Health Savings Account (HSA)
If you enroll in the Cigna $7,000 HDHP, you can open a Health Savings Account (HSA) through Cigna Choice Fund. An HSA is a personal savings account you use to pay for eligible healthcare expenses with tax-free dollars, now and in the future. Your account is set up automatically after you enroll, and you receive a debit card to pay for eligible expenses.
Four Reasons to Love an HSA
- Tax-free. No federal tax on contributions (or state tax in most states), and withdrawals are tax-free when used for eligible healthcare expenses.
- No “use it or lose it.” Your balance rolls over every year. You own the account, even if you change medical plans or leave Townsquare Media.
- Use it now or later. Pay for healthcare expenses today, or save the money for the future.
- Boosts retirement savings. After you retire, HSA money stays tax-free for healthcare expenses and can be used for other expenses without penalty (taxable).
Eligibility
You can contribute to an HSA only if you are:
- Enrolled in the Cigna $7,000 HDHP OAP/LocalPlus HSA Plan
- Not covered by other non-HDHP medical coverage, including Medicare, Medicaid or TRICARE
- Not claimed as someone else’s tax dependent
- Not enrolled in a Healthcare FSA (a Limited Purpose FSA for dental and vision is allowed)
Contributions
You contribute pretax through payroll deductions and can change your contribution at any time, up to the 2026 IRS limits:
Individual Coverage
$4,400 per year
Family Coverage
$8,750 per year
Age 55 or Older
An additional $1,000 per year catch-up contribution
Using Your Account
Eligible Expenses
Use your HSA for eligible expenses such as office visits, lab tests, prescriptions, dental and vision care, and some drugstore items, for you, your spouse and your tax dependents.
Your Debit Card
Pay with your HSA debit card, or pay out of pocket and save your HSA balance for future healthcare expenses.
Questions? Contact Cigna at 800-244-6224 or myCigna.com.