Health Savings Account (HSA)

Enroll

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What you need to know

If you enroll in one of the HSA medical plans, you may be eligible to open a Health Savings Account (HSA). IMI puts money into your account, and you can contribute pre-tax dollars too (up to IRS limits). You can use the money to pay for current health care expenses, or you can save it for the future. Any unused money rolls over year to year and is always yours to keep, even if you leave IMI or retire.

Use your HSA for qualified medical, prescription drug, dental, and vision expenses — for you or any of your dependents. Once you reach age 65, you can also use HSA funds for non-healthcare expenses with no tax penalty. See a full list of eligible expenses.

You save on tax in 3 ways:

Your contributions go in pre-tax
The money grows tax-free
Withdrawals for eligible expenses are tax-free too

Once you have $1,000 in your account, you can invest and earn tax-free returns.

Who’s eligible

Generally, you can have an HSA if you’re enrolled in the IMI HSA High or HSA Low Plan. You cannot have an HSA if you’re:

Covered in a non-high deductible health plan (including IMI’s PPO or Kaiser plans, or Medicare or TRICARE)
Claimed as a dependent on someone else’s tax return

Contributions from you and IMI

If you open an HSA with PlanSource, IMI will contribute money to your HSA for the year. You don’t have to contribute your own money to get the IMI contribution.

If you want to contribute, you can choose the amount to be deducted from your paycheck before taxes. You can change your contribution amount at any time during the year. If you’ll be age 55 or older during the year, you can contribute an additional $1,000.

Your contributions and IMI’s contributions combined cannot exceed the IRS limit.

IMI contributes¹

You can contribute

IRS maximum

2027 Contributions

$500

$1,000

Up to $4,000

Up to $5,000

Up to $8,000

Up to $9,000

$4,500

$5,500

$9,000

$10,000

¹ IMI’s contribution is prorated based on your date of hire in your first year of employment.

Using your HSA

When you receive care, you can use your HSA to pay for eligible expenses in two ways:

Use your HSA debit card
Pay out of pocket and submit a claim for reimbursement through PlanSource. Keep itemized receipts or Explanation of Benefits (EOB) statements to verify your claims.

You may be asked to verify that an expense was eligible. If you can’t provide documentation, you’ll be required to reimburse your account, or the amount may be reported as taxable income.

If you’re enrolled in more than one account (like the Limited Purpose Flexible Spending Account (FSA), or Dependent Care FSA), you’ll receive one debit card for all your accounts.

Learn more about FSAs

During your first year of employment, your contribution is prorated based on your date of hire. You’ll be eligible for the full amount as of the start of your first full calendar year with IMI. You need to open an HSA through PlanSource if you’d like to receive this contribution (even if you don’t want to contribute your own money). IMI’s contribution can’t be deposited or prorated if your account isn’t opened through PlanSource.

Before your HSA funds become available, you’ll need to complete the identity verification process required under the U.S. PATRIOT Act through PlanSource. If you have an HSA from a former employer, you can transfer it to your IMI HSA through PlanSource.

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Get in Touch

PlanSource

Health Savings Account (HSA) and Flexible Spending Accounts (FSA) administration; also the general benefits enrollment and mid-year life-event-change portal.