If you choose to enroll in Medical Plan 1, you are also eligible to sign up for a Health Savings Account through Fidelity. NXP deposits money into your HSA with Fidelity to help you pay for your medical expenses, including your deductible and coinsurance amounts.
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.
While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) that only covers preventive services before the deductible.
If you enroll in the UHC Medical Plan 1, you will be eligible to open an HSA account administered by Fidelity, and NXP will contribute to your HSA. Employees enrolled in Employee-only coverage will receive $500 and those who enroll dependents will receive $1,000 in NXP contributions (or a prorated amount, depending on when you were hired). Before you enroll in this plan, make sure you are eligible for an HSA.
Access your HSA account and learn more at Fidelity NetBenefits .
Since an HSA is a tax-advantaged account, certain restrictions apply, such as:
| Employee-only coverage | Family coverage | |
|---|---|---|
| IRS HSA contribution limit | $4,150 Plus $1,000 catch-up contribution if age 55 or older by year end | $8,300 Plus $1,000 catch-up contribution if age 55 or older by year end |
| NXP HSA contribution* | $500 | $1,000 |
| Maximum NXP employee contributions (IRS limit minus NXP contribution) | $3,650 | $7,300 |
*For more information on HSA click here.
You can change your HSA contribution any time by submitting your request through the NXP benefits enrollment site .
The HSA elections you submit are deducted from your available pay. A lesser amount may be deducted, or the deduction may not occur at all, if you submit for a pay-period when you aren’t receiving a paycheck (e.g., you’re on leave). You can change your HSA payroll contributions from January 1 through November 30, subject to payroll cutoffs.
When it’s time to use the money in your HSA, it’s important to understand the types of medical expenses that can be paid or reimbursed tax free. Distributions from an HSA are tax free only when used to pay for qualified medical expenses as defined by the Internal Revenue Code (IRC).
The IRS generally defines qualified medical expenses as the medical care expenses you pay for yourself, your spouse, or your qualified dependents, but only to the extent the expenses are not covered by insurance or otherwise. To learn more click here .
You can use your HSA to get a head start on saving for the future. In fact, you get a triple tax advantage:
Your HSA operates like a personal savings account, so it’s important that you manage your account carefully by keeping track of deposits, withdrawals, and your available balance.
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