rule with your HSA. Sysco’s contribution and your HSA savings are always yours to keep or use toward health care expenses.
You can contribute pre-tax dollars to your HSA, up to the IRS limits, each year. The 2020 IRS contribution limits are $3,550 for individual coverage and $7,100 for family coverage levels. If you are age 55 or older, you can contribute an additional $1,000.
Sysco’s contributions to your HSA, plus any contributions you make may not exceed the yearly maximum. Be sure to plan your contributions accordingly. For example, if you enroll in the HSA plan and elect Associate + Family coverage, Sysco contributes $500 to your HSA and you can contribute an additional $6,600, for a total of $7,100.
You may use your HSA to pay for eligible expenses for your legal spouse or legal IRS dependents, even if they’re not covered under the HSA plan.* Examples of eligible expenses include:
Refer to IRS Publication 969 for more information.
*Note: The IRS defines legal dependents as those who are not yet age 23, in most cases. This is a different age limit than the eligibility for other benefits.
You can pay for eligible medical expenses directly from your account by using a healthcare debit card, online bill pay or checks. If you pay out of pocket, you can reimburse yourself with a check. Be sure to keep your receipts in case the IRS audits your tax return.
To learn more about accessing your account and which medical expenses are eligible, visit Fidelity’s NetBenefits.com site.
If you enroll online, Sysco will automatically set up your Fidelity HSA after your enrollment. To complete the activation process, you’ll need to open your Health Savings Account before you can make contributions to your account. To receive a debit card and use the investment feature of the account, you need to complete the activation process on NetBenefits.com. Log in using your existing Fidelity username and password (or create an account if you don’t have one) and follow the prompts to activate your HSA. You can also reach Fidelity by calling 1-800-544-3716.