Health
Savings Account
Save money while you fund your healthcare.
The Health Savings Account (HSA) through HSA Bank is used to pay for current and/or future healthcare expenses. To be eligible, you must be enrolled in the Cigna OAP HDHP medical plan.
To give your HSA a boost, Snowflake contributes $1,000 for single coverage and $2,000 for those who cover dependents! These contributions will be deposited in equal installments each pay period, and are prorated for new hires and mid-year qualified life events.
What's an HSA?
A Health Savings Account (HSA) is a tax-advantaged savings account where you can set aside pre-tax dollars to pay for qualified medical, dental, and vision expenses. You can fund your HSA directly through payroll deductions every pay period. The money in your HSA rolls over annually and grows tax-free, including interest and investment earnings. Since you own the account, it is portable– meaning you can take it with you should you ever leave Snowflake. You can also use the funds to cover healthcare expenses in retirement.
Visit hsabank.com for a comprehensive list of eligible expenses.
How much money can I put in it?
You can contribute up to the IRS annual maximum to your HSA.
In 2024, the limits are:
- $4,150 for individual coverage
- $8,300 for family coverage
(you + dependent(s)) - An additional $1,000 contribution is allowed at age 55+.
The IRS limits the amount you and Snowflake can contribute annually.
Limits include both individual and Snowflake’s contributions.
Quick Links
Investing With Your HSA
HSA Bank offers two investment options through Schwab & Devenir. Employees can start investing funds once the account balance reaches $ 1,000. For more information, view the HSA Bank Investment Overview.
FAQs and Documents
How do I use the money?
You’ll receive a debit card in the mail from HSA Bank, which you can use to pay for eligible healthcare expenses. You can also pay expenses from your online HSA Bank account.
Do I lose money I don’t use?
No! Your unused balance rolls over from year to year and there’s no “use it or lose it” rule for HSAs. This is a bank account in your name and the money stays with you.
What happens to the account if I leave Snowflake?
If you happen to leave Snowflake, the funds in your HSA are yours to keep, as long as you keep the account open—you can continue using the funds to pay for eligible health care expenses. However, you must be enrolled in an HSA/HDHP plan to contribute funds to the account. There is also an administrative fee of $2.50 per month you’ll pay as long as the account remains active.
