Health Savings Account
If you enroll and are insured in the Cigna HSA Qualified Health Plan, you can set aside pre-tax money in a Health Savings Account. The money in an HSA can be invested much like 401(k) funds are invested. Unused money in an HSA account is not forfeited at the end of the year and is carried forward. Also, your HSA account is yours to keep which means that you can take it with you if you change jobs or retire. If you have any money remaining in your HSA after your retirement, you may withdraw the money as cash.
For 2024, the individual limit to contribute is $4,150 and the family limit is $8,300. If you are age 55 or older, you may make an additional “catch-up” contribution of $1,000. Per the IRS, there are rules and guidelines of who is able to open and contribute to an HSA bank account. Please consult with your tax professional if you have any questions.