The basics.
A Health Savings Account (HSA) is designed to help you save up money that can be used to pay eligible healthcare expenses. You automatically get an HSA, administered through Optum Financial, when you enroll in the Blue Medical Option.
Health Savings Account
Features of the HSA.
Features of the HSA.
- Seed dollars from JetBlue: JetBlue contributes seed dollars to your account in January or when your coverage begins (prorated based on start date).
- Contribute your own money: You elect to contribute tax-free dollars from your paycheck to your account (which saves you money on taxes).
- Ability to earn Healthy Rewards: Any Healthy Rewards you earn are deposited into your HSA.
- IRS limits: Contributions can’t exceed the IRS annual limit (see below for amounts), which includes JetBlue seed dollars, earned Healthy Rewards and your contributions.
- Option to invest: When your balance reaches $1,100, you have the option to invest the money in your HSA and get tax-free earnings on invested funds, which can be used to pay for healthcare expenses tax-free (triple-tax savings).
- All of the money stays in your account each year: Your HSA funds roll over year after year and never expire.
- Yours to keep: The money in your HSA is immediately 100% vested. It is yours to keep, even if you retire or leave JetBlue.
- Use dollars later: You can save your HSA money for healthcare expenses in retirement and, after age 65, you can even use it for non-healthcare expenses, but you’ll pay taxes.
- Transfers: If you choose to enroll in the Green Option after being enrolled in the Blue Option, you cannot transfer your HSA funds to the Health Reimbursement Account (HRA), but you can continue to use your HSA funds.
- FSAs: You may not enroll in a Healthcare Flexible Spending Account (FSA) while you have an HSA—it’s an IRS rule. However, you can choose to fund a Dependent Care Flexible Spending Account to use pre-tax dollars for those types of expenses.
- Medicare: If you are enrolled in Medicare or another health plan outside JetBlue, you may not make payroll contributions to an HSA nor can JetBlue contribute seed dollars or Healthy Rewards. Consider enrolling in the Green Option instead.
How the HSA works.
How it works.
1. You get seed dollars from JetBlue in your HSA.
Each January, JetBlue automatically contributes seed dollars to your account, as shown below.
| For Crewmembers: | For Pilots: | |
|---|---|---|
| Seed dollars (automatic contribution in January, prorated for new Crewmembers) | $400 (individual) $800 (family) |
$550 (individual) $1,100 (family) |
2. You can earn Healthy Rewards that go into your HSA.
When you complete Healthy Rewards activities, additional dollars will be automatically deposited into your HSA for you to use toward healthcare expenses. You can earn up to the amounts below.
| For individual coverage: | For family coverage: | |
|---|---|---|
| Healthy Rewards you can earn | Crewmembers: Up to $550 Pilots: Up to $400 |
Crewmembers: Up to $1,100 Pilots: Up to $800 |
3. You can make tax-free contributions to your HSA.
You can contribute your own money tax-free from each paycheck, up to IRS limits. The IRS limit includes the JetBlue seed dollars, Healthy Reward dollars and your contributions.
2022 IRS annual HSA limits:
- Enrolled in individual coverage: up to $3,650
- Enrolled in family coverage: up to $7,300
You can change your contribution to your HSA at any time during the year by logging on to BlueCrew Self Service (BCSS).
Note: If you are age 55 or older, you can contribute an additional $1,000 to your HSA annually.
4. You choose to how to use HSA dollars.
You decide how to spend your HSA dollars—use now or save for later.
- Choose to use HSA funds now: You can use the money in your HSA when you or your dependents need healthcare or prescriptions to help offset your deductible.
- Choose to use HSA funds in the future: You can pay for healthcare and prescriptions using your own money now and save the money in your HSA for future healthcare expenses (even in retirement). Once your HSA balance hits $1,100, you can start to invest your funds and grow your savings tax-free.
Some eligible healthcare expenses include:
- Deductibles, coinsurance, prescriptions and charges that exceed plan limits.
- Services such as chiropractic visits, physical therapy, vision, dental and other healthcare services.
Find a full list of eligible healthcare expenses at Optum Financial.
5. Using your HSA dollars.
Your HSA comes with a payment card, which makes it easy to access your account funds. You may also create and submit claims for reimbursement from your HSA on the Optum Financial website or mobile app. Always save your itemized receipts in the event documentation is requested.
Check out these resources to learn more about Health Savings Accounts.
Check out these resources to learn more about Health Savings Accounts.
Videos
Articles
- Who is eligible to open an HSA?
- What Medicare enrollees should know about HSA contributions.
- Making HSA part of your financial plan.
Tools
Frequently Asked Questions:
Tax tip!
You must file a Form 8889 with your federal income tax return for each year that your HSA is open. This verifies to the IRS that your HSA contributions and distributions are not taxable. Keep expense documentation for your records in case the IRS requests them later.
Compare the Health Accounts side by side.
Check out the Compare Health Accounts page to see a side-by-side comparison of the Health Accounts JetBlue offers to help you save money on expenses.
