Health Savings Account (HSA)

Who is eligible for the HSA?
  • Who is eligible for the HSA?
    Generally, you are eligible to open an HSA if you are:
    • Enrolled in the Consumer Plan or Consumer Plus Plan
    • Not covered by another healthcare plan, such as a health plan sponsored by your spouse's employer, including Medicare
    • Not claimed as a dependent on another individual's tax return
    • Please refer to IRS Publication 502 for additional eligibility criteria.
Who is administering the HSA?
  • Who is administering the HSA?
    BenefitWallet administers the HSA.
Will I receive a debit card with the HSA?
  • Will I receive a debit card with the HSA?
    If you currently have an HSA, you will not receive a debit card. You will continue to use the one you have today. If you enroll in an HSA for the first time, you will receive a debit card. You’ll receive more information about the debit card and how to use it after you enroll.
How much can I contribute to the HSA?
  • How much can I contribute to the HSA?
    You can contribute up to the IRS limits. The 2021 IRS limits are $3,600 for individual coverage and $7,200 for family coverage. These limits include the company contributions. If you are age 55 or older, you can contribute an additional $1,000.
How do I contribute to the HSA?
  • How do I contribute to the HSA?
    When you enroll, you will decide how much you want to contribute. Then your contributions are deposited through payroll deductions.
Is there a company contribution to the HSA?
  • Is there a company contribution to the HSA?
    Yes. For the Consumer Plan, these are the annual company HSA contributions:
    • Individual: $250
    • Family: $500

    For the Consumer Plus plan, these are the annual company HSA contributions:
    • Individual: $350
    • Family: $700
Can I change my HSA contribution during the year?
  • Can I change my HSA contribution during the year?
    Yes, you can make changes by contacting the Newell Brands Benefits Center at 1-833-4NEWELL (463-9355) or at WellatNewell.com .
When will the company contribution be deposited into my account?
  • When will the company contribution be deposited into my account?
    If you are a new hire, company contributions will be deposited with the first available pay period after you enroll. Contributions are pro-rated based on your date of hire.

    If you are a current employee, company contributions will be deposited with the first available pay period in 2021.
Is the company contribution included in the IRS annual limit?
  • Is the company contribution included in the IRS annual limit?
    Yes, the Newell Brands contributions are included in the IRS limit. The 2020 IRS limits are $3,550 for individual coverage and $7,100 for family coverage. If you are age 55 or older, you can contribute an additional $1,000.
Will I still get the company contribution if I don’t agree to open an HSA?
  • Will I still get the company contribution if I don’t agree to open an HSA?
    No. You have to elect to open an HSA when you enroll t to receive the company contribution. If you do not want to contribute your own money to the account, put in $0 for your contribution.
Do I lose the money in my HSA at the end of the year?
  • Do I lose the money in my HSA at the end of the year?
    No. The money is yours to keep. There is no “use it or lose it” rule.
What expenses can I pay with the HSA?
  • What expenses can I pay with the HSA?
    Your HSA funds can be used tax-free to pay for out-of-pocket qualified medical expenses, even if the expenses are not covered by your medical plan. This includes expenses incurred by your eligible spouse or dependents. There are hundreds of qualified medical expenses, including:
    • Copays and coinsurance
    • Hearing aids
    • Glasses and contacts

    Refer to IRS Publication 502 for a more complete list of qualified medical expenses.
Do I have to prove that expenses are qualified health expenses?
  • Do I have to prove that expenses are qualified health expenses?
    You will not have to submit receipts or documentation to receive reimbursement but you should retain all receipts and other documentation related to your distributions in the event you are later asked to substantiate an expense for tax purposes.
What is the difference between the Health Savings Account (HSA) and the Healthcare Spending Account?
  • What is the difference between the Health Savings Account (HSA) and the Healthcare Spending Account?
    The HSA can only be used with a High Deductible Health Plan. The Newell Brands high deductible health plans are the Consumer Plan and the Consumer Plus Plan. There is no “use it or lose it” rule with the HSA. The money rolls over from year-to-year and is yours to keep, even if you leave Newell Brands. The company contributes to the HSA and you can too, up to the IRS limit. You can increase, decrease or stop your HSA contributions anytime, for any reason.

    The Healthcare Spending Account can only be used with the Traditional Plan or in certain circumstances if you don’t enroll in Newell Brands medical coverage. You have to use your funds by the deadline, or you forfeit them. Newell Brands does not make contributions to the Healthcare Spending Account, but you can contribute up to the IRS limit. Healthcare Spending Account contributions cannot be changed during the plan year, unless you experience a Qualified Life Event, such as birth of a child or marriage.
Can I save in both a Health Savings Account (HSA) and a Healthcare Spending Account?
  • Can I save in both a Health Savings Account (HSA) and a Healthcare Spending Account?
    No. You can only contribute to the HSA if you are enrolled in the Consumer Plan or the Consumer Plus Plan. You can only contribute to the Healthcare Spending Account if you are enrolled in the Traditional Plan or in certain circumstances if you are not enrolled in Newell Brands medical coverage.
Can I enroll in the HSA if I only enroll in the dental and/or vision coverage?
  • Are there be tools to help me choose a medical plan?
    No. You have to enroll in the Consumer Plan or the Consumer Plus Plan to be eligible to enroll in the HSA.
What are my investment options with the HSA?
  • What are my investment options with the HSA?
    Contact the Newell Brands Benefits Center at 1-833-4NEWELL (463-9355) or visit WellatNewell.com for details.