The Clorox Company

Thinking about enrolling in the new Partnership in Health (PIH) plan with a Health Savings Account (HSA)? Answer a few simple questions to see if you’re eligible to participate and how the plan can help you save for your future.

Are you ready to start saving for your healthcare future?

The new Partnership in Health plan with an HSA may be a good first step in your healthcare savings journey. 

Are you able to make small pre-tax contributions to an HSA? 

That’s ok. Contributing is optional and you can change your mind throughout the year. Also, if you enroll in the PIH plan with an HSA, Clorox makes an annual contribution into your account that you can use for healthcare expenses now or in the future. 

Okay, there are some IRS rules that apply to HSAs. Let’s make sure you’re eligible to participate in this plan. Select the situation below that applies to you.

Great! It looks like you’re eligible to participate. Now, let’s take a look at how your HSA savings can add up. 

You responded:

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Based on your situation, you are not currently eligible to participate in the new PIH with an HSA medical plan. However, if your circumstances change in the future, your eligibility may change as well.

Would you still like to see how savings in an HSA can add up?

Now let’s look at how your savings can add up with an HSA. In this example, we'll look at the savings for someone with family coverage. 

In both PIH plans, Clorox contributes to either the Health Reimbursement account (HRA) or the Healthcare Savings Account (HSA).

With the HSA, you can also contribute additional tax-free dollars. Even small contributions can have a big impact over time, giving you more funds to save or spend on eligible healthcare expenses. Also, if you leave Clorox, you take the HSA with you. With the HRA, you can't contribute to the account, and if you leave Clorox, you can't take the funds with you.

And with the HSA, you can contribute up to the IRS limit, which can help you maximize your pre-tax savings each year.

Throughout the year, your eligible healthcare expenses will be deducted from your HRA. With the HSA you decide whether to spend these funds or pay for your healthcare out-of-pocket each time you need care. 

Now let’s look at an example for a two-year period over which your family has $900 per year of medical expenses. How would that look in both accounts?

In the HRA, at the end of the two-year period, you would have $200 in your account to roll over to the following year. Keep in mind remember there is a two-year limit on rollover options with the HRA. 

With the HSA, you would have $1,200 because there are no rollover limits. Also, this doesn't factor in any interest you may earn. 

If you contributed the full amount the IRS allows each year, your savings would be even higher. That’s a good nest egg for a major medical emergency or even retirement.

Hope this tool helped! Don’t forget annual enrollment is Nov. 4 – 19.