Health Savings Account
Health Savings Account (HSA)
The HSA, managed through Wex, is a tax-free savings account that you own. You can use it to pay for eligible health expenses anytime. Your HSA money is always yours, even if you leave Chubb or retire. You can use the pre-tax dollars you contribute to your HSA to cover your deductibles and coinsurance as they come up—saving the amount you would have paid in taxes. You’ll pay for eligible medical, prescription, dental and vision expenses for you and your family using your HSA debit card (provided sufficient funds are in your account).
To have an HSA, you must be enrolled in either the $1,850 or $3,300 Deductible Plan (for Kaiser members in California, the $1,800 and $3,300 Plans)
You contribute to your HSA through before-tax pay deductions
In 2025, the IRS annual limits on total contributions to your HSA (yours and Chubb’s, if applicable) are:
$4,300 for employee-only medical coverage
$8,550 if you cover dependents
Add $1,000 to these limits if you will turn 55 or older in 2025
You can change your contribution amount anytime through the Chubb Benefits Portal
It’s your personal bank account and the balance rolls over each year
If you enroll in the $1,850 Deductible Plan (for Kaiser members in California, the $1,800 Plan), Chubb will make a quarterly contribution to your HSA:
$125 quarterly for employee-only medical coverage
$250 quarterly if you cover dependents
Don’t miss out on Chubb’s contribution
For employees enrolled in the $1,850 Deductible Plan (or $1,800 Plan for Kaiser members), Chubb will contribute to your HSA quarterly in equal installments ($125 employee only, $250 if you cover dependents). You don’t need to make employee contributions to the HSA to receive Chubb’s contribution—but you must be active and enrolled in the HSA before the first day of the quarter to receive that quarterly company contribution.
Grow your money for the future tax-free
Any unused balance in your HSA will continue to roll over year after year. This allows you to build up savings to pay for future health care expenses. You can even invest your money once it reaches a balance of $1,000, giving you the potential for tax-free earnings growth and a simple way to save for health care costs all the way into retirement.
Remember!
You can build savings in your HSA (balances roll over every year) and your savings stay with you—even if you leave the company. You can even access and use toward eligible expenses during retirement. You can even use to pay your Medicare premiums.
HSA contributions are not subject to federal tax. However, they are currently subject to state tax in Alabama, California and New Jersey. Consult with your tax advisor to understand the potential tax consequences of enrolling in an HSA. Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
Limited Purpose Flexible Spending Account (LPFSA)
If you enroll in an HSA plan, you are also eligible to enroll in a Limited Purpose Flexible Spending Account or an LPFSA (sometimes referred to as Combination FSA). The LPFSA can be used for eligible dental & vision expenses until you reach the IRS deductible which includes eligible out of pocket expenses paid by the employee/member. Once you reach the annual IRS deductible, you can begin to use the LPFSA for out of pocket eligible medical and prescription expenses in the current plan year. This allows you to preserve your HSA account since the money rolls over from year to year. Learn more under Flexible Spending Accounts.
Manage your account
Track your spending, check your balance, reimburse yourself and more by accessing your HSA account online at benefitslogin.wexhealth.com.