A Health Savings Account (HSA) is a tax-exempt account that can be used to help pay for medical expenses. Any money not spent can remain in the HSA from year to year and gain interest tax free.
How It Works (168KB .PDF)
Eligibility
To be eligible for an HSA each month, an individual must be covered by a High Deductible Health Plan (HDHP) as of the first day of the month and not be covered by a low deductible option that provides coverage for any benefit that is covered by the HDHP, including a General HCA. Your spouse's enrollment in a General HCA will make you ineligible for an HSA too. See Flexible Spending Accounts (271KB .PDF) for more information on the Health Care accounts.
Tax Considerations
The HSA program is voluntary, and you are responsible for reporting contributions to and distributions from your HSA (whether by you or on your behalf) to the IRS. You should consult your tax or financial adviser to understand if you are eligible for an HSA, if an HSA would be advantageous to you, and to ensure that you understand all tax implications. To learn more about HSAs, go to www.treas.gov/offices/public-affairs/hsa.
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Notice
If you are participating in an HSA, neither you nor your spouse can enroll in a General Health Care Account (HCA). However, you can enroll in a Limited HCA. See Flexible Spending ( 271KB .PDF) for more information on the Limited Health Care Account.
Disclaimer
It is the intention of ConocoPhillips to comply with the Department of Labor guidance set forth in Field Assistance Bulletin No. 2004-1, which specifies that a Health Savings Account is not an ERISA plan if certain requirements are satisfied. The HSA described at this site is not an arrangement that is established and maintained by ConocoPhillips. Rather, the HSA is established and maintained by the HSA trustee or custodian. However, for administrative convenience, a description of the HSA and information on the HSA are provided on this website.