HSA and HCFSA

You can also add to your account through pre-tax payroll deductions. You can start, stop or change your deductions at any time through U.S. Benefits on The Square, accessible via your Amex computer, or by calling the Colleague Service Center at 855-783-4772 (Monday–Friday, 9 am–7 pm EST).

And you can make post-tax lump-sum contributions anytime through HealthEquity. In this case, to get the tax advantages, you must remember to claim a tax credit when you file at the end of the year.

Your HSA is like a savings account just for your health care. You can use it to pay for medical expenses, which helps you meet your annual deductible and out-of-pocket maximum, as well as qualified dental and vision expenses. Or, you can let your HSA balance grow to use in the future — even during retirement.

If you use HSA money to pay for non-qualified medical expenses, you’ll be required to pay income tax plus a 20 percent penalty tax on the distribution when you file your income taxes.

See the full list of eligible expenses. 

You can contribute up to $4,300 if you have individual coverage or up to $8,550 if you have family coverage in 2025. (The contribution from American Express counts toward this maximum.) If you are 55 or older, you get to contribute an additional $1,000.

There is no deadline! This account is yours to keep and rolls over from year to year — even if you leave the company or retire.

While the HCFSA also offers the opportunity for tax savings, it’s important to consider how you can use the HCFSA if you also have an HSA.

If you have both types of tax-advantaged accounts, you can only use the HCFSA to pay for qualified dental and vision expenses until you reach your medical plan’s in-network deductible. After you reach the deductible, you can use your HCFSA to pay for all qualified health care and prescription drug expenses.

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If you’re enrolled in the Select Plan, or if you waive medical coverage with American Express, you can use your HCFSA to pay for all qualified health care expenses—including medical, prescription drug, dental and vision expenses.

See the full list of eligible expenses. 

You may contribute up to $3,200 to your HCFSA in 2025.

HCFSA participants will need to file reimbursement claims no later than June 30 of the following calendar year. Any unused amounts above $640 that were not claimed by June 30 of the following calendar year will be forfeited.