Health Savings Account (HSA)

By selecting one of our HSA Plans you could qualify to enroll in an HSA through UMR. An HSA is a valuable tool that assists in covering a range of eligible healthcare expenses, including medical, dental, vision, and prescription costs.

Note: 3508 Sales Representatives do not qualify to open an HSA.

What’s in It for Me?

• The HSA is all yours! It’s an individual account that stays with you, even if you change jobs.
• Enroll in the HSA Choice Plus Low Plan and Renovo adds $$$ to your HSA! It’s like FREE money!
• You can set aside pre-tax cash from your paycheck to cover extra health care costs.
• HSAs offer triple tax advantages:
  • Your contributions aren’t taxed.*
  • Paying for eligible expenses is tax-free.
  • Earnings grow tax-free.*
• You can adjust your HSA contributions whenever you want. Any unused funds roll over to the next plan year.
• You have the freedom to manage your health care spending and savings, building your balance for future qualified medical expenses, including those in retirement.

Note: If you are 3508 Sales Representative, you are eligible to enroll in either HSA medical plan. However, due to IRS regulations, you do not qualify to open the HSA associated with this plan. If you choose to enroll in the HSA Choice Plus Low Plan, you will receive a per payroll stipend in lieu of the annual Renovo contribution ($19.23/individuals, $38.46/families). 

How Much Can I Contribute?

Check the Details

• You must be enrolled in the HSA Choice Plus Low or HSA Choice Plus High Plan.
• You cannot be covered under another non-qualified health plan, including your spouse’s Health Care Flexible Spending Account.
• You cannot be enrolled in Medicare or Tricare.
• You cannot be claimed as a dependent on someone else’s tax return.
• If you are a 3508 Sales Representative, you do not qualify to open an HSA. 

*State taxes may still apply in CA and NJ. For detailed tax implications of an HSA, please contact your professional tax advisor.