Health Savings Account (HSA)
Three ways to save with the triple tax advantage of an HSA:
- You pay no employment or federal income taxes on the money contributed to your account. In most states, you also pay no state taxes.
- Earnings on your HSA grow tax-free, which provides a great way to pay for future medical expenses — including in retirement.
- Money you withdraw to pay for eligible medical, prescription, dental and vision expenses — today, or in the future —is not subject to taxes.
To be eligible for an HSA, you must be covered by an HDHP as your only health insurance. If you elect the HDHP with HSA option, ConocoPhillips will contribute to your HSA to help you cover your health care costs. No Company contribution is provided if you enroll in the HDHP Base option. The amount you can contribute along with your Company contribution is limited each year by the IRS.
|If You Enroll:||We Contribute: (HDHP Only)||You Can Contribute: HDHP ||You Can Contribute: HDHP Base|
|You Only||$250||Up to $3,250||Up to $3,500|
|Other Coverage Levels||$375|| Up to $6,625||Up to $7,000|
|NOTE: Participants over age 55 can contribute an additional $1,000 annually. |
It’s easy to use your HSA. Once you enroll, you’ll receive a Visa debit card. You can use your card anywhere Visa’s accepted to pay eligible out-of-pocket health expenses. You can also use it to pay bills from doctors and hospitals.
Remember, if you choose, you can also invest your HSA funds right through the Bank of America online portal, earn tax free returns and use the funds for eligible expenses in your retirement.
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.
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.