An HSA allows you to contribute part of your paycheck on a pre-tax basis to pay for eligible health care expenses throughout the year. You can change the amount you contribute throughout the year (except during the last 60 days of the year), and your funds will never expire. You keep your HSA account even if you leave American, and can even invest your funds and earn interest. Plus, once you reach retirement age you can withdraw funds for non-health related expenses, without penalty, but subject to normal income tax.
Funds never expire, even if you leave American.
Eligible expenses include medical, dental, prescription, and vision.
2020 Maximum Annual Contributions*
Team Member $3550
Team Member + Spouse $7100
Team Member + Child(ren) $7100
*You can contribute an additional $1000 annually if you are over age 55. Any earned well-being rewards will count toward your maximum annual contribution.
How Do I Use My HSA?
When you enroll in the Core option you will be given the opportunity to enroll in an HSA on the Benefits Service Center. After you set up your account you will receive the Smart-Choice Accounts debit card, which you can use to spend any HSA funds and well-being rewards. You can submit manual claims, check your balance, and manage your account on the Benefits Service Center. You can also file claims using the Smart-Choice Mobile App by downloading it on your mobile device from the Apple App Store or the Google Play Store.
When you enroll in the Core option and elect an HSA we’ll make all or part of your goal amount available to pay eligible expenses before your HSA is built up, The money is available each year starting Jan. 1.
- You Only Coverage: Up to $1,000 of what you choose to contribute
- Family Coverage: Up to $2,000 of what you choose to contribute
What Else Should I Know?
Some expenses may require additional documentation to be submitted through the Benefits Service Center, so be sure to save all of your receipts.
If you use your HSA to pay for an expense that is not eligible, the expense will be subject to taxes plus a penalty.
You can find all the details on Health Savings Accounts on the Plan Guides page.