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
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
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.