Health Savings Account (HSA)

Health Savings Account (HSA)

A Health Savings Account (HSA) allows you to save for a wide range of eligible healthcare expenses, including medical, prescription drug, dental, and vision. It offers three key tax advantages:

• Tax-deductible contributions: Money goes into your account before taxes, which can lower your taxable income.

• Tax-free growth: Your savings grow tax-free.

• Tax-free withdrawals: You can withdraw funds tax-free when you use them for eligible expenses.

Tax advantages described here are for federal income tax purposes only. State income tax treatment of contributions and earnings may vary. Check with your tax advisor for more information.

• Eligibility

  You are eligible for an HSA if you meet the following criteria:

  • You are enrolled in either the Enhanced HDHP or Basic HDHP medical plan.

  • You are not covered by any other non-high-deductible health plan, such as Medicare, Veterans Affairs (VA) benefits, or TRICARE.

  • None of your eligible healthcare dependents has a Health Care Flexible Spending Account (FSA).

• How it works

  When you enroll in the Enhanced HDHP or Basic HDHP medical plan and elect to enroll in an HSA, we’ll automatically begin the process to open an HSA in your name with Fidelity.

  However, the account setup isn't instantaneous; it requires a Customer Identification Program (CIP) validation to comply with federal law. Here is what you need to know about that process:

  The validation process

  • Identity verification: Fidelity must verify your name, date of birth, Social Security number, and residential address.
  • Action required: In most cases, this happens automatically behind the scenes. However, if Fidelity cannot verify your details (e.g., due to a recent name change or address move), they will contact you to request supporting documentation, such as a copy of your Social Security card or a utility bill.
  • Account status: Your HSA will remain in a "Pending" or "Restricted" status until this validation is complete.
  • Contribution timing: While payroll deductions may begin, funds cannot be deposited into your account—and you cannot use your HSA debit card—until your identity is successfully validated.

  Note: To avoid delays, ensure your personal information in Workday matches your legal documents exactly.

  You own the account — even if you switch plans or leave Iron Mountain — and any unused funds roll over from year to year. (Unlike a Flexible Spending Account, the HSA has no “use it or lose it” rule.)

  Contribute

  You have the option to make pre-tax contributions to your HSA through payroll deductions, but this is not required to open the account or receive company funding.

  Employer contributions

  • Enhanced HDHP: You are eligible for an Iron Mountain contribution to your HSA. You do not need to make an employee contribution to receive this money, but you must actively elect to "enroll" in the HSA so your account can be opened.
  • Basic HDHP: Only you can contribute to your HSA; there is no employer contribution for this plan.

  Changing your contributions

  Unlike most benefit plans, you can start, stop, or change your HSA contribution amount at any time during the year—you do not need a qualifying life event to make an adjustment.

  • Timing: Changes will be effective the first of the month following the date you submit your change in Workday.

  Iron Mountain's Annual HSA Contribution(Enhanced HDHP only)*

  	Salary  Band  1	Salary  Band  2	Salary  Band  3
  Base Salary	< $45,000	$45,000-$70,000	> $70,000
  Coverage Level:
  Single	$600	$400	$200
  Employee + Spouse/DP	$1,200	$800	$400
  Employee + Child(ren)	$1,200	$800	$400
  Family	$1,200	$800	$400

  *Iron Mountain's Annual HSA Contribution may be prorated based on when the HSA is opened

  The annual limits below are the maximum total allowed from both you and Iron Mountain combined:
  

  Annual IRS contribution limits for 2026
  Coverage tier	2026 total limit
  Individual (self-only)	$4,400
  Family (employee + dependent)	$8,750
  Age 55+ catch-up	Additional $1,000

  Pay

  You can use your HSA debit card to pay for eligible medical, prescription drug, dental, and vision expenses, or you can file claims online. Always remember to save itemized receipts or Explanation of Benefits (EOBs) statements to verify your claims for the IRS. Note: You generally cannot submit expenses for a domestic partner or their dependents.

  Transitioning from an FSA

  If you were enrolled in a Health Care Flexible Spending Account (HCFSA) in 2025 and enrolled in the HSA for 2026, IRS rules regarding "double coverage" apply.

  Delayed HSA contributions

  To comply with IRS guidelines, if you enroll in the HSA for the new year and have any remaining balance in your HCFSA as of December 31, 2025, your HSA is not considered "active" until your FSA grace period or run-out period ends.

  • Timing: Both your personal payroll contributions and any Iron Mountain employer contributions will be delayed until the first paycheck in April, 2026.

For more information, contact Fidelity at 800-544-3716.