Health Savings Account (HSA)
A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.
Your HSA is always yours — no matter what.
One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.
How to Register for an Account
Visit naviabenefits.com (Gong Employer Code: NG3) or call Navia at (800) 669-3539 for more information.
Eligibility
You must be enrolled in the High Deductible Health Plan.
Contributions
Gong will deposit money into your HSA based on your Medical coverage level. That money is for you to use for any qualified eligible expense as define by IRS Section 213(d). Money left over at the end of the plan year will remain in your account and rolls over into the following year. If you are enrolled in Employee only coverage, Gong will contribute $750 annually. if you enrolled any dependents, gong will contribute $1,500 annually.
Please note that HSA’s are funded per pay period throughout the year. Gong contributes to your HSA $62.50 for an individual and $125.00 for Gongster + dependent enrollment at the start of the month. The annual amount is prorated based on hire date and qualified enrollment changes.
You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,400 if you enroll only yourself or $8,750 if you enroll in family coverage. You can make an additional $1,000 catch-up contribution if you are age 55 or older.
Using Your Account
Eligible Expenses
You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.
Your Debit Card
Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future healthcare expenses.