Take a closer look at the HSA.
Are you looking for a way to have more control over your healthcare spending and saving? Then the HSA 1600 or the HSA 2500 medical plans may be right for you. These plans are high-deductible health plans and are eligible to have special Health Savings Accounts (HSAs) that allow you to save* and pay for your healthcare expenses tax-free.
* HSA contributions and/or earnings are taxed in some states. See the Benefits Guide for more details.
How do the medical plans work?
Like all JCP medical plans, your in-network preventive care and prescriptions are covered at 100% without requiring you to meet the deductible. When you need more than preventive care, you pay for care out of pocket until you reach your deductible. Then you share the cost of care with JCPenney.
How does the HSA work?
You can contribute pre-tax dollars up to the IRS limits in your HSA to pay for eligible expenses. Or you can pay for your expenses out-of-pocket and let your HSA balance build, like a 401(k) account for your healthcare expenses. If you enroll in the HSA 1600 plan, JCPenney will contribute $500 - $1,000 to your HSA, depending on your coverage level.
You Own the Account
An HSA is your bank account, and all the money is yours to keep. There are no "use it or lose it" rules. It’s also portable—you can take it with youwhen you retire or even if you leave JCPenney.
Save on taxes with the triple tax advantage.
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Contributions are made on a pre-tax basis.
Withdrawals for eligible healthcare expenses are tax-free.
Earned interest on balance and investment earnings are tax-free.**
** You must have a $1,000 account balance for interest and investing options to apply.
Helps you budget and save.
Saving a little from each paycheck helps you build a balance, so you are prepared for unexpected emergencies. You can let your balance build over time, even into retirement.
Have questions?
Get quick and easy access to all your benefit vendors. For general benefit questions, such as eligibility or enrollment, call the JCPenney Benefits Center to speak with a benefits specialist.
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