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How to Open Your HSA

Enrolling in the Health Savings Plan option without opening a Health Savings Account (HSA) is like making a peanut butter and jelly sandwich—without the jelly. That’s because the Health Savings Plan and an HSA work best together.

  • The Health Savings Plan provides comprehensive medical and prescription drug coverage, with in-network preventive care covered at no cost to you.
  • It also provides financial protection against large, unplanned expenses.
  • Money from your HSA helps you pay your share of health care bills along the way. After you open your account, CVS Caremark adds money to your HSA each quarter. You can spend this money, save it or add to it with optional tax-free savings of your own.

Important: CVS Caremark can’t open your account for you. To get your HSA—and money each quarter from CVS Caremark—you’ll need to take a few simple steps to open your account.

Opening Your HSA When You Enroll

The easiest way to open your HSA is to do it when you enroll in the Health Savings Plan. Here’s how:

  • After you select the Health Savings Plan option on myHR, look for Health Savings Account (HSA) on the Enroll in Your Benefits screen.
  • Click the View/Change button to the right of Health Savings Account (HSA).
  • You’ll be asked to Choose Your Annual Contribution. Although making your own contributions is optional, it’s a smart idea. So strongly consider saving some of your own money tax-free in your HSA.
    • Enter the amount you’d like to save from each paycheck tax-free. (Before you do, read the HSA Custodial Agreement.)
    • Or leave it at $0 if you don’t want to save any of your own money from each paycheck.
  • Then, under Health Savings Account Terms and Conditions, select I Agree and click Continue.

Important: You must complete all of these steps to open your HSA online on myhr.cvs.com.

When you choose to open an HSA on myHR, you’ll start the process of opening an account with PayFlex. PayFlex is the company that services and administers your HSA. If you want you may open your HSA with another custodian or financial institution of your choice. But if you do, keep in mind that CVS Caremark won’t add money to your account each quarter. You also won’t be able to make pre-tax paycheck contributions to your HSA.

Opening Your HSA After You Enroll

If you didn’t open your HSA when you enrolled in the Health Savings Plan, don’t worry. Do it now online or by phone. (Note that you can use your HSA only to pay for eligible expenses that you incur on or after the date your account is opened.)

By Phone

  • Call myHR at 888-694-7287 anytime Monday through Friday from 8 a.m. to 8 p.m. ET.
  • Select option 2 for Health and Welfare to speak with a myHR representative.

Online

  • Log on to myHR at myhr.cvs.com.
  • Find the Health Benefits section and select Details to access the Health and Insurance Summary page.
  • Select the Adjust Amount Anytime message to access the Change Your Current Coverage page.
  • Select HSA Contribution Change from the dropdown box and click Continue.
  • On the Enroll in Your Benefits screen, click the View/Change button to the right of Health Savings Account (HSA).
  • On the next screen, you’ll be asked to Choose Your Annual Contribution. Although making your own contributions is optional, it’s a smart idea. So strongly consider saving some of your own money tax-free in your HSA.
    • Enter the amount you’d like to save from each paycheck tax-free. (Before you do, read the HSA Custodial Agreement.)
    • Or leave it at $0 if you don’t want to save any of your own money from your paycheck.
  • Select the Adjust Amount Anytime message to access the Change Your Current Coverage page.

Important: You must complete all of these steps to open your HSA online.

When you choose to open an HSA on myHR, you’ll start the process of opening an account with PayFlex. PayFlex is the company that services and administers your HSA. If you want you may open your HSA with another custodian or financial institution of your choice. But if you do, keep in mind that CVS Caremark won’t add money to your account each quarter. You also won’t be able to make pre-tax paycheck contributions to your HSA.

After You Choose to Open Your HSA

After you choose to open your HSA with PayFlex, you’ll receive a Welcome letter in the mail from PayFlex. It will include helpful information about registering and managing your account.

  • Before opening your account, PayFlex must verify your name, Social Security number, address and date of birth, as required by the USA PATRIOT Act.
    • If any follow-ups are needed, PayFlex will contact you by mail within three to five business days after receiving your election to open your HSA via myHR. For example, if you use a P.O. Box for your mailing address, you’ll receive a letter from PayFlex asking you to provide proof of your residential street address before your account can be opened.
    • If PayFlex contacts you in writing to verify any of the information needed to open your account, as required by the USA Patriot Act, it’s very important that you respond right away to provide the necessary information. If you don’t respond, your HSA won’t be opened. You won’t receive an HSA debit card from PayFlex and you won’t be able to access or use your account to pay for qualified health care expenses.
    • Important! The HSA “effective” or “establishment” date is the date your account is “opened” or “established” with PayFlex. It may differ from your benefits-effective date, which is the date your Health Savings Plan medical coverage takes effect.

IRS rules allow you to use your HSA funds to pay or be reimbursed for eligible health care expenses that you and your eligible family members incur once your HSA is opened. If you use money from your HSA for expenses incurred before your HSA effective date, that money is considered taxable income and may be subject to an additional 20% tax penalty.

For more information:

  • Visit the PayFlex website (via myHR or directly at cvs.payflexdirect.com).
  • See IRS Publication 969.

Accessing Your Account

Once your account is open, you can access the PayFlex website either from the PayFlex link on myHR or directly at https://cvs.payflexdirect.com.

The first time you access your account, you’ll need to review and acknowledge the PayFlex website terms of use and complete your HSA registration in a few simple steps. After that, you’ll be on your way to managing—and making the most of—your HSA.

Keep in mind: Registering your HSA on the PayFlex website will give you access to important information and tools to help you manage your money wisely. But you don't have to register to receive your employer contributions from CVS Caremark or to make your own, optional pre-tax contributions from your paycheck.

Paying Expenses from Your HSA with Your PayFlex Card

Shortly after you receive your Welcome Letter from PayFlex, you’ll receive a PayFlex Card®—a MasterCard® debit card. Use it to pay eligible health care expenses with money from your HSA.

  • You must activate your card before you can use it to pay for eligible expenses. Follow the instructions on the sticker attached to your card.
  • You can request additional cards for a spouse or other dependents online via the PayFlex website or by calling PayFlex customer service. There is no charge for additional or replacement debit cards.

Use the PayFlex website to:

  • Sign up for notifications;
  • Access account balances and receive alerts;
  • Update your personal information on file;
  • Review transactions;
  • Link your HSA to personal bank accounts;
  • Make after-tax contributions;
  • Track and manage your expenses;
  • Choose and manage an investment portfolio for your account; and
  • Link to tools, forms and other helpful resources.

Have a mobile phone? You can also perform many of these actions on the go, using the free PayFlex Mobile™ app. See “Using PayFlex Mobile – Free Mobile App” for details.

For More Information

To learn more about HSAs and maximizing and managing your pre-tax contributions:

  • Call PayFlex at 888-678-7646. Representatives are available Monday through Friday, from 7 a.m. to 7 p.m., and Saturday, from 9 a.m. to 2 p.m. CT.
  • See IRS Publication 969.
  • Consult with a tax advisor.