health savings account (HSA)

HSA

A health savings account — or HSA — is like a savings plan for your health care.

year end HSA reminders

When will my HSA account be funded? Due to year end processing, the first account funding cycle for 2020 generally occurs at the end of January 2020. This means your employee contributions and any applicable 2020 company contribution will not appear in your account as of January 1, 2020. Remember, you can reimburse yourself for qualified medical expenses at any time in the future as long as the expense was incurred on or after the date your account became effective. 

If you enrolled in the BenefitWallet HSA for the first time during open enrollment Don't forget, you still have one more step left to complete your account opening. BenefitWallet will mail Welcome Kits to all new account participants in December. The USA Patriot Act requires BenefitWallet to follow an identity verification process for all bank accounts opened in the United States. You’ll need to follow the instructions included in your kit to complete this requirement online or return the Master Signature Card that will be enclosed in your kit. Your contributions and the 2020 company contribution to your account will be delayed until you have returned the required information and your account opening is processed by BenefitWallet. This is important to know because you can only use your account to pay for eligible expenses that occur on or after the date your HSA is officially open. Keep in mind, BenefitWallet may not have a record of your new account until on or after January 1, 2020. Contact BenefitWallet directly at 1-855-234-7722 if you have questions.

If you’re currently a BenefitWallet HSA participant If you already have a BenefitWallet HSA because you are currently participating in the Chevron HDHP or HDHP Basic and will continue to participate next year, there is no action required of you. You can continue to use your account in 2020 as you do today. You’ll automatically receive the 2020 company contribution when it's funded as long as you remain enrolled in the Chevron HDHP or Chevron HDHP Basic and still have your BenefitWallet HSA as of January 1, 2020. Your current employee contribution will automatically continue for 2020, unless you made a change during the recent open enrollment period in October. You can change your employee contribution at any time from the BenefitConnect website. 

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.

HSA overview

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 flexible spending account or HRA that could reimburse your 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 deduction 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. 

If eligible, you can open a new BenefitWallet HSA during open enrollment or at any time during the year, as long as you haven't been enrolled in a 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 BenefitConnect or by calling the HR Service Center. And you can take your money with you if you change medical plans or you leave Chevron. 

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. Learn more about the BenefitWallet HSA:

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 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:

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 www.mybenefitwalletsite.com/chevron/
  • 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 at 1-855-234-7722 if you have questions or need help.

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 due to a qualifying life event, or if you leave an expatriate assignment and want to enroll in the High Deductible Health Plan (HDHP) or HDHP Basic, you cannot open and contribute to the BenefitWallet HSA if you have already elected to enroll in the HCSA for the current year.

IRS contribution limits

The IRS limits your annual contributions to a health savings account (HSA).

  • Your annual contribution limit is determined by the level of coverage you’ve selected in the Chevron HDHP or HDHP Basic.
  • Chevron’s contribution amount, if any, applies toward the maximum annual contributions allowed by the IRS. Be sure to take this into account when you elect your HSA contribution level each year.

It is your responsibility to track your total contributions during the year — including your contributions, Chevron’s contributions, and contributions from other sources. Chevron cannot track your contributions against the maximum annual limit. If you contribute over the limit, you may be subject to taxes and penalties.

While the IRS limits how much you can contribute in a year, there is no limit to the balance you are allowed to carry over into the next year, and there’s no overall limit to the total balance you can carry in your account.

2019 IRS HSA limits are:   

  • Individual: $3,500
  • Family: $7,000 

You are allowed to make an extra $1,000 in catch-up contributions starting in the calendar year you turn age 55. 

2020 IRS HSA limits are:   

  • Individual: $3,550
  • Family: $7,100 

You are allowed to make an extra $1,000 in catch-up contributions starting in the calendar year you turn age 55. 

company contributions

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 eligible to participate in the Chevron High Deductible Health Plan (HDHP) or Chevron High Deductible Health Plan Basic (HDHP). 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. 
  • If you are an existing employee, you must enroll in the BenefitWallet HSA during open enrollment. You must also meet all the eligibility requirements on January 1 when the company contribution is determined and processed. In addition, account opening must be completed by November 15 of the plan year in which you are receiving the company contribution. 
  • If you are a new employee/rehired employee, you must enroll in the Chevron HDHP or Chevron HDHP Basic and the BenefitWallet HSA during your 31-day new hire/rehire enrollment period. 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 the company contribution for the current plan year due to administrative timing.
  • 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. 

If you meet all the requirements to be eligible for the Chevron HSA company contribution, the company contribution will only be deposited into the BenefitWallet HSA. Chevron does not contribute to another institution’s HSA. 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.

if you already have a benefitwallet HSA ...

If you already have a BenefitWallet HSA because you are currently participating in the Chevron HDHP or Chevron HDHP Basic (or have participated in the past), 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.
  • Your current employee contribution election will automatically continue until you change it. 
  • You can change your employee contribution at any time from the BenefitConnect website. Open enrollment is always a good time to review your savings goals against the IRS limits for the new year.

if you do not have a benefitwallet HSA ...

If you aren’t currently participating in the BenefitWallet HSA but want the Chevron company contribution for the new plan year, you must act during open enrollment. 

(If you're a newly hired/rehired employee, please see the special enrollment instructions for new/rehired employees.) 


1. Enroll in the Chevron HDHP or Chevron HDHP Basic during open enrollment.

You must be enrolled in the Chevron High Deductible Health Plan (HDHP) or the Chevron High Deductible Health Plan Basic (HDHP Basic) on January 1 of the new plan year. If you are not already participating in these plans, you must enroll during Chevron the open enrollment period.


2. Review IRS eligibility requirements to participate in an HSA.  

Remember, enrollment in the Chevron HDHP or HDHP Basic gives you the keys to open the BenefitWallet HSA, but it’s your responsibility to determine if you’re eligible. You should consult your tax advisor and read the full eligibility requirements in IRS Publication 969, but general HSA eligiblity requirements include:

  • You must be enrolled in an HSA-compatible plan, like the HDHP or HDHP Basic.
  • 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 – like the Health Care Spending Account (HCSA) – or an HRA. This means you can’t be enrolled in Chevron’s Health Care Spending Account (HCSA). It also means your spouse, if applicable, cannot be enrolled in a flexible spending account or HRA that could reimburse your expenses.

3. Make an election to enroll and open the BenefitWallet HSA on the BenefitConnect website during open enrollment. 

  • You can enroll in, open and contribute to the BenefitWallet HSA at any time outside of open enrollment, but 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 on BenefitConnect during open enrollment
  • After you elect the Chevron HDHP or HDHP Basic, the BenefitConnect website will display the option to elect the BenefitWallet HSA. 
  • The BenefitWallet HSA cannot be opened by phone; electronic enrollment is required. 
  • 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.
  • If you enroll, you’ll receive a Welcome Kit from BenefitWallet in the mail in December. Be sure to complete additional paperwork as requested in the kit as soon as possible to complete the opening of your account. 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. 
  • You must complete your account opening by November 15 of the new plan year to be eligible to receive the company contribution. 
For Example
Chevron will contribute to the BenefitWallet HSA for eligible employees in 2020.
  • If you want to receive the 2020 company contribution, you must enroll during open enrollment in October 2019, if you're not already enrolled.
  • You must meet all eligibility requirements to receive the company contribution on January 1, 2020.
  • You must complete BenefitWallet's account opening requirements by November 15, 2020 to receive the 2020 company contribution.

If you meet all the requirements to be eligible for the Chevron HSA company contribution, the company contribution will only be deposited into the BenefitWallet HSA. Chevron does not contribute to another institution’s HSA. 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.

If you want the Chevron company contribution for the current plan year, you must act during your 31-day enrollment period. 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 the company contribution for the current plan year due to administrative timing. You will, however, be eligible for the company contribution (if any) for the new plan year, as long as you continue to meet eligibility requirements on January 1.

1. Enroll in the Chevron HDHP or Chevron HDHP Basic during your 31-day enrollment period.

You must be enrolled in the Chevron High Deductible Health Plan (HDHP) or the Chevron High Deductible Health Plan Basic (HDHP Basic).


2. Review IRS eligibility requirements to participate in an HSA.  

Remember, enrollment in the Chevron HDHP or HDHP Basic gives you the keys to open the BenefitWallet HSA, but it’s your responsibility to determine if you’re eligible. You should consult your tax advisor and read the full eligibility requirements in IRS Publication 969, but general HSA eligiblity requirements include:

  • You must be enrolled in an HSA-compatible plan, like the HDHP or HDHP Basic.
  • 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 – like the Health Care Spending Account (HCSA) – or an HRA. This means you can’t be enrolled in Chevron’s Health Care Spending Account (HCSA). It also means your spouse, if applicable, cannot be enrolled in a flexible spending account or HRA that could reimburse your expenses.

3. Make an election to enroll and open the BenefitWallet HSA on the BenefitConnect website during your 31-day enrollment period. 

  • You can enroll in, open and contribute to the BenefitWallet HSA at any time outside of your 31-day enrollment period (or open enrollment), but 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 on BenefitConnect. 
  • After you elect the Chevron HDHP or HDHP Basic, the BenefitConnect website will display the option to elect the BenefitWallet HSA. 
  • The BenefitWallet HSA cannot be opened by phone; electronic enrollment is required. 
  • 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.
  • If you enroll, you’ll receive a Welcome Kit from BenefitWallet in the mail. Be sure to complete additional paperwork as requested in the kit as soon as possible to complete the opening of your account. 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. 
  • You must complete your account opening by November 15 of the current plan year to be eligible to receive the company contribution in the current plan year. 

To help you build your HSA savings in 2019, Chevron will once again contribute to the BenefitWallet HSA. 

  • You Only $500
  • You + One adult $750
  • You + Child(ren) $750
  • You + Family $1,000 
 
Important requirements for the 2019 company contribution
  • The 2019 company contribution to your account is based on the medical coverage level in effect on January 1, 2019.
  • You must be an eligible employee on January 1, 2019 to receive the 2019 company contribution.
  • You must enroll in the BenefitWallet HSA during October 2018 open enrollment, if you're not already participating, to be eligible to receive the 2019 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 2019 annual contributions allowed by the IRS.
  • If you meet all the eligibility requirements and deadlines on January 1, 2019, 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, 2019 to receive the company contribution. 
  • 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 in 2019
  • The 2019 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 during your 31-day enrollment period to be eligible to receive the 2019 company contribution.
  • Please note that if you are hired on or after November 15, 2019 or your account opening isn't completed by November 15, 2019, you will not be able to receive the company contribution for 2019 due to administrative timing.
  • Eligible employees hired/rehired on or after July 1, 2019 will receive half the applicable Chevron HSA contribution for 2019, subject to timely enrollment and BenefitWallet HSA account opening. 
Funding cycle for 2019
The first account funding cycle for 2019 will occur at the end of January 2019. This means your employee contributions and any applicable 2019 company contribution will not appear in your account as of January 1, 2019. 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 effective date. 

To help you build your HSA savings in 2020, Chevron will once again contribute to the BenefitWallet HSA. 

  • You Only $500
  • You + One adult $750
  • You + Child(ren) $750
  • You + Family $1,000 
 
Important requirements for the 2020 company contribution
  • The 2020 company contribution to your account is based on the medical coverage level in effect on January 1, 2020.
  • You must be an eligible employee on January 1, 2020 to receive the 2020 company contribution.
  • You must enroll in the BenefitWallet HSA during October 2019 open enrollment, if you're not already participating, to be eligible to receive the 2020 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 2020 annual contributions allowed by the IRS.
  • If you meet all the eligibility requirements and deadlines on January 1, 2020, 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, 2020 to receive the company contribution. 
  • 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 in 2020
  • The 2020 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 during your 31-day enrollment period to be eligible to receive the 2020 company contribution.
  • Please note that if you are hired on or after November 15, 2020 or your account opening isn't completed by November 15, 2020, you will not be able to receive the company contribution for 2020 due to administrative timing.
  • Eligible employees hired/rehired on or after July 1, 2020 will receive half the applicable Chevron HSA contribution for 2020, subject to timely enrollment and BenefitWallet HSA account opening. 
Funding cycle for 2020
The first account funding cycle for 2020 will occur at the end of January 2020. This means your employee contributions and any applicable 2020 company contribution will not appear in your account as of January 1, 2020. 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 effective date. 

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.