If you choose to enroll in the High Deductible Health Plan, it can be coupled with an optional Health Savings Account (HSA). The HSA is administered by Fidelity and is a triple tax advantaged account you can use to pay for qualified health related expenses, including deductibles and coinsurance for medical, prescription drug, dental and vision expenses. You are eligible to enroll in an HSA and open an account at Fidelity only if you enroll in the High Deductible Health Plan option.
The Company will make a contribution to your HSA for the 2022 plan year which will be deposited into your HSA account at the beginning of the plan year. For new entrants to the plan throughout the year, the Company contribution may be pro-rated based on your start date and in compliance with IRS rules. If opening an HSA account for the first time, you will need to make your election during the enrollment period and then open an account with Fidelity at www.401k.com.
The full annual Company contribution is:
You may also make tax-free contributions to your HSA, up to the IRS limit, which includes Genesis’ contribution. For 2022, the IRS limits are:
If you are age 55 or older, you can contribute an additional $1,000 to your HSA annually in catch-up contributions.
Any unused funds in the HSA are yours to keep. They will not be forfeited at the end of the year, and you can keep them even after your employment with Genesis Energy ends.
Employees who enroll in a Health Savings Account (HSA) must open an account with Fidelity before company and personal contributions can be deposited in the plan. The account must be open within 30 days of enrollment into the plan to ensure you receive the full company and personal contribution. Please see applicable Summary Plan Description for the parameters of your specific plan. To open your HSA, you need to create an account in Fidelity at www.401k.com. For instructions on how to open your HSA in Fidelity, you can refer to the How to Open your Health Savings Account (HSA) link below.
Please review the following for more information on the High Deductible Health Plan and Health Savings Account!
*This site highlights your benefits. Official plan and insurance documents govern your rights and benefits under each plan. For more details about your benefits, including covered expenses, exclusions, and limitations, please refer to the individual summary plan description (SPD), plan document, or certificate of coverage for each plan. If any discrepancy exists between information on this site and the official plan contracts, the official plan contracts will prevail.