High-Deductible Health Plan (HDHP)
How is the HDHP similar to the Medical PPO?
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Fully covered, in-network preventive care.
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Broad network of doctors and hospitals.
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Comprehensive medical coverage.
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Prescription drug coverage.
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An annual deductible for most covered services. Once you meet the annual deductible, you pay coinsurance, up to an annual out-of-pocket maximum.
What's Different?
HDHP
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Lower employee contributions than Medical PPO.
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Higher deductible than Medical PPO.
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Deductible applies to both medical and prescription drugs.
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Health Savings Account (HSA) option, which you can choose to fund, and SpaceX contributes to your HSA too! You can also roll over each year to build your health care savings.
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A Health Care Flexible Spending Account (FSA) is not available, because the plan includes an HSA instead.
PPO
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Higher paycheck employee contributions than an HDHP.
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Lower deductible than an HDHP.
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Can participate in a Health Care FSA, which you can choose to fund and use until March 15 of the following year.
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An FSA, other than for the 2 1/2 month grace period, cannot roll over from year to year.
Worried about the HDHP deductible?
SpaceX offers voluntary benefits, which provide an additional financial safety net in the event you incur a major health care expense.
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Accident Insurance: Provides a lump-sum benefit in the event of an accident and can be used toward out-of-pocket expenses, including copays/coinsurance and deductibles.
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Critical Illness Insurance: Pays a lump-sum amount in the event of specific critical illnesses, including heart attack, stroke, cancer, and organ transplants.
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Hospital Indemnity Insurance: Pays benefits in addition to your core medical plan benefits when you experience an extended hospital stay.
For more information on the accident, critical illness, and hospital indemnity plans, check out our Voluntary Benefits page.
Health Savings Account (HSA)
The HSA offers many great advantages to help you budget for and save on your health care costs:
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You own it: You own your HSA and can even take it with you if you leave SpaceX.
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You choose how to use it: You choose how much you want to contribute to your HSA and can change your contribution throughout the year. The way you use your HSA is up to you, whether you use it for expenses during the year or let it roll over from one year to the next to use for eligible expenses in the future. And SpaceX contributes to your HSA.
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You save: All of your per-paycheck contributions to the HSA are on a pre-tax basis. However, if you live in California or New Jersey, state taxes may apply to your contributions.
A Triple Tax Advantage!
All of these are federal and, in most states, state tax-free!
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Contributions (except in California and New Jersey, you’ll pay state taxes on both employer and employee contributions).
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Interest earnings on account growth are tax-free (except in New Hampshire and Tennessee, where you’ll pay state tax on earnings).
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Funds you use for eligible medical expenses.
How the HSA Works
If you enroll in the HDHP, an HSA account will be opened for you with a qualified HSA provider selected by SpaceX. After your HSA account is opened, you can begin to make and receive HSA contributions.
Start It
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Start your contributions on January 1. Contributions are made with before-tax payroll contributions limits apply.
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SpaceX also makes contributions toward your HSA on a per-pay-period basis!
Build It
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Deposit your own dollars into your HSA.
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Change the amount you contribute anytime.
Use It
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Use the money in your HSA to pay for qualified health care expenses with your HSA debit card or you can request a distribution from your HSA account.
Let It Grow
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Your account balance will roll over to the next year and earn interest (rules and regulations apply).
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Invest your account balance in HealthEquity's highly-rated HSA investment options.
HSA Contributions
If you elected the HDHP as your medical plan, you may contribute to the HSA. Contributions to your HSA can come from two sources — you and SpaceX. SpaceX will automatically contribute up to $500 for individual coverage and $1,000 for family coverage annually, in equal parts each pay period, irrespective of whether you choose to contribute to your HSA or not.
Combined with SpaceX's annual contributions, the maximum contribution amount are the following:
For 2024
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$4,150 for employee-only coverage
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$8,300 for family coverage
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Additional $1,000 if age 55 or older (or will be age 55 in 2024)
For 2025
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$4,300 for employee-only coverage
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$8,550 for family coverage
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Additional $1,000 if age 55 or older (or will be age 55 in 2025)
Plan for Retirement with the HSA!
One of the biggest and most unpredictable costs of retirement can be health care expenses. With an HSA, you can add an extra savings tool to your kit when it comes to retirement financial planning. Here are some easy ways the HSA can help you stay on track in retirement:
Maximize
before 65
Just like your 401(k), maxing out your HSA makes it easy to save for retirement. Your contributions are tax-free and tax-deductible until you’re 65.
Don’t forget! Anytime during
the year that you turn 55, you
can make an extra “catch-up”
contribution to your HSA of
$1,000 per year.
Build your account balance
While the HSA is meant to help you offset your out-of-pocket medical expenses, you should think of it like a savings tool.
Spend your contributions wisely, and make a plan to build your account balance annually
Invest wisely
The key to maximizing your unspent contributions is to invest them wisely. For greater growth potential, you may invest in HealthEquity’s highly-rated HSA investment options. Any interest and other investment earnings are yours to keep, tax-free.
HealthEquity is an industry leader that offers powerful tools and resources to empower you to make informed healthcare saving and spending decisions. With HealthEquity, you will benefit from exceptional, educational-focused member support, including easy-to-use account portals, around-the clock phone support, and expert advice on how to benefit the most from your health accounts.
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