A Health Savings Account (HSA) can help you cover health care costs—federal tax free. When you enroll in a PPO HSA plan, you can contribute pretax dollars to an HSA to pay for eligible health care expenses. And Rivian contributes too!
How an HSA works
An HSA is a tax-advantaged savings account. This means you pay no federal taxes on your contributions, your withdrawals for qualified medical expenses, or your investment earnings. (Note: If you live in California or New Jersey, your contributions and earnings will be subject to state tax.)
You can use the money in your account to pay for eligible health care expenses for yourself and your eligible family members, now and in the future. This makes an HSA a great way to save for your health care expenses after you retire.
You can invest the money in your HSA for the potential to grow your savings, and any money in your account is always yours, even if you leave the company.
How your HSA is funded
Both you and Rivian contribute to your account. Rivian will contribute to your HSA each pay period, even if you do not contribute.
If you enroll midyear, you are eligible for the per-pay-period contribution for each pay period remaining in the payroll calendar for the current year.
Rivian’s 2023 contribution each pay period:
|Coverage level||If you’re enrolled in the PPO HSA 1500||If you’re enrolled in the PPO HSA 3500|
|Employee only||$28.85 ($750 per year)||$48.08 ($1,250 per year)|
|Employee + spouse/ domestic partner||$57.69 ($1,500 per year)||$96.15 ($2,500 per year)|
|Employee + child(ren)||$57.69 ($1,500 per year)||$96.15 ($2,500 per year)|
|Employee + family||$76.92 ($2,000 per year)||$115.38 ($3,000 per year)|
Rivian’s 2024 contribution each pay period:
|Coverage level||If you’re enrolled in the PPO HSA 1600||If you’re enrolled in the PPO HSA 3500|
|Employee only||$9.62 ($250 per year)||$28.85 ($750 per year)|
|Employee + dependents||$25.00 ($650 per year)||$69.23 ($1,800 per year)|
You can also contribute through payroll deductions. The total of the money you and Rivian can contribute is capped by the IRS:
- $3,850 for employee-only coverage in 2023, and $4,150 in 2024
- $7,750 if you cover dependents in 2023, and $8,300 in 2024
If you’re 55 or older, you can save an additional $1,000 per year in catch-up contributions.
No Kaiser HSA option
Rivian does not offer a Kaiser HMO plan that is eligible for an HSA. If you want an HSA, choose the Blue Shield PPO 1500 or PPO 3500 plan.