HSA Overview

If you choose to enroll in the CHP, you will be eligible for a Health Savings Account (HSA), which you can use to pay for your out-of-pocket health care expenses now, after you leave Medtronic, or when you retire. You can review an updated list of eligible expenses here.

Unlike a flexible spending account (FSA), the funds in your HSA are yours to keep, even if you leave Medtronic. Additionally, you’ll only have access to your HSA funds once they are deposited into your account, which is different from an FSA where the entire annual contribution is available to you at the beginning of the plan year. Any balance you have at the end of the year will roll over to the next plan year, meaning there’s no “use it or lose it” rule.

Contributions to your account from Medtronic will be made based on your coverage tier and when you make your election.

  • If you enroll in the CHP and also enroll in the employer HSA during open enrollment, you will receive Medtronic contributions in early February each year.
  • If you are a new hire and enroll in the CHP and also enroll in the employer HSA, you will receive Medtronic contributions to your account on the first pay period following your election (or as soon as administratively possible).

Your HSA Administrator

Your HSA administrator depends on your medical plan administrator — if your medical plan administrator is BCBS, your HSA plan administrator is Further (formerly SelectAccount); if your medical plan administrator is UHC, your HSA plan administrator is Optum Bank.

If you elect to participate in an HSA, you will receive a debit card from your HSA administrator with details on how and when to use your card for eligible expenses. If you do not have your debit card with you at point-of-service and you need to pay for an expense, you can be reimbursed from your HSA. Simply follow the instructions on your HSA administrator’s website to receive reimbursement. Be sure to save all of your receipts for tax purposes.

Account Contributions

If you select the CHP with HSA, Medtronic makes contributions to the HSA as outlined below.

Coverage LevelAnnual Contribution from Medtronic (during Open Enrollment)New Hires Hired on or After July 1
Employee Only$500$250
Employee + Spouse$750$375
Employee + Child(ren)$750$375
Family$1,250$625

In addition to the contributions from Medtronic, you can also make pre-tax contributions to your HSA, up to IRS limits. For 2019, the limits are set at $3,500 for employee only coverage and $7,000 for family coverage. These limits include both Medtronic (employer) and your own (employee) contributions. Catch-up contributions to the HSA are also available, contact your HSA administrator for additional information on this process. If you have a Change in Status during the year, you will not receive Company-provided HSA contributions.

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