If you’re enrolled in the Health Savings (HS) Basic Plan or Health Savings (HS) Plus Plan, you’re eligible to open a Health Savings Account (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.
- 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.
- Once your account balance reaches $3,000, you can invest it 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 Plus Plan, Synopsys will contribute up to $500 if you have employee-only coverage, and up to $1,000 if you cover dependents. (The prorated amount is automatically deposited into your HSA each pay period.)
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)
Follow these three steps to get started:
- Enroll in the HS Basic Plan or HS Plus Plan.
- Select how much you'd like to contribute through the Synopsys Enrollment and Resource Center.
- Open an account through Fidelity NetBenefits.
To open your HSA with Fidelity:
Visit the NetBenefits® website. Click the “Open” button next to "Health Savings Account."
Contact a Fidelity representative at (800) 544-3716.
To make changes to your contributions, visit the Synopsys Enrollment and Resource Center.
From work: Visit the Benefits SharePoint webpage and click on "Benefitsolver."
From home: Log in to the Synopsys Enrollment and Resource Center with your Benefitsolver username and password. If this is your first time using the portal, select “First Time Here” and register as a new user. Company Key is "Synopsys."
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. After-tax contributions are tax deductible until you reach the maximum contribution limit.
You can transfer savings from another HSA or make a one-time qualified HSA funding distribution from an IRA. See Your Guide to Understanding a Health Savings Account for details.
Maximum contribution limits are set by the IRS and may vary each year.
- The HS Basic Plan is designed to help you maximize your own tax savings.
- If you have employee-only coverage, you can contribute up to $3,450 per year.
- If you cover dependents, you can contribute up to $6,900 per year.
- If you’re enrolled in the HS Plus Plan, Synopsys will contribute to your HSA throughout the calendar year.
- If you have employee-only coverage, Synopsys contributes $500, so you can contribute up to $2,950 per year.
- If you cover dependents, Synopsys contributes $1,000, so you can contribute up to $5,900 per year.
- If you’re age 55 or older, you can make an additional catch-up contribution of $1,000.
|HS Basic Plan||HS Plus Plan|
|Synopsys Contribution–Employee only||None–to allow you to maximize your own tax savings by contributing up to $3,450.||Synopsys deposits $500 into your HSA account.|
|Synopsys Contribution–Employee + 1 or more dependent||None–to allow you to maximize your own tax savings by contributing up to $6,900.||Synopsys deposits $1,000 into your HSA account.|
You can increase or decrease the contributions to your HSA at any time during the year.