Important announcement information

Health Savings Account (HSA)

Mattamy is proud to offer the Cigna High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) to help you live healthy now and save toward a healthy future.

While the Cigna HDHP costs less per pay period than the Cigna 80 or 90 plans, it has a higher deductible that applies to most medical services and prescription drugs before the plan pays. To help manage the higher out-of-pocket costs of the Cigna HDHP, you can use your HSA to save for qualified expenses on a pre-tax basis – including Mattamy’s contribution.

With the Cigna HDHP, you can set aside money into your HSA through Smart-Choice for future medical needs. An HSA is a great way to save money to pay for eligible health care expenses – and, HSAs are triple tax-advantaged:

  • Dollars go in tax-free, lowering your taxable income
  • Interest earned is tax-free while the money is in your account
  • Withdrawals are tax-free when you use them for qualified expenses

Mattamy will also help you get started by contributing to your HSA throughout the year.

Don’t forget – You can also save your balance to pay for future expenses – even in retirement! You never forfeit your balance, even if you leave the company or switch medical plans. Let’s explore more details about your HSA.

How Your HSA Works

  • You must enroll in the Cigna High Deductible Health Plan to contribute to an HSA.
  • The Mattamy contribution will be deposited automatically. You do not have to contribute to your account to receive the Mattamy contribution.
  • The IRS imposes annual limits on how much can be contributed to your account – including the amount you contribute and the amount Mattamy contributes.
  • You can start and stop contributing at any time, ensuring you do not exceed the IRS limits.
  • There is no “Use It or Lose It” rule. Unused funds roll over from year to year, and the account is yours to keep even if you leave Mattamy.
  • You can invest your account balance at any time.

Are you eligible?

To qualify for an HSA, you must be enrolled in the Cigna HDHP and meet these requirements:

  • You can’t be covered by any other health plan.
  • You can’t currently be enrolled in Medicare.
  • You can’t be claimed as a dependent on someone else’s tax return.

Investing Your Funds

Another benefit of an HSA is that you can invest the funds in your account tax-free, making it a great vehicle for growing your money behind the scenes!

Once your HSA balance exceeds the required minimum account balance of $1,000, you’re eligible to invest your funds for growth. Similar to a 401(k), you can choose from a variety of funds. After establishing your investment account, you will have the ability to view your balances, transactions, and portfolio holdings, as well as place trades from within your portal – and easily transfer money between your regular HSA and your HSA investment account.

To learn more about investing your balance and establishing your investment account, visit the Smart-Choice HSA page.

Adding Beneficiaries

Make sure to protect your loved ones by entering or updating your beneficiary information.

  • In the blue box, click Name Beneficiaries
  • Click Add/Update at the bottom right
  • Enter your primary/contingent beneficiary information