Health Savings Account

The health savings account (HSA), administered by ConnectYourCare, is designed to help you pay for eligible healthcare expenses. Contributions are deducted from your paycheck on a pre-tax basis. Note: You must be enrolled in either the Choice Account Plus or Choice Account medical plan to use a health savings account.

If you are enrolled in the Choice Account Plus medical plan, the HSA will include bi-weekly employer contributions of $10 or $20 for participants up to $260 for employee only coverage or up to $520 for family coverage.  Refer to this chart for more information:

Employer Contribution Per Pay Period Choice Account Plus Choice Account
Employee Only$10.00$0


What it covers:

The HSA covers certain health expenses, including:

  • Amounts for copayments, deductibles, and coinsurance.
  • Expenses not covered by medical, dental, vision, or pharmacy plans.

Important information about health savings accounts:

  • You can contribute up to $3,400 in 2017 for employee-only coverage; $6,750 if you have family medical coverage.
  • You must have a physical address on file in order to open an HSA with ConnectYourCare.  If you only have a PO Box on file they will be unable to open an account and any money deducted will be refunded in a future pay check.  You will have a 60 day window to ensure a physical address is on file before the account is terminated.
  • You can make eligible payments with your HSA debit card. You can also make payments out of pocket and be reimbursed by filling out a form online.
  • If you withdraw money from your HSA account for expenses that are not eligible healthcare expenses, you will pay taxes and penalties on the amount you withdraw.
  • Any money left over in the account will roll over to the following year and can be used to pay future eligible expenses. You can take the account with you if you leave Lowe’s.
  • You will be responsible for reporting contributions made to your HSA (whether made by you or on your behalf by Lowe’s) and for reporting distributions from your HSA.  Keep in mind that all HSA contributions made on your behalf by Lowe’s via payroll deduction are on a pre-tax basis.  You are responsible for determining the taxability of your HSA distributions based on the nature of the expenses for which they are used in accordance with applicable tax laws.  You should maintain records of all your HSA distributions for tax purposes, including the original receipts with which the distributions are associated.
  • For more information about HSAs, including who is eligible, other health coverage that might disqualify an individual from being eligible, contribution limits, and other rules, refer to the IRS website ( or consult a tax professional.  Additional information is also located on the ConnectYourCare website (  Please contact your tax advisor with additional questions.
  • If you are currently enrolled in a Healthcare Flexible Spending Account (FSA) for 2016 and enroll in the Health Savings Account (HSA) in 2017, you must either forfeit your FSA balance by 12/31/2016 or have a $0 FSA balance by 12/31/2016 to be eligible for the HSA in 2017. If you have any FSA balance on 1/1/2017, you will be ineligible to make contributions to your HSA for the entirety of 2017.  Further, for participants in the 2017 Choice Account Plus plan, while Lowe’s will make a contribution to your HSA even if you have a carryover FSA balance from 2016, that contribution from Lowe’s will be considered taxable income that you’ll need to report when you file your taxes. You would also need to remove the Lowe’s contribution from your HSA by 4/15/2018 to avoid a 6% additional penalty if you fall into this category. Please contact your tax advisor with additional questions.   You can forfeit your FSA by visiting the WageWorks employee portal WageWorks before 12/31/2016.  Please contact Human Resources if you have additional questions about annual enrollment.
  • For employees working at locations with access to an onsite health center:
    • For the 2017 plan year, employees covered under Lowe’s Choice Account Plus and Choice Account plans (High Deductible Health Plans), there will be a $40 charge, per illness/injury visit for onsite health centers.  This is an IRS regulation due to the tax-free Health Savings Account associated with the HDHP medical plans.  The $40 charge will count towards employees’ deductibles and out of pocket maximums under the Choice Account Plus and Choice Account plans.  When an employee meets their deductible under this plan, there will be no charge for the onsite health center visit.  All wellness and preventive visits remain at no cost, for any Lowe’s onsite employee, regardless of the insurance plan they are enrolled in.  This will include annual physicals and biometric screenings.