Health Savings Account

Health Savings Account (HSA)

When you are enrolled in a Qualified High Deductible Health Plan (QHDHP), such as our Anthem 6500 HSA Plan, and meet the eligibility requirements, the IRS allows you to open and contribute to a Health Savings Account (HSA).

This benefit is offered through Chard Snyder and only applies to those who have the Anthem 6500 HSA plan.

What is a Health Savings Account (HSA)?

An HSA is a tax-sheltered bank account that you own to pay for eligible health care expenses for you and/or your eligible dependents for current or future healthcare expenses. The Health Savings Account (HSA) is yours to keep, even if you change jobs or medical plans.

Plus, you get extra tax advantages with an HSA because:

Money you deposit into an HSA is exempt from federal income taxes.
Interest in your account grows tax free.
You don’t pay income taxes on withdrawals used to pay for eligible health expenses. If you withdraw funds for non-eligible expenses, taxes and penalties apply.
You also have a choice of investment options which earn competitive interest rates, so your unused funds grow over time.

There is no “use it or lose it” rule; your balance carries over year to year.

Are You Eligible To Open A Health Savings Account (HSA)?

Although everyone is able to enroll in the Qualified High Deductible Health Plan, not everyone is eligible to open and contribute to an HSA.

If you do not meet these requirements, you cannot open an HSA:

You must be enrolled in a Qualified High Deductible Health Plan (QHDHP).
You must not be covered by another non-QHDHP health plan, such as a spouse’s PPO plan.
You are not enrolled in Medicare.
You are not in the TRICARE or TRICARE for Life military benefits program.
You have not received Veterans Administration (VA) benefits within the past three months.
You are not claimed as a dependent on another person’s tax return.
You are not covered by a traditional health care flexible spending account (FSA). This includes your spouse’s FSA. Enrollment in a limited purpose health care FSA is allowed.

2025 IRS HSA Contributions

You are able to contribute to your Health Savings Account on a pre-tax basis through payroll deductions up to the IRS statutory maximums.

The IRS has established the following maximum HSA contributions. The annual limit must include the employer amount that is provided to you, the employee.

$4,300 Individual
$8,550 Family
If you are age 55 and over, you may contribute an extra $1,000 catch-up contribution.

2025 HSA Employer Funds – Wellworks

XKIG will contribute $125 per quarter to your HSA account if you complete the following:

Step 1: Open a Chard Snyder HSA account. Click here to create your Chard Snyder HSA online account.

Step 2*: Complete an attestation form for receiving an annual physical. (See document below under Plan Documents and Resources titled “2025 Wellness Program” for the form and additional details.)

After which you will receive $125 per quarter until your next physical is due. There is no retro funding for mid-year enrollment.

*This applies to employees enrolled in the 6500 HSA Plan only. If you complete an annual physical (free of charge to you on all Anthem plans, provided there is nothing diagnostic), XKIG will contribute up to $500 per year to your account to help cover expenses. $125 will be added to your account each quarter after the Proof of Physical form, signed by your doctor, has been received. Please see Program Guide (below) for the form and additional information on how to submit.