University of California Health and Insurance Coverage for Residents and Fellows

Health Savings Account

What to Know

The Health Savings Account (HSA), administered by HealthEquity, is paired with the Blue Shield PPO HDHP. You and Exelixis contribute to this account to help you pay for your current and future health care expenses. You cannot have an HSA if your spouse is enrolled in a separate plan and is contributing to a Health Care Flexible Spending Account or if you’re enrolled in Medicare. You own your HSA, and your account balance will continue to grow year after year.

The HSA is a savings account that you can use for medical, dental, vision, and prescription drug expenses that offers triple tax advantages:

  • There are no federal taxes and no state taxes (in most states).
  • There are no taxes on the interest you earn.
  • There are no taxes when you use your funds for eligible expenses.

Annual contribution limits are set by the IRS and include the contributions made by Exelixis. Exelixis will contribute $1,000 if you have employee-only coverage and $2,000 if you have employee + spouse, child(ren) or family coverage. No matter when you enroll in the HSA, and even if you don’t contribute to your HSA, you get the full Exelixis contribution for the calendar year. The Exelixis contribution will be added monthly on the first pay cycle of the month.

For 2024, the maximum you can contribute is $4,150 if you have employee-only coverage or $8,300 if you have employee + spouse, child(ren) or family coverage (including the Exelixis contributions). If you’re 55 or older, you can contribute an additional $1,000. Keep in mind that you can change your HSA contribution elections anytime throughout the year.

Employee
Employee + spouse
Employee + child(ren)
Employee + family
Your Max Contribution
(under age 55)
$3,150
$6,300
$6,300
$6,300
Your Max Contribution
(age 55+)
$4,150
$7,300
$7,300
$7,300
Exelixis Max Contribution
$1,000
$2,000
$2,000
$2,000
Total Max Contribution
(under age 55)
$4,150
$8,300
$8,300
$8,300
Total Max Contribution
(age 55+)
$5,150
$9,300
$9,300
$9,300

Please note: If you have contributed to another HSA in the same calendar year, take that into consideration when electing your annual goal, because the IRS limits are for all contributions in the same calendar year.

What’s Great About an HSA

While no one likes taking money out of their paycheck, there are a number of advantages to setting aside money in an HSA. Here are five ways the HSA helps you get ahead:

  • Money is tax-free when it goes in. You can put money into your HSA on a before-tax basis through convenient paycheck contributions. Not only do you save money on qualified health care expenses, but your taxable income is also lowered. For 2024, you can save up to $4,150* if you’re covering just yourself or $8,300* if you’re covering yourself and your family. If you’re age 55 or older (or will turn age 55 during the plan year), you can also make additional catch-up contributions to your HSA, up to $1,000.*
  • It’s tax-free as it grows. You earn tax-free interest on your money. The interest you earn even earns interest!
  • It’s tax-free when you spend it. When you spend your HSA on qualified health care expenses, you don’t pay any taxes. That means you’re saving money on things like your medical, dental, and vision coinsurance and deductibles.
  • It’s always your money. Just like a bank account, you own your HSA, so it’s yours to keep and use even if you change medical plans, leave the company, or retire. If you want to transfer money from an HSA you had through a previous employer to your Exelixis HSA, use the HSA Transfer Request Form at the bottom of the page.
  • It’s easy to use. There are three ways to use your HSA to pay for expenses. You can use your HSA debit card, pay for your expenses up front and pay yourself back from your HSA, or pay your provider directly through HealthEquity. And you can conveniently manage your account online.

* Limits subject to change per IRS regulations.

HSA Eligibility

There are legal requirements that restrict who’s eligible to enroll in a Health Savings Account and how eligible expenses are defined.

  • You can’t be enrolled in another medical plan that covers costs before you meet our plan’s deductible.
  • Neither you nor your spouse can be enrolled in a Health Care Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA) in the same year. You can, however, be enrolled in an HSA and a Limited Purpose FSA, which is only for dental and vision expenses, simultaneously.
  • You can’t also receive health benefits through Medicare, TRICARE, or Veterans Affairs.
  • You can’t be claimed as a dependent by someone else.
  • You can’t use your HSA to cover expenses for your domestic partner.

Once You Enroll

1. Preventive Services

  • Automatically covered 100%

2. Non-Preventive Services

  • You must pay out of pocket, using the money that Exelixis and you have contributed to your HSA, to pay for the full amount of the services, until you meet your annual deductible.
  • Once you reach the annual deductible, all covered services are paid for 100% by the plan (you pay nothing) for in-network services, and you only pay a copay for in-network prescription drug costs.

3. The Money Is Yours—Always!

  • Any money in your HSA rolls over year after year; you never lose that money; if you move to another employer, you can take the money with you.

HSA

HealthEquity

866-346-5800
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