Health Savings Account (HSA)

If you enroll in the Aetna Healthfund Choice plan, you may be eligible to open a Health Savings Account (HSA), through HealthEquity, to help pay for eligible expenses not covered under your medical, dental, or vision plan. This includes things like orthodontics, glasses and contact lenses, and prescription medications. An HSA makes it easy to pay for current health care costs and save for future health care needs, even into retirement.

What’s in It for Me?

• Cradlepoint contributes $ to your HSA! It’s FREE money! See the chart for contributions.
• You can set aside pre-tax money from your paycheck to help pay for additional out-of-pocket health care expenses. HSAs give you triple tax advantages:
  1. Your contributions to the HSA are not taxed.*
  2. Payment of qualified expenses is tax-free.
  3. Earnings are tax-free.*
• The HSA is an individual account you own! The entire balance is yours to keep. If you leave the company, the account goes with you.
• You can make changes to your HSA contributions at any time. Unused funds always roll over to the next plan year.
• Your HSA gives you the freedom to control and manage your healthcare spending and savings to grow your balance for future qualified medical expenses, such as those in retirement.

How Much Can I Contribute?

You can contribute pre-tax dollars from your paycheck up to the annual IRS maximums to pay for eligible health care expenses. Cradlepoint contributes FREE money to your HSA. See the breakdown of employee and employer contributions shown in the charts below. 

Note: If you make changes to your plans mid-year due to a family status change, do not forgot to adjust your HSA contributions accordingly so you do not exceed the annual IRS maximums. 

HSA contributions cannot exceed the annual IRS maximums shown here:

2023 IRS Maximums

*Annual contributions are prorated based on when your coverage begins.

**Your annual maximum contribution may change, if Cradlepoint’s annual HSA contribution is prorated.

How Can I Use My HSA Funds?

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 www.healthequity.com.

While on www.healthequity.com, be sure to check out their Open Enrollment center where you can learn all about qualified medical expenses and contribution limits, and then compare your options using the savings calculator.

What is the HealthEquity Mobile App?

HealthEquity’s mobile app makes it easier to manage your account on-the-go. With the app, you can take a photo of your receipts to initiate the claims process, send payments to providers or reimburse yourself for out-of-pocket expenses. Download now on the App Store or on Google Play.

You can also review your account balance, shop on www.HSAStore.com or view a list of qualified medical expenses before you make a purchase.

What About the Fine Print?

HSA Eligibility Requirements:

• You must be enrolled in a qualified High Deductible Health Plan (HDHP), such as the Aetna Healthfund Choice plan.
• You cannot be covered under another non-qualified health plan.
• You cannot be actively contributing to a Health Care Flexible Spending Account, and you cannot have access to funds in your spouse’s Health Care FSA.
• You cannot be enrolled in Medicare (including Part A) or Tricare.
• You cannot be claimed as a dependent on someone else’s tax return.
• Cradlepoint will treat married couples who enroll in individual benefit plans as a single tax unit and will cap the HSA contribution at the family level of $2,500.

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

Questions?
Refer to IRS Publication 969 for complete HSA rules.