If you choose to enroll in the High Deductible Health Plan (HDHP), known as the BCBSTX Choice Saver Plan for non-union employees or BCBSTX High Deductible Health Plan for union employees, 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 at Fidelity if you enroll in the HDHP.
The Company will make a contribution to your HSA each 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:
For 2023, 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.
Please review the following for more information on the Health Savings Account!