Health Savings Account
Health Savings Account
A Health Savings Account (HSA) is a smart way to set yourself up for success. Associates enrolled in the HSA Plan can use their HSA account to pay for expenses now or have a leg up on future expenses if you don’t use all your HSA money by the end of the plan year.
Eligibility & Enrollment
Eligibility
Associate: You are eligible to join the Health Savings Account (HSA) on your thirtieth (30th) day of employment (this period is called the Waiting Period) if you enroll in the HSA Medical Plan and are classified in Workday as a Full-Time Associate.
- If your status changes to Full-Time in Workday, you are eligible to join or re-enter the Plan as of the first of the month after the status change.
Temporary Associates and Independent Contractors are not eligible to participate.
Enrollment
New Hires and Rehires: Enroll online at benefits.carmax.com within 30 days from your hire date. Your coverage will be effective on the 30th day of employment provided you enroll in coverage by that date.
You can make changes to your Health Savings Account (HSA) plan at any time throughout the year.
HSA Fun Facts
About Your Health Savings Account
Opening Your Health Savings Account (HSA)
If you elect the medical Health Savings Account (HSA) Plan, you are also eligible for a company contribution to your Health Savings Account. However, you must take additional steps to enroll in the Health Savings bank account in order for CarMax to contribute. You do not need to contribute to the account to receive the CarMax contribution.
Who Can Have a Health Savings Account?
You can have an account if you enroll in the Health Savings Account (HSA) Plan administered by Anthem, as long as you are not:
- Enrolled in other health coverage that is not HSA-compatible (in accordance with IRS guidelines).
- Enrolled in a Health Reimbursement Account or Health Flexible Spending Account (HFSA).
- Listed as a dependent on another person’s tax return.
- Currently enrolled in Medicare.
- Receiving any health benefits from the Veteran’s Administration (or one of their facilities including prescription drugs) for a non-service-related condition in the past three months.
Claims
Engage Wellbeing App
With the Engage Wellbeing App from Anthem, you can file and manage reimbursement claims paperwork on the spot, with a click of a smartphone or mobile device camera from anywhere. To use the Engage Wellbeing App, simply download it from the App Store® or Google Play™. You will have direct secure access to your Anthem member portal when connected through the Engage Wellbeing App. Claims should be submitted for reimbursement through your Anthem member portal – click on My Plans and then Spending Accounts.
Your Health Savings Account Debit Card
You will receive a Health Savings Account (HSA) debit card to pay for eligible expenses. Remember to keep your receipts to prove you used the funds for eligible expenses. CarMax will pay your monthly banking fee on your account (excluding any fees associated with the investment portion of your Health Savings Account).
2025 Spending Account Comparison Chart
To view 2024 Spending Account Comparison Chart, Click Here
| Health Reimbursement Account | Health Savings Account | Health Care FSA | Limited Purpose FSA | Day Care Savings Account | |
| Available if you don't participate in a CarMax Medical Plan | No | No | Yes | No | Yes |
| Available if you enroll in the HSA Plan | No | Yes | No | Yes | Yes |
| Available if you enroll in the HRA Plan | Yes | No | Yes | No | Yes |
| Available if you enroll in the PPO Plan | No | No | Yes | No | Yes |
| CarMax Contributions | $300 Associate Only
$600 Associate + Dependent(s)/Family
|
$300 Associate Only
$600 Associate + Dependent(s)/Family
|
None | None | None |
| You can contribute funds up to the IRS annual maximum | No | $4,300 Associate Only
$8,550 Associate + Dependent(s) / Family
Additional $1,000 contribution allowed if age 55 and over
|
$3,299, or maximum IRS allowable limit | $1,500 | $4,999 or maximum IRS allowable limit |
| Your per-paycheck contributions reduce your taxable income | N/A | Yes | Yes | Yes | Yes |
| Contributions earn interest on a tax-deferred basis and can build long-term savings | No | Yes, may build long term savings | No | No | No |
| Contributions roll over year-after-year | Yes, as long as you continue to enroll in the HRA plan | Yes | Yes, up to $660 as long as you elect to continue to participate | Yes, up to $660 as long as you elect to continue to participate | No |
| You can change contribution elections anytime during the plan year | No | Yes | No | No | No |
| You can take your account with you if you leave CarMax | No | Yes | No | No | No |
| You can spend before available funds are deposited | No | No | Yes | Yes | No |
| Funds are available for eligible medical, dental, and vision expenses | Yes, money is automatically deducted for eligible medical expenses; you’ll get a debit card to use for eligible prescription drug, dental, and vision expenses | Yes | Yes | Dental and vision only | No |
| Funds are available for eligible child and elder day care expenses incurred to enable you to work | No | No | No | No | Yes |
