There are more Annual Enrollment questions and answers available!
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Do I need to enroll if I want to keep contributing the same amount?
No. If you reenroll in one of the Smart Plans, your current Health Savings Account (HSA) contributions will automatically continue in 2025. If you want to take advantage of the higher contribution limits for next year, you must increase your contributions. If you’ll be 55 or older in 2025, you can contribute an extra $1,000 to your HSA.
Do I need to enroll if I want to change my HSA contribution?
You can change your HSA contributions anytime. But, if you'd like to take advantage of the higher annual contribution limit starting with your first paycheck of 2025, Annual Enrollment is a convenient time to do it.
How will I get the Workday contribution to my Health Savings Account (HSA)?
If you elect the Cigna or Kaiser Smart Plan during Annual Enrollment, you’ll see a portion of the Workday contribution deposited to your HSA each pay period beginning in January (24 pay periods). If you’ve already set up an HSA with Fidelity, you don’t need to act further.
Note: If this is the first time you’ve elected a Smart Plan, be on the lookout for information from Fidelity in mid-December about how to open your account. If you don’t sign up ASAP, the Workday HSA contribution to your account may be delayed.
I’m enrolling in a Smart Plan, but I don’t want to enroll in the HSA. Can the HSA be waived?
You may choose to opt out of the HSA if you don’t want to receive the Workday contributions, or if you’re not eligible due to other coverage. If this applies to you, please submit a People Guide Request, and the benefits team, and the benefits team will make the update after Annual Enrollment ends.
Can I contribute a lump sum to my HSA at the beginning of the year?
Yes, but you’ll want to be careful. Factoring in the Workday contribution, the maximum amount you can contribute in 2025 is $3,300 for employee-only coverage and $6,550 if you’re covering any dependents.
The HSA contributions you make through payroll deductions, plus Workday contributions, appear in your HSA over time across 24 pay periods. If the total amount of your contributions and the Workday contribution over the course of the year exceeds the IRS limit for 2025, then your excess contributions will be subject to an IRS penalty. Ouch.
If you’re considering making contributions directly to your HSA, we recommend you consult with Northstar to review any tax implications. If you wish to proceed, contact Fidelity directly for next steps.