A powerful savings resource for your health and future

Eligibility and enrollment

An HSA is a tax-advantaged medical savings account available to individuals who are enrolled in a high-deductible health plan. Your HSA can be used to pay for any qualified medical, dental or vision out-of-pocket expenses allowed by the IRS (e.g., deductibles, copayments, coinsurance, other unreimbursed medical, dental and vision expenses, etc.).

To qualify for an HSA under IRS rules, you must meet these requirements:

• You must be covered under a high deductible health plan (HDHP)
• You are not covered by another non-HDHP health plan other than “permitted insurance”*
• You are not enrolled in Medicare, TRICARE or TRICARE for Life
• You are not claimed as a dependent on someone else’s tax return

Click here to learn more about your options for health insurance coverage and how to enroll.

*Permitted insurance: You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not a high deductible health plan. However, you can still be an eligible individual even if your spouse has non-HDHP coverage provided you are not covered by that plan.

Contributions

Employer contributions

Raymond James will contribute $250 or $750 to your Health Savings Account (HSA) depending on the level of medical coverage you are enrolled in. The employer contribution will be divided and paid out to associates on a per pay period basis. Associates that are employed during the time of open enrollment (held in February) will also be eligible for an additional $250 employer contribution by participating in a wellness screening. If you begin participating in the Raymond James group medical plan after the beginning of the plan year, in April, you will receive a prorated employer contribution based on the effective date of your plan. Associate who are ineligible to contribute to a HSA will have the employer contribution deposited into a Flexible Spending Account (FSA). 

Employee contributions

You are also eligible to make pre-tax contributions to your HSA, as well. The combined (contributions made by you and by Raymond James) maximum amount that can be contributed annually to an HSA are provided below. You can contribute an additional $1,000 beginning in the calendar year that you turn age 55.

HSA contribution annual limits:

*Any contribution that Raymond James makes will be counted toward the contribution limit.

Contribution eligibility requirements

HSAs are regulated by the IRS, so there are specific provisions that may disqualify you from contributing to an HSA. If you aren’t eligible to contribute to an HSA, you can still enroll in an HSA medical plan and use the coverage. And the company contributions that would have otherwise been directed to an HSA will go to a medical FSA along with contributions you may wish to make. If you aren’t eligible to contribute to an HSA, please contact the Health and Wellness Services Department to discuss your account options.

You are NOT eligible to contribute if:

• You are claimed as a dependent on someone else’s tax return.
• You are covered by another medical plan that is not a high deductible health plan (HDHP) – defined by the IRS as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family.
• Your spouse has a health Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA) through his/her employer.
• You are enrolled in TRICARE through the Department of Defense (DoD).
• You have received medical benefits (non-dental, vision or preventive) from Indian Health Service (IHS) or the U.S. Department of Veterans Affairs (VA) that was not treatment for a service-connected disability at any time in the previous three months.
• You are enrolled in Medicare.