Health Savings Account
If you enroll in the HSA 5000 or HSA 2000 plan, you’ll have access to a triple-tax advantaged account called a Health Savings Account (HSA) to help you pay for eligible health care expenses. Plus, GXO contributes up to $1,000 based on who you cover. There’s no “use-it or lose-it rule,” and you can even use it to save for medical expenses in retirement. Review the table below. Please keep in mind that some state tax regulations vary from the federal regulations described here.
Opening an HSA with Fidelity
There are several steps to setting up an HSA.
- Enroll in an eligible high deductible health plan such as GXO’s HSA 5000 or HSA 2000.
- Decide how much you want to contribute when you enroll (see the table below for minimum and maximums).
- Know that GXO will notify Fidelity that you want to open an account.
- Complete the account setup process with Fidelity so you and GXO can make contributions.
| Health Savings Account | |
|---|---|
| How does it work? | An HSA allows you to set aside pre-tax dollars and use them to pay for eligible health care expenses for yourself and your tax dependents. You can also invest the money in your account and let it grow (similar to a 401(k) plan) so you can save it for future health care expenses. |
| Who contributes? | GXO and you |
| How much does GXO contribute? | Individual: Up to $500 Employee + One or More Up to $1,000 GXO contributes 25% in January, 25% in April, 25% in July and 25% in October. The amount is based on when you become eligible for benefits or have Qualifying Event changes. |
| How much can I contribute? | Individual: From $500 (minimum) to $3,650 per year (2024 IRS maximum) Employee + One or More: From $500 (minimum) to $7,300 per year (2024 IRS maximum) If you’re age 55 or older, you can make an additional “catch-up” contribution of $1,000 to your HSA per year. |
| What can the money be used for? | Eligible health care expenses include:
|
| How do I pay for care? | Once you enroll, GXO will set up your account with Fidelity. When you need to pay for eligible health care expenses, you can either use the prepaid health care payment card from Fidelity, or you can pay for the expenses and reimburse yourself through Fidelity’s website. GXO partners with Fidelity to manage your account. You will view and manage your HSA money through Fidelity. |
| When can I start using the money? | Once your account is open and has money in it, you can spend or get reimbursed up to the available account balance, unlike the Health Care FSA. |
| Can I roll over unused money? | Yes. You can roll over any unused money in your account for the next year. |
| Can I take the HSA with me if I leave GXO? | Yes. You own the account and can use the money any time. |
Learn about the Health Savings Account
Review Health Savings Account FAQs.
Visit Fidelity today to learn the top three reasons to consider an HSA medical plan, watch a video to see if an HSA could be right for you and tap into a wealth of resources including eligible expenses and more.
Contacts
Fidelity HSA
HSA administrator
