Health Savings Account (HSA) 101

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1 HSA 101

2 Health Savings Account (HSA) 101 What is a Health Savings Account (HSA)? A personal financial account for payment of all medical, dental, vision, & Rx health care expenses free of income or payroll tax. (ann. max $3,250 single/ $ 6,450 family). 25% - 35% Coupon Qualified Expense Types While the list is much longer, here are examples of qualified expenses that can be put on your HSA: Doctor office visits, including to Specialists, Dentists, and Eye Doctors Braces Prescriptions Glasses, contact lenses and accessories, LASIK surgery Chiropractor, acupuncture, and therapy Hearing aids, bandages and crutches Long-term care Smoking cessation programs Birth control and vasectomy Transportation expenses

3 Health Savings Account (HSA) 101 Am I Eligible for an HSA? Yes, as long as You are not covered by any other health plan (such as a spouse s plan) that is not a high-deductible health plan. You are not covered by health care Flexible Spending Account (FSA) this includes your spouse s FSA. (Note: You are allowed to have a limited or dependent care FSA along with an HSA.) You are not enrolled in Medicare benefits or enrolled in Tricare. You are not eligible to be claimed as a dependent on someone else s tax return.

4 HSA Myths & Facts Myth: You need to prefund the account to get the tax break. Fact: If the HSA was established when you had a health care expense, you can still save 25-35% payroll and income taxes by funding the account post-purchase and reimbursing yourself even years later. Myth: You can only change your payroll deduction once per year. Fact: The IRS requires employers to allow changes at least once per month. Myth: People with single coverage can only use HSA for their own health expenses. Fact: You can use the account to pay for health expenses of any tax dependent (i.e., spouse, children, etc.) even if they re not on your insurance plan.

5 Health Savings Account (HSA) 101 Q: Is the HSA for me? Are you over-insured? How do you use your benefits? Lower premiums IRA / 401K for health expenses More control over expense Tax savings for future medical expenses Long Term Care / COBRA Are you not insured (Dental, Vision)? Confidential property of Tango Health. Do not distribute or reproduce without express permission from both parties.

6 Being a Smart HSA User Tips and Best Practices Stay in-network to always receive the benefit and credit toward your deductible Urgent Care vs. Emergency Room Most doctors will negotiate payment terms (e.g., orthodontia, MRIs, etc.) Prescription drugs Ask for samples and generic/lower cost versions Look into discount plans at major retailers Shop around and use online pharmacy tools Your HSA vs. FSA HSAs are owned by you and stay with you Your HSA debit card will only have money as it is deposited throughout the year You are responsible for keeping receipts for expenses Money in the account can accrue interest and be invested

7 Use Your HSA The Way You Want Did you know? Employees lose $4B in taxes due to HSA under-use and employers lose $1B. Tango Health makes it easy to get your full HSA tax-break whether or not you choose to pre-fund your account for medical expenses! Minimum Per-Paycheck Contribution $$ Maximum

8 Simple and Easy to Use Online Account Features Automatically log debit card purchases Online receipt retention for life of the HSA. Pay Yourself Back on-demand or automatically for expenses paid outside of your HSA. Auto-fills transactions on HSA account or connect major credit card for easy expense identification and tracking. Submit payroll deduction changes online, through Tango Health s website to receive pre-tax deductions With Tango Health I don't have to worry about my HSA balance being big enough to cover every expense before it happens. That solves a huge problem for me. Kirsten B.

9 Simple and Easy to Use

10 What s Next? Enroll for HDHP in Workday Open HSA and Tango Health Login Set Payroll Deductions on Tango Website Begin Saving Tax Dollars How we can help you HSA and software education Easy and online enrollment Calculators to help determine best deduction plan for you in the near- and long-term and phone-based Customer Service, M-F 7-7 Central Visit to view demos on how Tango s system works. The username is health and the password is tangovid. Questions? Call us at

11 Frequently Asked Questions Can I get multiple debit cards (i.e. for my college student)? Yes, multiple cards may be ordered. One additional card is free but there is a fee for each additional card after the first two. Will my account accrue any interest? The regular HSA accounts are not interest bearing. However, you can upgrade your account to include investment options by contacting OptumHealth Bank. Contact Tango and they can connect you with them ) Will I have any account fees? The monthly maintenance fees will be paid for by Appleton. You may have additional fees for ATM withdrawals, check orders, stop payments on checks, etc. if you utilize those features. If I leave the company but want to keep my Tango HSA, what will it cost? The monthly maintenance fee of $4 will be charged against your account.

12 More Frequently Asked Questions Can I transfer money from my personal bank account to my Tango HSA? Yes, however you have already paid taxes on that money. Therefore, you will not be able to recover those taxes until after the end of the year when you file your tax return. Any monies transferred from another bank account count toward the annual contribution limits and will reduce the total contributions you can make pre-tax from your pay checks that year.

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