An HSA is a personal healthcare bank account you can use to pay out-of-pocket medical expenses with pretax dollars. If you enroll in a consumer-driven health plan (CDHP), you can open an HSA. Your HSA will be administered by HSA Bank, but you will have access to your balances and can interact with the account via the mycigna.com website.

An HSA puts you in control of your healthcare decisions and expenses. It allows you to:

  • Prepare for health expenses not accounted for in your personal finances.
  • Increase your tax savings.
  • Roll over money if you do not use it in the calendar year.
  • Take it with you wherever you go – it’s always yours, even if you change health plans or jobs.
  • Create healthcare savings for retirement.
  • Earn interest on your account and via investment options, once you reach a minimum of $1,000 in your account.

To view a list of HSA eligible expenses, visit www.cigna.com/individuals-families/member-guide/eligible-expenses

  1. If you make the full-year contribution based upon your status of Dec. 1, you may be subject to an IRS Testing Period and could owe tax and a penalty on part of that contribution if you do not remain an eligible individual through Dec. 31 the following year. You may also need to prorate your contribution if you drop or reduce the level of your coverage midyear.

Maximum Contributions

AlphaSense employer contributions count toward the annual HSA contribution limits, so you need to plan carefully how much you’ll contribute annually to avoid excess contributions. These limits apply even for participants entering the plan midyear.1 Prior-year contributions may be made through April 15 of the following year.

Under age 55Age 55 and older (and not enrolled in Medicare)
Individual$4,150$5,150
Family$8,300$9,300

Under age 55Age 55 and older (and not enrolled in Medicare)
Individual$4,300$5,300
Family$8,550$9,550

AlphaSense Employer Contributions

CDHP OAP Gold CDHP OAP Silver
Individual$500$1,000
Family$1,000$2,000

AlphaSense employer contributions are prorated throughout the year in an amount that aligns with the timing of regular benefit paycheck deductions.

You are eligible to open and fund an HSA if:

  • You are not enrolled in any other non-HSA qualified health insurance plan.2
  • You are not covered by your spouse’s health plan (unless it is a qualified CDHP), flexible spending account (FSA) or health reimbursement account (HRA).
  • You are not eligible to be claimed as a dependent on someone else’s tax return.
  • You are not enrolled in Medicare, TRICARE or TRICARE For Life.
  • Care received through the VA in the preceding three calendar months was dental, vision or preventive care or was provided to a veteran who has a disability rating from the VA.

2. You must not have any other first-dollar health insurance coverage before the deductible is met. Preventive care services are not required to be subject to the deductible. Individuals may also carry separate coverage for accidents, disability, dental or vision care, and long-term care, not subject to the deductible.

Once your account is open, you can access it via myCigna.com. Enrollment in or changes to your HSA can be made directly within the Workday site. Note that it may take between one and two payroll periods for an HSA change to be processed.

  • HSA distributions are tax-free if they are used to pay for qualified medical expenses.
    • Qualified medical, dental and vision expenses not covered by insurance.
    • Qualified long-term care services and long-term care insurance.
    • Continuation of coverage required by federal law (i.e., COBRA).
    • Health insurance for the unemployed.
    • Medicare expenses (but not Medigap).
    • Retiree health expenses for individuals age 65 or older.
  • Distributions made for any other purpose are subject to income tax and a 20% penalty. The 20% penalty is waived in the case of death or disability. The 20% penalty is also waived for distributions made by individuals age 65 or older.

  • Due to the US banking system’s customer identification process (CIP) requirements, your account cannot be opened until the CIP is completed. If Cigna is unable to complete the CIP, they will make two attempts to contact you by mail before closing the account.
  • You will receive a welcome kit from Cigna along with a debit card by mail when the CIP is completed.
  • No employer or employee contributions can be deposited until your account is fully opened through the Cigna CIP, which may take up to 90 days.
  • If your account is closed, you must contact Cigna to process a new banking application and to open another account. Once an account is closed, it cannot be reopened. Cigna can be contacted at 800.997.1654.
  • If you do not complete the required steps to open an account, any employer contributions that cannot be deposited due to failure to open an account will be forfeited.
  • Upon death, HSA ownership may transfer to the spouse on a tax-free basis or to another named beneficiary as estate income.

HSA Bank via Cigna

Ready to enroll?

Visit Workday, our enrollment site, to learn more and enroll in your benefits.