Health Savings Account
What you need to know
When you enroll in the Simplot Medical Program, you may be eligible to participate in a Health Savings Account (HSA). With this account, you can set aside untaxed payroll contributions to pay for qualified medical, prescription drug, dental and vision expenses — now or anytime in the future.
When you enroll, Simplot automatically contributes $300 to get you started. And, we’ll contribute more when you contribute and participate in wellness activities.
Who’s eligible
Generally, you can participate in the HSA if you’re enrolled in the Simplot Medical Program.
How it works
Simplot contributes
You get this automatically in January or when you enroll in the Simplot Medical Program and have an open HSA.
+$300
You contribute and Simplot matches
If you add your own money to the HSA, Simplot will match it, dollar-for-dollar, up to $250 a year. You can also contribute your own money, up to the IRS limits for 2025.
| COVERING YOURSELF | COVERING FAMILY | |||
|---|---|---|---|---|
| IRS Maximums | Under age 55 $4,300 | Age 55 or older $5,300 | Under age 55 $8,550 | Age 55 or older $9,550 |
How much of my own money can I contribute?
The combined contributions you and Simplot make to your HSA cannot exceed limits set by the IRS each year. Here’s how much you can contribute in 2025.
| COVERING YOURSELF | COVERING FAMILY | |||
|---|---|---|---|---|
| IRS Maximums | Under age 55 $4,300 | Age 55 or older $5,300 | Under age 55 $8,550 | Age 55 or older $9,550 |
To help you maximize your contributions, without going over the IRS limit, we’re setting standard limits for how much you can contribute. These limits take into account the maximum contributions you can receive from Simplot.
+$250
You complete wellness activities and Simplot contributes
If you complete two wellness activities, Simplot will contribute an extra $200 to your HSA.
+$200
= $750 for you
Your spouse completes wellness activities and Simplot contributes
If your enrolled spouse completes two wellness activities, Simplot will contribute an extra $200 to your HSA.
+$200
= $950 for you
Triple-tax advantage
With the HSA you can enjoy triple-tax advantages. You don’t pay taxes on your contributions, any earnings or payments for qualified medical expenses.1 (A triple-tax advantage!) Any money you don’t use rolls over from year to year — it’s always yours to keep.
1Not all states allow for state payroll tax exemptions for HSA contributions or for exemptions on earnings from HSAs. This means your payroll contribution and any account earnings will be taxed at the state level if you live in California or New Jersey. If you live in Tennessee and New Hampshire, your HSA earnings will be taxed at the state level, but these states do not tax your HSA contributions. Contributions and earnings will not be taxed at the federal level in those states. Please consult a tax advisor regarding your state’s specific rules.
What the HSA can be used for
You can use the HSA funds to pay for eligible health care expenses that aren’t covered by your health plan (medical, prescription drugs, dental and vision). Examples include your deductibles, copays and cost sharing. Expenses can be for you or any of your family members as long as they are tax dependents. You can see a full list of eligible expenses by viewing IRS publication 502, or by visiting the HealthEquity website.
Paying with your HSA
HSA funds are available as soon as the contributions are made to your account. To pay eligible expenses, use your HealthEquity debit card or pay expenses out of pocket and reimburse yourself from your HSA later. Remember to save any itemized receipts to verify your claims. (You can even upload them to the HealthEquity website.)
Saving for the future
There is no time limit on when you can use your HSA funds. Use them now or save them for future health care needs, even into retirement. Any unused money rolls over year to year. It’s always yours to keep. At age 65, you can withdraw your HSA funds for non-qualified expenses at any time although they are subject to regular income tax.
Ready to set up your HSA?
If you haven’t already opened a HealthEquity HSA through the Simplot online Benefits System, visit employee.simplot.com and click the Empyrean Benefits Enrollment tile to open an account by starting payroll contributions. When you open your account, a Welcome Kit will be mailed to you.
Set up your HealthEquity account so you’re ready to start using your HSA when you need it:
- Visit HealthEquity.com/Simplot
- Click Log In, then click Create a username and password and add the needed information
From the site, you can access videos, articles and more that help explain all the benefits of the HSA and help you get the most out of this savings tool.