health care spending account (HCSA)
You can contribute up to $2,650 to the HCSA in 2018.
The Health Care Spending Account (HCSA) is a flexible spending account plan. This plan is a voluntary option that allows you to pay for certain eligible health expenses with before-tax dollars. Each month, you contribute a set amount to your account through before-tax salary reductions. Then you use the funds in your account to pay for eligible expenses.
You can use the HCSA to pay for your (and your eligible dependents') out-of-pocket health care expenses – like deductibles, office copayments, prescription drug copayments, and contact lens supplies. Remember, if you enroll in the High Deductible Health Plan (HDHP) or HDHP Basic, you are not eligible to enroll in the HCSA.
You must re-enroll in flexible spending accounts every year; coverage is not automatic. If you want to participate, you must re-enroll during open enrollment every year, even if you're already participating. If you don't make an election during open enrollment, you will not have coverage for the next year. Outside of the open enrollment period, you can make changes only within the 31-day deadline after certain qualifying life events.
Your contributions to a HCSA account reduce your taxable income. For this reason, federal tax laws require you to follow certain rules when using the funds in your account. Keep these rules in mind as you plan how much to contribute:
- Make a decision and stick to it. Once you've elected an annual contribution amount, you cannot change it unless you have certain qualifying life events (for example, you get married or have a child).
- Meet the deadlines. The money in your account can be used only for eligible expenses incurred between January 1, 2018, and December 31, 2018. You have until June 30, 2019 to submit your claims for 2018 expenses, but any remaining balance left in your account after the claim filing deadline will be forfeited.
- Only certain expenses are eligible. The money in your account can be used only for eligible health expenses. It's important to make sure that any expenses you've planned can actually be reimbursed.
- The Health Care Spending Account (HCSA) is different from a health savings account (HSA). The HCSA – a flexible spending account – and a health savings account (HSA) are two very different types of health accounts. While they are similar in some ways, the differences are important to understand. Chevron does not contribute to the HCSA. Learn more about the difference between the HCSA and an HSA.
Important: If you are enrolled in the Health Care Spending Account (HCSA), you cannot open or contribute to the BenefitWallet health savings account (HSA). This means that if you change to the High Deductible Health Plan (HDHP) or HDHP Basic mid-year in 2018 due to a qualifying life event, or if you leave an expatriate assignment and want to enroll in the HDHP or HDHP Basic, you cannot open and contribute to the BenefitWallet HSA if you have already elected to enroll in the HCSA for 2018.
Please note: This page applies to U.S.-payroll employees. This page provides only certain highlights of benefits or program provisions. It is not intended to be a complete explanation. If there are any discrepancies between this communication and legal plan documents, the legal documents will prevail to the extent permitted by law. This is not a plan text or a summary plan description. There are no vested rights with respect to Chevron health care plans or any company contributions toward the cost of such health care plans. Rather, Chevron Corporation reserves all rights, for any reason and at any time, to amend, change or terminate these plans or to change or eliminate the company contribution toward the cost of such plans. Such amendments, changes, terminations or eliminations may be applicable without regard to whether someone previously terminated employment with Chevron or previously was subject to a grandfathering provision. Some benefit plans and policies described in this document may be subject to collective bargaining and, therefore, may not apply to union represented employees.