Depending on the plan you choose, all of Chevron’s medical plans offer access to one of two tax-advantaged accounts, either the Health Care Spending Account (HCSA) or a health savings account (HSA). The premise of these accounts is simple. You contribute money, and later you can use the money in your account to help pay for certain out-of-pocket health care costs.
If you're enrolled in the Chevron High Deductible Health Plan (HDHP) or the High Deductible Health Plan Basic (HDHP Basic), then you may be eligible for a health savings account (HSA). For all other medical plans, you have access to the Health Care Spending Account (HCSA), which is Chevron's health flexible spending account plan.
The Health Care Spending Account (HCSA) is a flexible spending account. This account is designed for short term spending. The account only lasts for the calendar year, and any unspent and unclaimed money after the annual deadline will be forfeited.
The health savings account (HSA) is a savings account for your health care. This account is designed for long-term savings. There is no "use it or lose it rule" so this means there is no pressure to use the money in your account right away. If you want to pay for an expense out-of-pocket and keep the money in your account for the future, you can. If you would rather use the money in your account, that’s your choice too.
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HCSA and HSA may sound similar, but they serve two very different purposes. Enrolling in either health account is a voluntary choice, and the account you can use varies based on the medical plan you choose. In addition, you can’t be enrolled in both accounts at the same time. This side-by-side comparison highlights how they’re similar and how they’re different.
This web page provides only certain highlights about changes of benefit provisions. It is not intended to be a complete explanation. If there are any discrepancies between this communication and the legal plan documents, the legal plan documents will prevail to the extent permitted by law. Oral statements about plan benefits are not binding on Chevron or the applicable plan. There are no vested rights with respect to Chevron health care plans or any company contributions towards 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.
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