Health Savings Account (HSA)
When it comes to health care, it pays to plan ahead, and one of the best ways to save money is by contributing to a health savings account (HSA).
An HSA is like a 401(k) or individual retirement account (IRA) for health care expenses:
- Your HSA provides tax advantages that you can use for medical and prescription drug expenses today, or save for future use.
- You fully own your HSA, including AutoNation’s contributions. Your funds roll over annually, travel with you if you leave or retire, and unlike an FSA, never expire.
- You can use your pre-tax HSA account to cover medical, drug, dental, and vision expenses now, or you can continue to contribute and earn interest. Once you have $1,000 in your account, you can invest your money to help grow your balance even more. You’ll have the option to invest in mutual funds selected by Voya’s in-house Investment Management team. As with any investments, there are risks; make sure to fully explore those risks before choosing to invest your balance.
You Get a Triple Tax-Free Advantage
- Contributions to your HSA are exempt from federal income taxes and from most state income taxes. When you contribute through pre-tax payroll deductions, dollars flow into your HSA account tax-free to build your savings faster.
- Interest and investment income that your HSA earns accumulate tax-free, so your HSA balance grows faster, even at modest rates of return.
- Qualified withdrawals from your HSA also are tax-free, unlike withdrawals from other savings vehicles, like IRAs or 401(k) accounts. Every dollar you withdraw can be used to pay health care expenses, maximizing your purchasing power.
AutoNation Gives You Money to Jump-Start Your HSA Account!
If you enroll in the Blue Cross Blue Shield 60% with HSA option and choose employee-only coverage, AutoNation contributes $300. If you enroll yourself and at least one family member, AutoNation contributes $600. Just accept the HSA terms and conditions when you enroll in the Blue Cross Blue Shield 60% option to open an account. AutoNation contributions are posted to your account and may be prorated based on when your HSA is fully opened and able to accept contributions.
You can also contribute up to $4,300 for an individual and up to $8,550 for a family in 2025. If you are 55 or older you can contribute an additional $1,000 each year.
HSA contribution amounts can be updated throughout the year, similar to the 401(k) plan.
* For 2026, you may contribute up to $4,400 (individual) or $8,750 (family) to your HSA. If you’re 55 or older, you can add an extra $1,000 each year. These amounts refer to your contributions; note that the IRS annual limit is a combined cap that includes both your contributions and AutoNation’s.
Who Is Eligible to Contribute?
You are eligible to contribute to an HSA if:
- You are enrolled in a high-deductible health plan (HDHP), like AutoNation’s Blue Cross 60% option.
- You are not covered by a spouse’s plan.
- You do not receive military health care benefits.
- You are not claimed as a dependent on another person’s tax return.
- You are not enrolled in Medicare.
When opening a new HSA account, Voya Financial is required by law to validate your identification. This is no different than when you open a personal bank account.
Using Your HSA Is Easy
Your HSA account is administered by Voya Financial, and, like a personal bank account, your cash balance is FDIC insured. You can access the funds in your HSA in several convenient ways:
- Use your HSA debit card from Voya Financial to pay your provider for allowable expenses. The amount is automatically deducted from your HSA balance.
- Pay directly from your HSA by using the HSA website. Just like online bill pay, you log in, request payment, and the provider will receive a check.
- Reimburse yourself when you pay out-of-pocket for qualified services by logging in to your account and transferring funds to your bank account or requesting a check.
AutoNation HSA Contribution Amounts
Account Setup Date | Approximate Deposit Date | Employee Only | Employee + 1 or More |
|---|---|---|---|
Annual Enrollment | Early January | $300 | $600 |
Quarter 1 | Early April | $300 | $600 |
Quarter 2 | Early July | $200 | $400 |
Quarter 3 | Early October | $100 | $200 |
Quarter 4 | N/A | N/A | N/A |
