Health Savings Account (HSA) | Synopsys Benefits Center

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Health Savings Account (HSA)

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What You Need To Know

Want an easy and convenient way to save on health care? If you’re enrolled in one of the Health Savings (HS) Plans — Basic, Standard, or Premium — you’re eligible to open a Health Savings Account (HSA), which lets you set aside pretax dollars to use for health care expenses. You contribute to the HSA, and the money is yours to keep, even if you leave Synopsys. Even better: The HSA can be a great long-term investment tool.

Eligibility Why Open an HSA?Enrolling in Your HSA Using Your HSA

Eligibility

To be eligible for an HSA, you must meet the IRS requirements:

You must be covered under an HSA-eligible high-deductible health plan (HDHP).
If you’re covered by another medical plan, that plan must also be an HSA-eligible HDHP.
You can’t be enrolled in Medicare or TRICARE.
Your spouse can’t have a separate plan with a Health Care FSA.
You can’t be claimed as a dependent on someone else’s tax return.

Be sure to confirm that you’re eligible for an HSA. If you’re not eligible for an HSA, you should not make HSA contributions or receive Synopsys contributions.

Why Open an HSA?

An HSA is an individual savings account that allows you to set aside your earnings to pay for qualified health care expenses.

Here are just some of the benefits of an HSA:

It’s your money to spend.

Any money you contribute is yours. The account is separate from your health plan, and you can take it with you if you leave Synopsys.
You can use your savings at any time — now or in the future.
There are no deadlines forcing you to spend your savings by a certain date.
You don’t lose unspent savings. Money you don’t spend in the current calendar year will continue to be available in the future.
You can change your contribution amount at any time during the year.

It can help you save on taxes and reduce your taxable income.

Contributions, interest earned on investments, and withdrawals are not taxed.
If you live in California or New Jersey, contributions and earnings are subject to state tax.
Your account balance earns interest every month, so you’ll have extra savings when you need it.
Your money will grow tax-free until you use it, so you can build your savings.
You can invest your account balance in mutual funds, stocks, or bonds.

Synopsys helps you out.

Synopsys will cover your account fees as long as you’re an active employee.
Synopsys makes no contributions to the HS Basic Plan. It’s designed for employees looking to maximize their own tax savings.
If you’re in the HS Standard Plan, Synopsys will contribute up to $750 if you have employee-only coverage and up to $1,500 if you cover dependents, even if you make no contributions to your account. (The HSA employer contribution is funded up front. If you’re a new hire, the amount will be prorated based on your hire date.)
If you’re in the HS Premium Plan, Synopsys will contribute up to $1,000 if you have employee-only coverage and up to $2,000 if you cover dependents, even if you make no contributions to your account. (The HSA employer contribution is funded up front. If you’re a new hire, the amount will be prorated based on your hire date.)

Enrolling in Your HSA

Follow these steps to get started:

Enroll in one of the HS Plans — Basic, Standard, or Premium.
Elect your HSA through Benefitsolver, and select how much you’d like to contribute. Note: You can change your contributions at any time through Benefitsolver, subject to the Synopsys payroll cut-off dates.

To speak with a Benefitsolver consultant, call (833) 280-4598.

Using Your HSA

Making Contributions

You can make pretax or after-tax contributions to your account.

Pretax contributions are deducted automatically from your paycheck. You can change your contribution amount at any time during the year.
You can also make after-tax contributions by submitting a check or transferring funds online directly to your Fidelity HSA. After-tax contributions are tax deductible until you reach the maximum contribution limit. Log in to your Fidelity account to learn more.

You can also transfer savings from another HSA or make a one-time qualified HSA funding distribution from an IRA. Log in to your Fidelity account to learn more.

To make changes to your pretax contributions, log in to Benefitsolver.

Contribution Limits

Maximum contribution limits are set by the IRS and may vary each year. You can increase or decrease your HSA contributions at any time during the year. Note: If you’re age 55 or older, you can make an additional catch-up contribution of $1,000.

	HS Basic Plan	HS Standard Plan	HS Premium Plan
You Only	Your contribution limit: $4,150 per year Synopsys contribution: None	Your contribution limit: $3,400 per year Synopsys contribution: Up to $750	Your contribution limit: $3,150 per year Synopsys contribution: Up to $1,000
You and 1 or More Dependents	Your contribution limit: $8,300 per year Synopsys contribution: None	Your contribution limit: $6,800 per year Synopsys contribution: Up to $1,500	Your contribution limit: $6,300 per year Synopsys contribution: Up to $2,000

Eligible Expenses

You can use your HSA to pay for these health care expenses:

Health plan deductibles and coinsurance
Most medical care and services
Dental and vision care
Prescription drugs and insulin
Medicare premiums (if age 65 or older)

View a list of qualified medical expenses that your HSA can cover.

Note: The IRS has rules for spouses and dependents that are different from the eligibility rules for medical plan coverage. For example, you can cover an adult child up to age 26 and a domestic partner in your medical plan, but you cannot use your HSA for their expenses if they are not your tax dependents. Consult your tax advisor, or refer to the Whose Medical Expenses Can You Include section in IRS publication 502.

Paying for Health Care Expenses With Your HSA

You have three options for paying for your health care expenses with your HSA:

Pay your doctors, pharmacies, and other providers directly, using your Fidelity HSA Visa card.
Pay online through Fidelity NetBenefits. Go to Paying and select Pay an Expense. After you agree to use Bill Pay, you can add a provider (payee).
Pay from your personal bank account, and reimburse yourself later through Fidelity NetBenefits.

Discover the Potential of Your HSA

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