health savings account (HSA)

Chevron offers the High Deductible Health Plan (HDHP) and the HDHP Basic. One feature that makes the HDHP and HDHP Basic unique is that they are compatible with a health savings account.

A health savings account — or HSA — is like a savings plan for your health care. An HSA is a personal account separate from your Chevron benefits. It works like a regular bank account, but you don’t currently pay federal income taxes on money you deposit. And when you use the money in your account to pay for qualified medical expenses, under current IRS rules, you won’t pay federal income taxes on the money, either.

Unlike the Health Care Spending Account (HCSA), your savings grow from year to year. There is no use it or lose it rule. And you can take your money with you if you change plans or when you leave Chevron. You can use an HSA to pay for qualified medical expenses this year or at any point in the future — even in retirement.

There a lot of rules about who can open and contribute to an HSA, how it’s used, and how taxes work. This page provides only basic information to help you understand how HSAs work in general. It’s your responsibility to understand the complete rules and take action if you decide an HSA is right for you. Chevron does not provide an HSA, and Chevron cannot offer counsel about HSAs.

You own it. You take it with you.

An HSA is a personal account separate from your Chevron benefits. You are responsible for making contributions, and likewise the money you contribute belongs to you. Deposits can be made at any time and the money is available upon deposit for you to spend. You keep your money, even if you change jobs or medical plans. You must be enrolled in a qualifying high deductible health plan — such as the Chevron High Deductible Health Plan (HDHP) or HDHP Basic — to open and contribute to an HSA. However, you can still use your established HSA to pay for qualified medical expenses regardless of what medical plan you’re participating in at the time.

It’s not just for doctor visits.

You can use your HSA to pay for qualified medical expenses, like your HDHP or HDHP Basic deductible, coinsurance payments, prescription drugs, dental care, vision care and mental health or substance abuse services. You can also use the money to pay for the qualified medical expenses of your tax qualified dependents, whether or not they are enrolled in the HDHP or HDHP Basic. You can’t use your HSA to pay the monthly premiums on your health coverage right now, but later you can use it to pay for your Medicare premiums, out-of-pocket expenses and even eligible long-term care premiums.

• Read IRS Publication 502 to learn more about what’s considered a qualified medical expense.

Spend it now or save it for the future.

Save now, and you could possibly have a nest egg for qualified medical expenses when you retire. Because you control your account and the money is yours to keep, you choose when you spend the funds. If you’ve got enough in your household budget to cover minor medical expenses today, you don’t need to use the funds in your HSA. You can simply let the money grow and save it when for when you need more help due to an illness, accident or when you’re on a fixed income in retirement.

There might be tax advantages.

Money deposited into an HSA is currently federal income tax free. If you withdraw money to pay for qualified medical expenses, those withdrawals are currently federal income tax free. There are some states, including California, that do not follow the federal tax rules and tax HSA contributions and earnings. You’re encouraged to talk to your tax advisor to understand the potential consequences of an HSA before you make final decisions. You should know that you can be subject to interest and penalties if you contribute over the annual limit allowed by the IRS, or if you use the money on an expense that is not a qualified medical expense — like a big screen T.V. or a vacation.

With those federal tax advantages come some pretty strict rules from the IRS about who can open and contribute to an HSA.

• You must be enrolled in an HSA-compatible plan. Good news, the Chevron HDHP and HDHP Basic are HSA-compatible plans. If you’re eligible for and enroll in the HDHP or HDHP Basic, you may be eligible to open and contribute to an HSA for as long as you remain eligible under the IRS rules.
• You are covered by no other health coverage, unless it’s an allowed plan, such as another high deductible plan, a dental plan, or a vision plan.
• You are not enrolled in or covered by a health flexible spending account or an HRA. This means you can’t be enrolled in Chevron's Health Care Spending Account (HCSA). Participation in Chevron’s Dependent Day Care Spending Account (DCSA), another kind of flexible spending account, is still okay. It also means your spouse, if applicable, cannot be enrolled in a health flexible spending account or HRA that could reimburse your health expenses.
• You are not enrolled in Medicare.
• You cannot be claimed as a dependent on someone else’s tax return. 

There are other rules and restrictions, and it’s up to you to understand them to ensure you’re eligible to open and contribute to an account. You should consult your tax advisor and read the full eligibility requirements in IRS Publication 969.

It works like a bank account

It’s important to remember your HSA works like a bank account — with some extra rules tacked onto it. You can pay for qualified medical expenses only if you have enough money in your HSA to cover the cost. Like a bank account, only the money you’ve actually contributed is available to you. So even if you plan to contribute $1,000 for the year, if you only have $300 in your HSA at the time, that’s all you can spend until the balance grows larger. If you don’t have enough money in your HSA to cover a qualified medical expense, you’ll need to pay the balance from your own pocket. But you can pay yourself back later, when you have more money in your HSA. And there’s no time limit for reimbursement if it’s for a qualified medical expense. 

Unlike a flexible spending account, there is no use it or lose it rule, and you don’t have to send in receipts or a claim form that has to be approved before you can be reimbursed. For this reason you can reimburse yourself two weeks later or two years later. But don’t forget to hold onto the receipt and other documentation to prove to the IRS the withdrawal was permissible under their rules. What matters is that the expense occurred on or after the date the HSA was established and the expense was a qualified medical expense.

• Read IRS Publication 502 to learn more about what’s considered a qualified medical expense.  

Several ways to pay for expenses

Since your HSA is a bank account, the methods of payment available to you are similar. Keep in mind this list will vary depending on the HSA financial institution you choose, but they generally include the following options:

• A debit card. You can typically use the debit card at a pharmacy, doctor’s office or other locations that meet the government’s IIAS requirements. You are usually able to order extra cards for your dependents, too.
• Write a check. If you can’t use your debit card, many HSAs will allow you to order checks for an additional fee, and you can simply write a check to the provider, or even to yourself.
• Use online bill pay. Some, but not all, financial institutions will allow you to pay online on their website to your provider (and sometimes to yourself).
• Pay out of your own pocket. You can pay for the expense yourself and later pay yourself back using a check, cash or online payment, depending on your financial institution. 

Keep all your receipts.

Save all your receipts for a qualified medical expense. If the IRS asks, you must be able to prove you used your HSA money only to pay or reimburse yourself for a qualified medical expense (and not for example, that big screen T.V. or a vacation). Read IRS Publication 502 to learn more about what’s considered a qualified medical expense.

If you open an HSA with another financial institution, you'll be responsible for making contributions on your own because payroll deductions won't be available. But eligible employees enrolled in Chevron's HDHP or HDHP Basic may be able to make contributions to the BenefitWallet Health Savings Account (HSA) with the convenience of payroll deductions. This HSA is separate from your Chevron benefits. Chevron does not provide an HSA, and Chevron cannot offer counsel about HSAs. 

You can open a BenefitWallet HSA from the BenefitConnect website after you're enrolled in the Chevron HDHP or HDHP Basic. You're still responsible for making sure you are eligible to open and contribute to an HSA because BenefitConnect does not determine your eligibility for an HSA beyond meeting the requirement to be enrolled in the Chevron HDHP or HDHP Basic and answering some questions on the attestation. 

If eligible, you can open a new BenefitWallet HSA during open enrollment or at any time during the year, as long as you aren't enrolled in a health flexible spending account, like the Health Care Spending Account (HCSA), at any point during the calendar year. You can change, stop or start contributions to your existing BenefitWallet account at any time from the BenefitConnect website or by calling the HR Service Center. And you can take your money with you if you change medical plans or you leave Chevron.

Important: Do not contact BenefitWallet directly to enroll and open an account. Payroll deductions and the company contribution are only available when you enroll and open your account from the BenefitConnect website.  

When you open the BenefitWallet HSA, know that typically the effective date will be pending until you complete the account's enrollment and opening requirements. This is important to know because you can only use your account to pay for eligible expenses that occur on or after your HSA effective date. 

Contact BenefitWallet (see the bottom of this page) or visit the educational resources available on the BenefitWallet portal if you have questions and to learn more.

Participating in an HSA is voluntary. If you meet the IRS eligibility requirements to open and contribute to an HSA, you can choose an HSA with any financial institution that offers them. The Chevron Federal Credit Union and many other financial institutions offer HSA products. Chevron does not provide an HSA, and Chevron cannot offer counsel about HSAs.

When you open an HSA, know that typically the effective date will be pending until you complete the account’s enrollment requirements. This is important to know because you can only use your account to pay for eligible expenses that occur on or after your HSA effective date. 

There are a lot of IRS rules about who can open and contribute to an HSA, how it’s used, and how taxes work. You are responsible for understanding the IRS eligibility rules and determining if you meet the requirements to participate in an HSA. You are also responsible for making contributions, staying within the IRS annual contribution limits, and using the money on only qualified medical expenses. Talk to your tax advisor and consult these IRS publications for more rules:

• IRS Publication 969  (Health Savings Account eligibility rules)
• IRS Publication 502  (Health Savings Account eligible expenses)

types of contributions

Both you and Chevron contribute to the BenefitWallet HSA, if you meet eligibility requirements. Scroll down on this page for all the details about IRS contribution limits and the company contribution. 

managing your benefitwallet HSA contributions

• To stop, start or change your employee payroll contribution, access the BenefitConnect website. You can change your employee contribution at any time during the year.
• Your current employee contribution election will automatically continue until you change it. 
• If you're enrolled in the Chevron HDHP or HDHP Basic, you can enroll in, open and contribute to the BenefitWallet HSA from the BenefitConnect website at any time outside of your applicable enrollment window. However, note that you will not be eligible to receive the company contribution.

You have the opportunity to transfer your HSA balance from another provider into Chevron’s HSA provider, BenefitWallet. Consolidating your balance to BenefitWallet could make your HSA easier to manage because all your funds will be in one place. In addition, you may be able to take advantage of benefits such as investing your balance right away, if your transferred balance is at least $1,000. 

You can also choose to leave your HSA balance with your current provider as an individual account. If you do so, note that:

• Chevron only offers payroll and company contributions through the BenefitWallet HSA. If you choose to leave your funds with your current provider, you must contact them directly to make fund deposit arrangements on your own (if desired). 
• If your current HSA account was employer sponsored, be aware that you may be responsible for all ongoing service fees which can reduce your balance.

To rollover HSA funds into your BenefitWallet HSA:

• Enroll in either the Chevron HDHP or HDHP Basic, then enroll and open a BenefitWallet HSA on the BenefitConnect website during your applicable enrollment window.
• Wait until BenefitWallet has processed your enrollment and notifies you that your account is open.
• Next, give permission to transfer your HSA to BenefitWallet. Complete and sign the BenefitWallet Rollover Form and send it to your current HSA provider.
• Upon receipt, your current provider will close your existing HSA and issue a check to BenefitWallet within 30 business days (unless you have brokerage account funds).
• Once BenefitWallet receives the transfer check from your current HSA provider, it will be applied to your new BenefitWallet HSA in 3-5 business days.

If you have invested your current HSA account balance in basic investments, your investments will be liquidated and transferred to your new BenefitWallet HSA as cash. Brokerage account investments cannot be liquidated for a transfer request. You will need to contact your current HSA provider regarding liquidating Brokerage accounts.

The BenefitWallet HSA comes with the built-in option to invest and grow your account as part of your overall retirement planning strategy.

• Once the balance in the checking account portion of your HSA reaches $1,000, you can establish an investment account and begin to invest in a wide selection of mutual funds.
• If you have an expense and need more cash in your HSA, you can transfer funds back and forth between your checking and investment account at any time.
• You can invest HSA funds and generally pay no federal taxes on interest and/or investment earnings as long as the money remains in your HSA and is used to pay for qualified medical expenses.

To open your investment account and start investing:

• Log on to your account on the BenefitWallet portal.
• Select Manage Investments from the top navigation bar.
• If your account balance qualifies, you will be presented with the option to Click Here to Start Investing.

Call BenefitWallet if you have questions or need help. (See the contact information at the bottom of the page.)

2024 Chevron Company Contribution Amounts

To help you build your HSA savings in 2024, Chevron will once again contribute to the BenefitWallet HSA*.

• You Only $500
• You + One adult $750
• You + Child(ren) $750
• You + Family $1,000 

*Eligible employees hired/rehired on or after July 1, 2024 will receive half the applicable Chevron HSA contribution, subject to eligibility and enrollment deadline requirements. If you are hired/rehired on or after November 15, 2024 you will not be able to receive the company contribution for the current plan year due to administrative timing.

Existing employees: Important requirements for the company contribution

• The company contribution to your account is based on the medical coverage level in effect on January 1, 2024.
• You must be an eligible employee on January 1, 2024 to receive this year's company contribution.
• If you're not already participating, you must enroll in the BenefitWallet HSA on the BenefitConnect website during open enrollment (held in October of 2023) to be eligible to receive the 2024 company contribution.
• Chevron’s contributions to the BenefitWallet HSA are not conditional upon your contributions. You can decide to contribute to your account — or not to contribute at all.
• Chevron’s contribution amount, if any, applies toward the maximum annual contributions allowed by the IRS.
• If you meet all the eligibility requirements and deadlines as of January 1, 2024, Chevron will automatically deposit the amount that corresponds to your medical coverage level into your open BenefitWallet HSA. You must complete your account opening by November 15, 2024 to receive the 2024 company contribution. The first account funding cycle for the year will occur at the end of January. This means your employee contributions and any applicable company contribution will not appear in your account as of January 1, 2024.   
• This is a one-time contribution; you will receive the full amount for which you are eligible at the time of the deposit.
• You can begin to use the funds for qualified medical expenses as soon as the funds are in your account.
• Some states, including California and New Jersey, tax employer contributions to an HSA. Taxes, if any, will be determined and applied based on the state where you live on the date that Chevron funds your account. 

Newly hired/rehired employees:  Important requirements for the company contribution

• The company contribution to your account is based on the medical coverage level you choose during your 31-day enrollment period. 
• You must enroll in the Chevron HDHP or HDHP Basic and the BenefitWallet HSA on the BenefitConnect website during your 31-day enrollment period to be eligible to receive this year's company contribution.
• Please note that if you are hired on or after November 15, 2024 or your account opening isn't completed by November 15, you will not be able to receive the 2024 company contribution due to administrative timing.
• Eligible employees hired/rehired on or after July 1, 2024 will receive half the applicable Chevron HSA contribution for the year, subject to timely enrollment and BenefitWallet HSA account opening. 

2023 Chevron Company Contribution Amounts

To help you build your HSA savings in 2023, Chevron will once again contribute to the BenefitWallet HSA*.

• You Only $500
• You + One adult $750
• You + Child(ren) $750
• You + Family $1,000 

*Eligible employees hired/rehired on or after July 1 will receive half the applicable Chevron HSA contribution, subject to eligibility and enrollment deadline requirements. If you are hired/rehired on or after November 15 you will not be able to receive the company contribution for the current plan year due to administrative timing.

Existing employees: Important requirements for the company contribution

• The company contribution to your account is based on the medical coverage level in effect on January 1.
• You must be an eligible employee on January 1 to receive this year's company contribution.
• If you're not already participating, you must enroll in the BenefitWallet HSA on the BenefitConnect website during open enrollment (held in October of last year) to be eligible to receive this year's company contribution.
• Chevron’s contributions to the BenefitWallet HSA are not conditional upon your contributions. You can decide to contribute to your account — or not to contribute at all.
• Chevron’s contribution amount, if any, applies toward the maximum annual contributions allowed by the IRS.
• If you meet all the eligibility requirements and deadlines as of January 1, Chevron will automatically deposit the amount that corresponds to your medical coverage level into your open BenefitWallet HSA. You must complete your account opening by November 15 of this year to receive this year's company contribution. The first account funding cycle for the year will occur at the end of January. This means your employee contributions and any applicable company contribution will not appear in your account as of January 1.   
• This is a one-time contribution; you will receive the full amount for which you are eligible at the time of the deposit.
• You can begin to use the funds for qualified medical expenses as soon as the funds are in your account.
• Some states, including California and New Jersey, tax employer contributions to an HSA. Taxes, if any, will be determined and applied based on the state where you live on the date that Chevron funds your account. 

Newly hired/rehired employees:  Important requirements for the company contribution

• The company contribution to your account is based on the medical coverage level you choose during your 31-day enrollment period. 
• You must enroll in the Chevron HDHP or HDHP Basic and the BenefitWallet HSA on the BenefitConnect website during your 31-day enrollment period to be eligible to receive this year's company contribution.
• Please note that if you are hired on or after November 15 or your account opening isn't completed by November 15, you will not be able to receive this year's company contribution due to administrative timing.
• Eligible employees hired/rehired on or after July 1 will receive half the applicable Chevron HSA contribution for this year, subject to timely enrollment and BenefitWallet HSA account opening. 

If you meet all the requirements to be eligible for the Chevron HSA company contribution, the company contribution will be automatically deposited into your account. Company contributions will only be deposited into the BenefitWallet HSA opened through the BenefitConnect website. Chevron does not contribute to another institution’s HSA. 

• The first account funding cycle for the year will occur at the end of January. This means your employee contributions and any applicable company contribution will not appear in your account as of January 1. 
• After the first payroll cycle of the year, contributions will appear in your account with less delay. 
• Remember, you can reimburse yourself for qualified medical expenses at any time in the future, as long as the eligible expense occurred on or after your HSA open (effective) date. 

To be eligible for the Chevron company contribution (if any) to the BenefitWallet HSA, you must meet all the following eligibility requirements:

• You must be an active U.S.-payroll employee participating in the Chevron High Deductible Health Plan (HDHP) or Chevron High Deductible Health Plan Basic (HDHP Basic). Retirees are not eligible to receive a company contribution to the BenefitWallet HSA. 
• You must be an active U.S.-payroll employee eligible to open and contribute to a health savings account (HSA). It's your responsibility to make sure you are eligible to open and contribute to an HSA because Chevron does not determine your eligibility for an HSA beyond meeting the requirement to be enrolled in the Chevron HDHP or HDHP Basic. See IRS Publication 969 available for further details. 
• Enrollment in the BenefitWallet HSA is not automatic. You must take action to enroll and open your account by the stated deadlines to remain eligible for the company contribution. See headings below for deadline details.
• The company contribution will only be deposited into the BenefitWallet HSA as elected through the BenefitConnect website. Chevron does not contribute to another institution’s HSA and cannot contribute to an HSA opened directly through BenefitWallet.  

If you experience a mid-year qualifying life event that causes your medical coverage to change:

• You will not be eligible to receive the company contribution for the current plan year, even if you enroll in the Chevron HDHP or HDHP Basic and enroll and open the BenefitWallet HSA as a result of the event. 
• If the event changes your existing Chevron HDHP or HDHP Basic coverage level, and you already received the current plan year's company contribution, you will neither receive an additional company contribution, nor will you be required to return a portion of the company contribution for that year. 

Steps to enroll and open an account

1. You must first enroll in either the Chevron HDHP or HDHP Basic on the BenefitConnect website during your applicable enrollment window (either open enrollment or new hire/rehire enrollment window).
2. The BenefitWallet HSA option will then be opened for you to select from your enrollment menu on the BenefitConnect website.
3. Choose your contribution amount; you can also choose to open an account but not contribute. Please see the IRS limit information for important considerations.
4. Read the requirements on the screen to certify you meet IRS eligibility requirements.
5. Submit your HSA election.
6. Enrollment and opening of your BenefitWallet HSA is a one-time requirement. Your account automatically continues each year as long as you remain enrolled in the Chevron HDHP or HDHP Basic. Your contribution percentage also automatically continues unless you change it. 

Generally, this is all you need to do to enroll in and open your HSA. 

• BenefitWallet will send information to you once your account opening is completed. 
• If you are opening a BenefitWallet account for the first time, BenefitWallet will collect personal information — as required by federal banking regulations under the USA Patriot Act — that is needed to open a bank account. If you don’t provide the requested information, your account will not be opened and you cannot receive the company contribution.
• In some situations, BenefitWallet may contact you directly if further information is needed to complete certain federal requirements before your account opening can be completed.
• If this occurs, be sure to respond to this request right away to ensure your account is opened as soon as possible and you remain eligible for any company contribution. Your contributions and the company contribution to your account will be delayed until you have returned the required information and your account opening is processed. Remember, your account opening must be completed by November 15 to be eligible to receive the company contribution. 

Additional considerations to note

• If you're enrolled in the Chevron HDHP or HDHP Basic, you can enroll in, open and contribute to the BenefitWallet HSA from the BenefitConnect website at any time outside of your applicable enrollment window. However, note that you will not be eligible to receive the company contribution.
• Do not contact BenefitWallet directly to open an account. If you want payroll deductions and the opportunity to receive the Chevron company contribution, you must make the election from the BenefitConnect website. 
• The BenefitWallet HSA cannot be opened by phone; electronic enrollment is required.

if you don't currently have a benefitwallet account ...

• You must enroll in the BenefitWallet HSA during open enrollment on the BenefitConnect website. 
• You must also meet all the eligibility requirements on January 1 when the company contribution is determined and processed. 
• Account opening must be completed by November 15 of the plan year in which you are receiving the company contribution. 

if already have an open benefitwallet account ...

• If you already have a BenefitWallet HSA because you are currently participating in the Chevron HDHP or Chevron HDHP Basic, you don’t have to re-enroll in the BenefitWallet HSA to receive the company contribution.
• You’ll receive the company contribution as long as you are enrolled in the Chevron HDHP or Chevron HDHP Basic, still have your BenefitWallet HSA, and remain eligible for a company contribution on January 1 of the new plan year.

If you are a new employee/rehired employee

• You must enroll in the Chevron HDHP or Chevron HDHP Basic and the BenefitWallet HSA on the BenefitConnect website during your 31-day new hire/rehire enrollment period. 
• You must meet all the eligibility requirements when your company contribution is determined and processed. 
• Account opening must be completed by November 15 of the plan year in which you are receiving the company contribution. If your account opening isn't completed by November 15, you will not be able to receive the company contribution for the current plan year due to administrative timing.
• If you are hired on or after November 15 you will not be able to receive the company contribution for the current plan year due to administrative timing.