Health Savings Account (HSA)

You can use your Health Savings Account (HSA) to pay for eligible current and future healthcare expenses with tax-free dollars. You must enroll in the HSA plan to be eligible to open a health savings bank account. There is no use it or lose it rule. Any unused money will remain in your HSA for future use.

  • You must participate in the Consumer Healthcare Plan (CHP) with Blue Cross Blue Shield of Alabama to enroll in the HSA.
  • Nidec contributes monthly to your HSA, but does not own the account. You own the account.
  • If you leave, you keep the funds.
  • You may choose to contribute to your HSA on a pre-tax basis.
  • You can withdraw funds at any time to pay for qualified medical expenses for most medical, dental and vision care.
  • HSA expenses can be incurred by you, your spouse and dependents claimed on your personal tax return, even if the dependents are not enrolled in the HSA plan.

Funding Your Account

For non-union employees except Motion Control Engineering (MCE), please see chart below

You may contribute up to the annual IRS limits. It’s important you do not go over the IRS limit. Please note the IRS limits shown below are inclusive of the company contributions to your account.

* Individuals age 55 and older who reach age 55 by December 31, 2023 can make a catch-up contribution of up to $1,000 in addition to the employee maximums shown in the table above.

Coverage Tier IRS Annual Maximum Limit Nidec Contribution Employee Maximum*
Employee $3,850 $500 $3,350
Employee + Spouse $7,750 $750 $7,000
Employee + Child(ren) $7,750 $750 $7,000
Employee + Family $7,750 $1000 $6,750

Funding Your Account

MCE employees only

* Individuals age 55 and older who reach age 55 by December 31, 2023 can make a catch-up contribution of up to $1,000 in addition to the employee maximums shown in the table above.

Coverage Tier IRS Annual Maximum Limit Nidec Contribution Employee Maximum*
Employee only $3,850 $788 $3,062
Employee + Spouse $7,750 $1,600 $6,150
Employee + Child(ren) $7,750 $1,600 $6,150
Family $7,750 $2,400 $5,350

Investing Your Balance

You can invest the funds in your HSA once your balance reaches $1,000 or more.

To learn more and to review your HSA investment options, call the HealthEquity Member Services Team at 877.288.0719. They are open 24/7.

Pay healthcare expenses with pre-tax dollars to save!

Our HSA is offered through Health Equity.

You are Eligible to Open a Health Savings Account if:

  • You are enrolled in an HSA plan (qualified high deductible health plan)—the CHP
  • You are not covered by your spouse’s health plan, any other health plan, or flexible spending account
  • You are not eligible to be claimed as a dependent on someone else’s tax return
  • You are not enrolled in Medicare, TRICARE, or TRICARE for Life
  • You have not received veterans administration benefits in the past three months