Health Savings Account
Health Savings Accounts (HSAs) are an essential component to successful participation in a High Deductible Health Plan (HDHP). With a HSA, you set aside money on a pre-tax basis to cover costs towards deductible and coinsurance for your medical, dental and vision plans. Like a savings account, you decide what amount to elect, and when/how to use it.
Electing a high-deductible plan can feel risky, but an HSA helps. Not only can you set aside enough money to cover your out-of-pocket expenses, but loanDepot also helps by contributing a portion to your account on a quarterly basis.
Starting with the 2022 plan year, MyChoice Accounts will replace Wex/Discovery Benefits as our plan administrator for the HSA.
You Own It
Both your contributions and those from loanDepot are yours – you can take them with you when you leave loanDepot for any reason
HSA Eligibility Checklist
Enrolled in a HDHP
Not covered by any other health insurance that is not an HDHP (including any part of Medicare)
Cannot be claimed as someone else's dependent
Not enrolled in an FSA (either self or spouse's plan)
Contribution Limits and Employer Match
The annual match is divided into four quarterly contributions, deposited in January, April, July and October, and you must have an active HSA election in place for the full year in order to receive employer matching funds for each quarter of the year. In order to qualify for the full annual match in the table above, your annual contribution must be set to at least the full annual match amount for the entire year.
Note: Most state tax laws align with federal laws in regards to HSAs, with some exceptions. Employee and employer contributions to an HSA are taxable at the state level in California and New Jersey. Please check with your tax preparer or accountant for the most up-to-date guidance on taxation of HSA contributions.