Health Savings Account and Health Reimbursement Agreement

Highlights- Health Savings Account

• Free $$ from Samsara—up to $1,000 for single coverage and up to $2,000 for other coverage. The Samsara contribution is prorated (based on timing you elect the HSA) so you’ll get a portion after each pay period.

• Save up to $4,150 (single) or $8,300 (family) in 2024, including the contributions from Samsara.

• No taxes on your HSA contributions, withdrawals, or investment earnings as long as the money is used to pay for qualified expenses such as prescriptions, doctor visits, and X-rays.

• The freedom to choose how much—or little—to contribute to your HSA

• Your balance rolls over from year to year; there is no use-it-or-lose-it rule.

• You can invest your HSA money so it grows over time, much like your 401(k).

• Money for eligible health care expenses that you can use now or save for later—and it’s yours to keep, forever!

HSA

Triple tax advantages

Yeah, we know talking about taxes isn’t fun. But talking about tax savings is, and that’s the best part of the HSA. You get to save in three amazing ways:

• HSA contributions (up to the IRS limits) are 100% deductible from your federal gross income, which means your taxable income will be lower. And almost all states consider HSAs to be tax-deductible, except California and New Jersey.

• You can invest HSA money so it grows over time, and the interest will not be subject to future income tax if used for qualified medical expenses.

• As long as your HSA withdrawal is used for a qualified medical expense, it’s not subject to federal income tax.

• Learn more about HSAs managed by Forma here

Plenty o’ perks!

Manage your HSA account online through Forma, or on the go, with these easy-to-use features:

• HSA debit card: Use your debit card to pay for supplies that are not covered by your medical plan.

• Reimbursement: If you pay out of pocket for a qualified expense, you can get reimbursed from your HSA at any time, without penalty.

• Investments: You can invest your HSA money in a wide variety of investment opportunities, including mutual funds, stocks, and bonds.

Disclaimer: It is the employee’s responsibility to make sure that the amount contributed to the HSA is within federal guidelines for a calendar year. HSA contributions that go over the IRS annual contribution limits are not tax-deductible, and employees will be penalized an excise tax. Samsara will not be responsible for any over-contributions. 

If you or your prior employer contributed to an HSA in the same calendar year as you are signing up for the Samsara HSA, you need to take that prior amount into consideration when electing your HSA contribution at Samsara.

Samsara does not automatically stop over-contribution for employees with multiple employers in one calendar year. Samsara will not be able to process any excess contributions due to prior contributions prior to your hire date as an HSA is a personal account.

FYI

A gift as great as an HSA doesn’t just fall into your lap. To be eligible, you have to meet all of these criteria:

• Be enrolled in the Aetna HDHP

• Not be covered under another medical insurance plan that is not HSA-eligible

• Not have a Health Care Flexible Spending Account (FSA)

• Not be enrolled in Medicare

• Not be claimed as a dependent on someone else’s tax return

Making changes to your HSA

You can update your HSA contributions at any time by going to Workday > Benefits > Change > HSA Change.  For step-by-step instructions, you can go to slide 27 on this deck.

Highlights- Health Reimbursement Agreement (HRA)

Samsara will reimburse up to $5,000 per year in travel expenses for U.S. employees and eligible dependents where the person is required to travel more than 100 miles away from their residence to receive medical care.

For more detail, including how to access this benefit, view our U.S. Medical Travel Reimbursement (HRA) Policy, Summary Plan Description, and Travel for Medical Care FAQs.