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).
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. (The HSA employer contribution is funded up front. If you are a new hire, the amount will be prorated based on your hire date.)
- Or, 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. (The HSA employer contribution is funded up front. If you are a new hire, the amount will be prorated based on your hire date.)
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 two 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.
To speak with a consultant, call (833) 280-4598.
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 also transfer savings from another HSA or make a one-time qualified HSA funding distribution from an IRA.
To make changes to your contributions, visit Benefitsolver.
Maximum contribution limits are set by the IRS and may vary each 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
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
|Employee + 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
You can increase or decrease the contributions to your HSA at any time during the year.
For detailed summaries and legal disclosures, visit the Legal Notices page.