Health Savings Account (HSA)

Tax-advantaged bank account for eligible health care expenses for eligible colleagues.

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How the HSA Works

A Health Savings Account or HSA is a tax-advantaged personal savings 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.

Sysco Contributions

In 2024, 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.

Contribution Limits

You can contribute pre-tax dollars to your HSA, up to the IRS limits, each year.

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 for 2024 and elect Colleague + Family coverage, Sysco contributes $500 to your HSA and you can contribute an additional $7,800, for a total of $8,300.

2024 Contribution Limits

The 2024 IRS contribution limits are $4,150 for individual coverage and $8,300 for family coverage levels. If you are age 55 or older, you can contribute an additional $1,000.

Eligible Expenses

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:

  • Medical and dental plan deductibles, copays, and coinsurance
  • Prescription drug copays and coinsurance
  • Certain over-the-counter drugs with a prescription
  • Vision expenses

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.

Accessing Your HSA

Once funds are available in your HSA, Inspira (formerly PayFlex) makes it easy to pay for your eligible expenses:

  • Pay with your Debit Card®: When you use it, your expense is automatically paid form your account. You can continue to use your PayFlex branded debit card - it will still work!
  • Pay yourself back: Pay for eligible expenses with cash, a check, or a personal credit card. Then withdraw funds for your HSA to pay yourself back and have your payment deposited directly into your checking or savings account.
  • Pay your Provider: You may pay your provider directly from your account.

Activating Your HSA

If you enroll online, Sysco will automatically set up your Inspira HSA once you are enrolled. 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 here.

Keep things simple with the mobile app, where you can manage your account, make payments, withdrawals and deposits, and use a bar code scanner to see if an item is an eligible expense. You can download the app from the Apple App Store or Google Play.

If you have already downloaded the PayFlex mobile app, you will automatically be prompted to update it.

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Health Savings Account
Inspira Financial
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