Understanding How a Cigna HSA Works

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs, and Cigna offers HSA options that can help you save money while taking care of your health.

When you enroll in a Cigna HSA plan, you contribute pre-tax dollars to your account to use for qualified medical expenses. Here's how a Cigna HSA works:

1. Contributions: You and/or your employer can contribute funds to your HSA throughout the year up to the IRS limits.
2. Investment Opportunities: Some Cigna HSA plans offer the option to invest your HSA funds for potential growth over time.
3. Withdrawals: You can withdraw funds from your HSA tax-free for qualified medical expenses such as doctor visits, prescriptions, and more.
4. Rolling Over: Any unused funds in your HSA roll over year after year, so you never lose the money you contribute.
5. Portability: Your Cigna HSA is portable, meaning you can take it with you if you change jobs or health insurance providers.

It's important to note that to be eligible for a Cigna HSA, you must be enrolled in a high-deductible health plan (HDHP). HDHPs typically have lower monthly premiums than traditional health plans, making them a cost-effective option for many individuals and families.

Health Savings Accounts (HSAs) are an incredibly effective way to manage rising healthcare costs, and Cigna offers competitive HSA plans tailored to meet your needs.