A Health Savings Account (HSA) is an excellent way for you to save money before taxes, to pay for eligible medical expenses. You can open an HSA if you enroll in the Consumer Plan or the Consumer Plus Plan. If you enroll in the Traditional Plan, you are not eligible for the HSA.
You will receive a debit card to pay for eligible expenses. Below is more information on the benefits of an HSA. For additional information about the HSA, go to the FAQs .
Get a Triple Tax advantage: when you contribute to an HSA, you don't pay taxes:
- On your contributions
- On your investment earnings
- When you withdraw the money to pay for eligible expenses
What is it?A tax-advantaged savings account offered through BenefitWallet, Newell Brand’s HSA partner.
The Advantages of an HSA
Who contributes to the HSA?
Both you and Newell Brands. For 2021, the IRS limits are $3,600 for individual coverage and $7,200 for family coverage. If you are age 55 or older, you can contribute an additional $1,000. The Newell Brands contributions are included in the IRS limit.
What is Newell Brands’ contribution?
For the Consumer Plan, the annual company HSA contributions are $250 for individual coverage and $500 for family coverage. For the Consumer Plus plan, the annual company HSA contributions are $350 for individual coverage and $700 for family coverage.
What can the money be used for?
You can use the money to pay for eligible medical, dental, vision, and prescription drug expenses. Go to IRS Publication 502 for more information about eligible expenses.
Can the money be invested?
Yes, if you have a balance of $1,000 or more. Go to WellAtNewell.com for more information.
Can I roll over the unused money from year to year?
Yes. Your account carries over every year and is yours to keep, even if you leave Newell Brands or retire.
How do I set up my account?
You will be asked during your annual enrollment session if you would like to open an HSA, if you enroll in either the Consumer or Consumer Plus medical plan.