If you enroll in IMA’s Green Option Qualified HDHP medical plan, you may be eligible to open an HSA through HealthEquity to help pay for eligible healthcare expenses not covered under your medical, dental or vision plan. An HSA makes it easy to pay for current healthcare costs and save for future healthcare needs in retirement.
Important: Address changes must be updated directly with HealthEquity, as IMA’s integration does not transmit address updates.
Any adult enrolled in the Green Option Qualified High-Deductible Health Plan and:
Questions? Refer to IRS Publication 969 for complete HSA rules.
*State taxes may still apply in CA and NJ. For detailed tax implications of an HSA, please contact your professional tax advisor.
| Plan Feature | Health Savings Account | Health Care FSA | Limited Purpose FSA | Dependent Care FSA |
|---|---|---|---|---|
| Eligibility | Employees enrolled in the QHDHP | Employees enrolled in the PPO or HSA | Employees enrolled in the QHDHP | All employees |
| Annual Contribution Limit | $4,400 (Individual) / $8,750(Family); Additional $1,000 if 55+ |
$3,400 | $3,400 | $7,500 |
| Eligible Expenses* | Health care plan deductibles, copays, coinsurance and prescriptions, including dental and vision expenses | Health care plan deductibles, copays, coinsurance, and prescriptions, including dental and vision expenses | Eligible dental and vision expenses only | Daycare for children age 13 and under, disabled children and tax-dependent adults |
| Availability of Funds | You can use up to the amount available in your account | The full annual amount you elect is available on your plan effective date | The full annual amount you elect is available on your plan effective date | You can be reimbursed up to the amount available in your account |
| Payment or Reimbursement Options | Debit card or reimbursement | Debit card or reimbursement | Debit card or reimbursement | Reimbursement |
| Rollover Options | Full amount rolls over each year | You may rollover up to $680 of unused funds when you re-enroll | You may rollover up to $680 of unused funds when you re-enroll | Unused funds do not rollover |
| Deadline for Services | Services must be incurred by 12/31/2026 | Services must be incurred by 12/31/2026 | Services must be incurred by 12/31/2026 | Services must be incurred by 12/31/2026 |
| Deadline for Submission for Reimbursement | None | Reimbursement must be submitted by 3/31/2027 | Reimbursement must be submitted by 3/31/2027 | Reimbursement must be submitted by 3/31/2027 |
You can contribute pre-tax dollars from your paycheck up to the annual IRS maximums to pay for eligible healthcare expenses. The money you contribute to your HSA is available after it has been deposited in your account each pay period. When you enroll in an HSA, you will receive a HealthEquity debit card. You can also submit claims online through your own personal account at healthequity.com.
Associates who enroll in the IMA AmeriBen Green Option QHDHP and elect an HSA through IMA will receive a pro-rated HSA employer contribution if enrolled after January 1. Individuals will receive up to $500; families will receive up to $1,000.
| Coverage Type | IMA HSA Contribution** |
Maximum Contribution Limit | Catch-up Contribution (Age 55+) |
|---|---|---|---|
| Individual | Up to $500 | $4,400 | Additional $1,000 |
| Family | Up to $1,000 | $8,750 |
**Amounts are prorated if the account is opened after January 1.
It’s easy to use your HSA. Once you enroll, you’ll receive a debit card. You can use your card anywhere it’s accepted to pay eligible out-of-pocket health expenses. You can also use it to pay bills from doctors, dentists, eye doctors and hospitals. Although you are not required to provide the receipts to HealthEquity to substantiate your claims, you will need to keep receipts for your personal records in the event you are audited by the IRS.
Remember, if you choose, you can also invest your HSA funds through the HealthEquity online portal, earn tax free returns and use the funds for eligible expenses in your retirement.
Any health savings account (HSA) contributed to by or on behalf of a participant in connection with the High Deductible Health Plan (HDHP) option is a separate account of the participant and not an employee welfare benefit plan (or part of any such plan) maintained by IMA or any affiliate of IMA. Accordingly, any such HSA is not governed by the Employee Retirement Income Security Act of 1974 (ERISA). Participant contributions to an HSA are completely voluntary. Any HSA contributions made by IMA on behalf of a participant (whether through payroll withholding or otherwise) will be made only to an HSA sponsored by a vendor that IMA has established as its primary HSA vendor, but other HSA vendors may be available. The participant is not required to maintain an HSA solely with the vendor that IMA establishes as its primary vendor, and the participant may transfer funds to another vendor’s HSA, or make contributions to another vendor’s HSA, at the participant’s discretion, subject to compliance with applicable law, including limits on total annual HSA contributions, and compliance with each vendor’s rules and procedures regarding contributions and transfers.
The income tax consequences of contributing to an HSA outside of IMA payroll withholding are generally the same as the income tax consequences of contributing to an HSA through IMA payroll withholding. Each participant who has an HSA has the sole right and obligation to direct the investment of amounts contributed to the HSA among the investment options made available by the HSA vendor. Further, each participant who has an HSA has the sole right to determine the manner in which amounts credited to the HSA are spent. However, a participant with an HSA should be aware that certain expenditures of amounts credited to the HSA may be treated differently for tax purposes than other expenditures, and the participant is solely responsible for the tax consequences associated with expenditures of amounts credited to the HSA. Election of the HDHP option and the contribution of amounts to an HSA may not be appropriate for all individuals, and each individual should carefully consider his or her own circumstances before electing the HDHP option or making a contribution to an HSA.
Prorated Contribution Limits-The IRS states that contribution limits must be prorated by the number of months one is eligible to contribute to a health savings account. Divide the contribution limit by 12 and contribute that amount.
