Health Savings Account (HSA)

What is a Health Savings Account?

An HSA is a tax-favored account you can use to pay for eligible current and future healthcare expenses with tax-free dollars. You must enroll in the HSA plan to be eligible to open a health savings bank account. There is no use it or lose it rule. Any unused money will remain in your HSA for future use.

Nidec does not own the account. You own the account. If you leave, you keep the funds. You may choose to make contributions to your HSA on a pre-tax basis.

Funds may be withdrawn at any time to pay for qualified medical expenses tax-free for most medical, dental, and vision care. For a complete list of eligible expenses, please refer to IRS Publication 502 at irs.gov.

HSA expenses can be incurred by you, your spouse, and dependents claimed on your personal tax return even if the dependents are not enrolled in the HSA plan.

Funding Your Account

You may contribute up to the annual IRS limits. It’s important you do not go over the IRS limit. Please note the IRS limits shown below are inclusive of the company contributions to your account.

* Individuals age 55 and older who reach age 55 by December 31, 2024 can make a catch-up contribution of up to $1,000 in addition to the employee maximums shown in the table above.

Coverage Tier IRS Annual Maximum Limit Nidec Contribution Employee Maximum*
Employee $4,150 $500 $3,650
Employee + Spouse $8,300 $750 $7,550
Employee + Child(ren) $8,300 $750 $7,550
Employee + Family $8,300 $1000 $7,300

Keep in mind …

  • Nidec contributes HSA seed money to all employees enrolled in the CHP monthly.
  • The CHP has the lowest employee paycheck contributions for medical coverage.
  • If you switched from the PPO to the CHP you can put those premium savings into your HSA and have those funds to use tax-free during the year when you need them!

Pay healthcare expenses with pre-tax dollars to save!

Our HSA is offered through Health Equity.

You are Eligible to Open a Health Savings Account if:

  • You are enrolled in an HSA plan (qualified high deductible health plan)—the CHP
  • You are not covered by your spouse’s health plan, any other health plan, or flexible spending account
  • You are not eligible to be claimed as a dependent on someone else’s tax return
  • You are not enrolled in Medicare, TRICARE, or TRICARE for Life
  • You have not received veterans administration benefits in the past three months