Health Savings Account Overview
Put money aside for planned expenses
Having a Health Savings Account, or HSA, is a very important feature of the Aetna CDHP and Aetna Basic Choice Plans. HSAs are a great way to save pre-tax money that can be used to fund your healthcare expenses today, or even saved for your future healthcare expenses.
The HSA is yours to keep, even when you leave the Company. Unlike the FSA, where the rule is “use it or lose it”; the HSA rolls over and grows for you to use when you need it.
The best part about a HSA is the triple tax advantage you receive.
- The money you put into the account goes in pre-tax.
- The money you take out for eligible healthcare services isn’t applied to federal tax.
- And any gains you see on investing your HSA are also tax-free.
How much should I contribute?
If you have individual coverage, you can contribute up to $4,150 in 2024- less any company contributions. Families can contribute up to $8,300–less any company contributions. And if you are age 55 or older, you can contribute an additional $1,000.
In 2025, if you have individual coverage, you can contribute up to $4,300–less any company contributions. Families can contribute up to $8,550–also less any company contributions. And if you are age 55 or older, you can contribute an additional $1,000.
How can I find money to contribute in an already tight budget?
- Do you contribute to a Medical FSA? If you do and you elect the Aetna CDHP or the Basic Choice Plan, you can put aside the amount you would have contributed to your FSA and put it right into your HSA.
- Save the difference in payroll deductions. Consider contributing the difference you save in payroll contributions when moving from the Aetna Choice POS II Plan and putting it into your HSA.
- The Company also contributes for those in the Aetna CDHP. Participants in the Aetna CDHP will receive a company contribution to the HSA in January. Individuals receive $500; those covering at least 1 additional person will receive $1,000.
Who administers the HSA?
Fidelity Investments, who administers your News Corp 401(k) Savings Plan, is responsible for the HSA. Learn more by watching this video. Use this form if you wish to transfer a balance from an existing HSA to Fidelity.
Need a little help deciding whether or not this plan is right for you? When you log into The Benefits Center, use our new Pilot tool to help you make the right decision.
How do I open the HSA?
You need to open your HSA as soon as possible. After you complete your enrollment on The Benefits Center site, you should log into Fidelity‘s site and open your HSA. Make sure you open your HSA within the next 90 days, otherwise we will not be able to transfer your contributions and you will not be eligible for the Company contribution in January. If we can’t transfer your contributions, don’t worry – you don’t lose your money. We will give your contributions back to you and won’t take any more until you open an HSA and make a new election to contribute.