The Clorox Company

The new Partnership in Health (PIH) with a Health Savings Account (HSA) puts you in control of saving for your future. Check out the videos and  tools on this page to learn more.  Also, if you have questions about your personal situation, contact our financial planning partner Ayco to help. Ayco services are provided at no cost, and they can assist you in evaluating whether an HSA is right for you.

What is an HSA?​

A health savings account, or HSA, is a tax-advantaged personal savings account for your healthcare expenses. If you enroll in the Partnership in Health (PIH) plan with an HSA, Clorox will contribute an annual amount based on your coverage. You can also contribute money on a pre-tax basis. You can then use these funds to pay for eligible healthcare expenses, including doctor’s office visits, deductibles, and prescriptions, now or down the road. These HSA funds are yours, even after you retire or leave Clorox.

What are the benefits of enrolling in the PIH plan with an HSA?

• You own the account. Clorox sets up the account with Optum Bank in your name. The funds in the account are yours to keep — even if you leave the company. ​
• You can contribute to the HSA. In addition to the up-front dollars Clorox contributes to get you started, you can also make tax-free contributions into your HSA up to the IRS annual limits.​ If you are age 55 or more, you can also contribute a catchup contribution of $1,000 per year.

• You’re in control. When you receive care, you decide if you want to pay with your HSA dollars or pay out of pocket.
• ‍Watch your money grow. Your dollars can grow year-over-year. You can save your money for future healthcare expenses, even into retirement. Once your account reaches $1,000, you'll earn interest and can also invest some or all of your money.
• Triple your tax savings. With an HSA, you save more in taxes. In most states, your individual contributions and Clorox contributions, withdrawals for eligible medical expenses, and the income you earn from interest and investments are tax-free. Consult your tax professional to determine which tax savings apply in your state. (E.g., California does not recognize HSA as pre-tax contributions.)

Am I eligible to participate?

To take advantage of the HSA, you must enroll in the PIH plan with an HSA. The IRS has certain requirements you must meet to be eligible to participate in the plan. You cannot:

• Be enrolled in Medicare
• Be claimed as a dependent on another person’s tax return
• Participate in a healthcare flexible spending account (FSA)
• Have received Veterans Administration (VA) benefits within the past three months
• Receive health benefits from TRICARE

How does the plan work?

In-network preventive care is covered at 100% under the plan. For all other care, your deductible will apply. If you cover dependents, everyone’s costs will count toward the deductible until the family deductible is satisfied. Once the deductible is satisfied, co-insurance will apply until you meet the out-of-pocket maximum. Because you are in control of your HSA dollars, you decide if you want to use the funds in your HSA to pay for eligible medical expenses or leave the funds in the account for future use. For audit purposes, be sure to save your receipts when you receive care or purchase prescriptions even if you pay out-of-pocket. If you choose this plan, you will receive more information at a later date.

Ayco is our financial planning provider and can assist with planning your finances for today, tomorrow and the future. Ayco can help you learn how to maximize your savings for retirement and determine the right health plan choice for you.

Interested in meeting with an Ayco Coach to discuss which option is right for you?