When you enroll in the Health Savings Plan and accept the Terms and Conditions of Fidelity HSAs, Microsoft and Premera will work with Fidelity to open an HSA for you. In accordance with US banking regulations, you may have to take action with Fidelity directly to finalize the account opening. There are no monthly HSA administrative fees, but you may incur fees in accordance with Fidelity’s Brokerage Commission and Fee Schedule.
Your HSA will be effective on the first day of the month following your date of hire. Any expenses from before that date aren’t reimbursable from the HSA. Any changes to your employee HSA contributions will take effect on the first day of the month following the date you make the change.
The HSA works in conjunction with the Health Savings Plan, which provides medical and prescription coverage. When you have eligible out-of-pocket health expenses like a deductible or coinsurance, you can use your HSA to pay for those costs with tax-free dollars. Alternatively, you can choose to save the money in your HSA for future healthcare expenses and invest your funds. It’s up to you! The account and the funds in it are always yours to keep, even if you leave Microsoft.
There are two basic strategies for using your HSA to pay for qualified health care expenses:
- Pay for expenses now: Use the funds in your HSA to pay for medical expenses during the year. If you expect your annual medical costs to exceed Microsoft's contribution to your HSA, consider making contributions to your HSA beyond what Microsoft contributes. Your pre-tax contributions may not exceed the annual family coverage contribution limit. Changes to your employee HSA contributions will take effect as of the first day of the month following the date that you make the election change.
- Save for future expenses: Maximize your annual contributions to the HSA and pay out of pocket for current health care expenses. This allows your HSA balance to grow tax-free over time, providing funds for future or retiree medical expenses.
Quick tip! Learn more about the benefits of Investing your HSA.
Get started
When you enroll in the Health Savings Plan and accept the Terms and Conditions of Fidelity HSAs, Microsoft and Premera will work with Fidelity to open an HSA for you. In accordance with US banking regulations, you may have to take action with Fidelity directly to finalize the account opening. There are no monthly HSA administrative fees, but you may incur fees in accordance with Fidelity’s Brokerage Commission and Fee Schedule.
Your HSA will be effective on the first day of the month following your date of hire. Any expenses from before that date aren’t reimbursable from the HSA. Any changes to your employee HSA contributions will take effect on the first day of the month following the date you make the change.
Using your HSA
Go to NetBenefits or download the Fidelity Health® app from the Apple App Store or the Google Play Store to keep track of your eligible expenses, view your account balance, manage your investments, pay providers, and reimburse yourself for eligible expenses.
Fidelity debit card
Once you’re enrolled, you’ll receive a Fidelity debit card which you can use to pay for qualified medical expenses at eligible merchants and service providers that accept Visa debit cards.
If you’re enrolled in both a Limited Purpose Flexible Spending Account (FSA) and an HSA, purchases will be deducted first from your available FSA balance, then from your available HSA balance based on the merchant and expense type. You won’t need to worry about the right account to use – the card will do it for you.
Important note! Make sure to keep all receipts and documentation for eligible expenses.
