Health Savings Account (HSA)

When it comes to healthcare, it pays to plan ahead, and one of the best ways to save money is by contributing to a Health Savings Account (HSA).

 An HSA is like a 401(k) or individual retirement account (IRA) for healthcare expenses:

  • Your HSA provides tax advantages that you can use for medical and prescription drug expenses today, or save for future use.
  • The money is yours, even the money AutoNation contributes, and it stays yours. There is no vesting period. If you leave AutoNation or retire, the money in your HSA goes with you, so it’s always available when you need it.
  • You own the HSA. The money in your account rolls over year-to-year and, unlike a Flexible Spending Account(FSA), it never expires.
  • You can use your pre-tax HSA account to cover medical, drug, dental and vision expenses now or you can continue to contribute and earn interest. Once you have $1,000 in your account, you can invest your money to help grow your balance even more. You’ll have the option to invest in mutual funds selected by Voya’s in-house Investment Management team. As with any investments, there are risks; make sure to fully explore those risks before choosing to invest your balance.

You Get a Triple Tax-Free Advantage

An HSA provides tax advantages that few other investment vehicles can match:
  1.  Contributions to your HSA are exempt from federal income taxes and from most state income taxes. When you contribute through pre-tax payroll deductions, dollars flow into your HSA account tax-free to build your savings faster.
  2.  Interest and investment income your HSA earns accumulate tax-free, so your HSA balance grows faster, even at modest rates of return.
  3.  Withdrawals from your HSA also are tax-free, unlike withdrawals from other savings vehicles like IRAs or 401(k) accounts. Every dollar you withdraw can be used to pay health care expenses, maximizing your purchasing power.

AutoNation Gives You Money to Jumpstart Your HSA Account!

AutoNation will contribute $200 to your HSA if you enroll in the Blue Cross 60% with an HSA Option, and $400 if you enroll yourself and another family member. All you have to do is accept the terms and conditions to receive the AutoNation contribution. 

You can also contribute up to $3,450 for an individual and up to $6,900 for a family in 2022. If you are 55 or older you can contribute an additional $1,000 each year.

HSA contribution amounts can be updated throughout the year similar to the 401(k) plan.

Who is Eligible to Contribute?

You are eligible to contribute to a HSA if:

  • You are enrolled in a high-deductible health plan (HDHP) – like AutoNation’s Blue Cross 60% option.
  • You are not covered by a spouse’s plan.
  • You do not receive military health care benefits.
  • You are not claimed as a dependent on another person’s tax return.
  • You are not enrolled in Medicare.

When opening a new HSA account, Voya Financial is required by law to validate your identification. This is no different than when you open a personal bank account.

Using Your HSA is Easy

Your HSA account is administered by Voya Financial and, like a personal bank account, your cash balance is FDIC insured. You can access the funds in your HSA in several convenient ways:   

  • Use your HSA debit card from Voya Financial to pay your provider for allowable expenses. The amount is automatically deducted from your HSA balance.
  • Pay directly from your HSA by using the HSA website. Just like online bill pay, you login, request payment and the provider will receive a check.
  • Reimburse yourself when you pay out-of-pocket for qualified services by logging in to your account and transferring funds to your bank account or requesting a check.

AutoNation HSA Contribution Amounts

Benefits Effective Date
Employee Only
Employee + 1 or more
Annual Enrollment
$200
$400
Quarter 1
$200
$400
Quarter 2
$150
$300
Quarter 3
$100
$200
Quarter 4*
N/A
N/A