Health Savings Account

When you enroll in the Choice Plus HDHP medical plan, you are also eligible to open a Health Savings Account (HSA).

You can contribute money to your HSA through pre-tax payroll deductions up to the annual IRS limit. Coke Florida will also make an annual company contribution of $200 for Associate-only coverage or $400 for Associate and dependent coverage.

You can use the money in this account to help pay eligible health care expenses, including your deductible, copays, and coinsurance as well as eligible dental and vision expenses. Refer to IRS Publication 502 for a complete list of eligible expenses

Eligibility

To be an eligible individual and qualify for an HSA contribution, you must meet the following requirements.

You are covered under the Choice Plus HDHP medical plan.
You are not covered by other health insurance.
You are not enrolled in Medicare.
You are not listed as a dependent on someone else’s tax return.
You cannot participate in Coke Florida’s Health Care Flexible Spending Account (FSA).

Other restrictions and exceptions may also apply. We recommend that you consult a tax, legal, or financial advisor to discuss your personal circumstances.

Advantages of an HSA

A Health Savings Account (HSA) is a tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can’t duplicate. With an HSA, members will have:

A tax-avantaged savings account: that they can use to pay for eligible medical expenses as well as deductibles, co-insurance, prescriptions,
vision expenses, and dental care.
Unused funs that willroll over year to year. There’s no “use it or lose it” penalty.
The potential to build more savings in self-directed investment options.
Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.

HSA Contribution Limits

Each year the IRS establishes the HSA limit (the amount you and Coke Florida can jointly contribute). In addition, if you are age 55 or older, you may contribute additional money.

How to Open Your HSA

After your benefit election in Dayforce becomes effective, Inspira Financial will mail you a Inspira Financial debit card along with account enrollment instructions and the Card Holder Agreement.

After you receive your debit card, you can view your account information online by setting up an online account. You are not required to set up an account to use your benefits.

Please contact Inspira Financial directly with any questions at 1-888-678-8242.

Eligible Expenses

You can use your HSA to pay for a wide range of IRS-qualified medical expenses for yourself, your spouse, or tax dependents. Generally, an IRS-qualified medical expense is defined as an expense that pays for healthcare services, equipment, or medications as defined under Section 213(d) of the Internal Revenue Code. Funds used to pay for IRS-qualified medical expenses are always tax-free.

Click here for a complete list of eligible expenses.

When Leaving the Company

You own your HSA, and it stays with you when your employment ends. If you take a new job at another company or retire, but do not have coverage under an HSA-eligible medical plan, you can still use any remaining balance in your HSA to pay for qualified medical expenses. Keep in mind, IRS rules do not allow you to deposit money into the HSA and receive tax benefits if you are not actively enrolled in an HSA-eligible medical plan.