To be eligible to enroll in a Health Savings Account (HSA) and make contributions, you must be enrolled in a company-sponsored high-deductible health plan (HDHP) and, per IRS rules:
- You must not be eligible to be claimed as another person’s tax dependent, regardless of whether you are actually claimed as a tax dependent.
- You must not be enrolled in any Medicare coverage.
- You must not have any health coverage other than the DXC HDHP in which you are enrolled, except for certain limited types of coverage described below.
- You must not be currently contributing to HSA or Health Flexible Spending Account (Health FSA), including coverage available through a spouse/domestic partner’s plan (a “limited purpose” Health FSA for dental and vision expenses only is okay).
- You must not have coverage through a Health Reimbursement Account (HRA), including an HRA through your spouse/domestic partner’s plan (a “limited purpose” Health HRA for dental and vision expenses only is okay).
- Because an HSA is an actual bank account in your name, you must meet the Customer Identification Program (CIP) qualifications that are required for opening other bank accounts (see below for CIP details).
You can still be eligible to contribute to an HSA if you have one or more of the following types of health coverages:
- Insurance for a specific disease or illness (such as cancer insurance)
- Accident, disability, dental care, vision care or long-term care insurance
- Drug discount cards
- Insurance that pays a fixed amount per day (or other period) of hospitalization (such as hospital indemnity insurance)
- Most employee assistance programs (such as the DXC LifeManagement Program)
- Disease management programs or wellness programs
- Insurance for liabilities under workers’ compensation laws, tort liabilities or liabilities relating to ownership or use of property (such as homeowner or auto insurance)
- A “Limited Purpose “limited purpose” Health FSA or HRA (typically can be used only for qualified dental and vision expenses)
CIP Banking Requirements
Due to the U.S Patriot Act, all banks are required by federal regulation to implement Customer Identification Program (CIP) processes to prevent money laundering and the financing of terrorist operations. Since an HSA is an actual bank account in your name held with the custodial bank for HSA accounts administered by MetLife, you must pass the CIP process to open an HSA. The following information is sent to the custodial bank in order to fulfill the requirements:
- First and last names
- U.S. residential street address (while a P.O. box may be used as the mailing address, it is not a valid address for the CIP process)
- Date of birth
- Social Security number
- Home or business phone
This information is used to validate the account holder’s identity. If anomalies are identified, you may be asked to provide further documentation such as (but not limited to) a driver’s license, passport or birth certificate.