Health Savings Account (HSA)

When you enroll in the Aetna HDHP with HSA medical plan, you may be eligible to contribute to a Health Savings Account (HSA), administered by WEX. You’re not eligible for an HSA if you’re enrolled in Medicare or covered by a spouse’s Flexible Spending Account (FSA). The HSA is a tax-advantaged personal savings account you can use for eligible healthcare expenses for yourself and your eligible dependents now or in the future.

Key HSA features

Using your HSA

If you leave Segal

Medicare and the HSA

Resources

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Key HSA features

Triple tax-advantaged account. Your paycheck contributions go into your HSA pretax, grow tax-free through interest or investments, and are distributed tax-free for eligible expenses. (Please note state tax treatment of HSAs may differ; consult a tax advisor for details.)
Flexible contributions. You can change your pretax HSA contribution election any time during the year through HRConnect. You can also make contributions directly to your account at WEX.
Investment opportunities. Your HSA is an interest-bearing cash account. Once your account balance reaches $1,000, you have the option to invest your account in any of the investment options offered through WEX. Sign in to your HSA account at WEX to see the current options.
Segal contributes to your HSA. Segal will contribute $750 per year for Employee Only coverage and $1,500 for Employee Plus One or Employee Plus Family coverage.
Contribution limits. The IRS limits the amount you can contribute to an HSA each year. For 2026, these maximums, which include your contributions and Segal’s contributions, are $4,400 for Employee Only coverage and $8,750 for Employee Plus One or Employee Plus Family coverage. If you are age 55 or older in 2026, you can make an additional $1,000 catch-up contribution to your HSA.
No use-it-or-lose-it. Unused money in your HSA rolls over each year and is never forfeited. You can use your HSA now, or you can invest your money to use later, such as during retirement.
You own it. You control your account, and it’s yours to keep even if you leave Segal.

Using your HSA

You can access your HSA funds at any time to pay for or request reimbursement for eligible healthcare expenses by:

Using your WEX card at the point of purchase
Paying out of pocket and submitting a claim for reimbursement through WEX
Paying providers directly through WEX

You can check balances, transactions and investment options through the WEX website or mobile app.

If you leave Segal

If you leave Segal and are no longer enrolled in an HSA-qualified medical plan, you may:

Keep your HSA with WEX. You can continue using your funds for eligible expenses, but no additional pretax contributions are allowed. Your account will remain invested and continue to earn interest. Administrative fees will apply.
Close your HSA. The remaining funds will be distributed to you, but you may be subject to taxes, including an additional 20% tax penalty.
Transfer your HSA balance. You can transfer your balance to another administrator with no tax implications.

If HSA funds are used for nonqualified expenses, distributions are taxable and subject to a 20% penalty if taken before age 65.

Medicare and the HSA

It’s important to understand how Medicare enrollment affects your HSA. Once you enroll in Medicare, you are no longer eligible to contribute to an HSA, and Segal can no longer make employer contributions.

Medicare Part A

If you plan to enroll in Medicare Part A, your annual HSA contribution and catch-up contribution maximums need to be prorated in the year you reach age 65. Your Part A coverage starts retroactively to the first day of the month in which you turn 65, so you should not count that month in your proration for HSA contributions.

If you are Medicare-eligible and receiving Social Security income benefits, you are automatically enrolled in Medicare Part A and therefore not eligible for HSA contributions. You can choose to waive Medicare Part A through the Social Security Administration, but doing so may require repaying any Social Security benefits you have received. Additionally, if you waive Part A coverage and enroll later (for example, at retirement) your coverage will be retroactive to six months prior to your requested Part A election date, so any HSA contributions made during that retroactive period may be subject to taxes and penalties. Visit socialsecurity.gov for more information.

Your spouse and HSA eligibility

If your spouse is under age 65 but you are enrolled in Medicare, you may still contribute to your spouse’s HSA, provided they have HSA-eligible medical coverage. Your contributions must be made with after-tax dollars, and the tax deduction would be taken when filing taxes.

If you are not enrolled in Medicare but your spouse turns 65 and enrolls in Medicare, you can continue contributing to your own HSA as long as you remain eligible, and you may still use your HSA to cover your spouse’s qualified expenses.

Using your HSA with Medicare

Once you turn 65, HSA withdrawals are no longer subject to penalties and remain tax-deductible when used for qualified medical expenses. After enrolling in Medicare, you can use your existing HSA funds to pay for Medicare and IRS-approved health insurance premiums (including Segal-sponsored health insurance). HSA funds can be used to pay for Medicare Parts A, B, C, and D premiums, but not for Medicare supplement (Medigap) plans.