Understanding Health Savings Accounts (HSAs) HSA Bank is a division of Webster Bank, N.A., Member FDIC.

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1 Understanding Health Savings Accounts (HSAs)

2 What is an HSA? A tax-advantaged savings account that you use to pay for qualified medical expenses not covered by the CDHP, including deductibles, co-pays, coinsurance, prescriptions, vision and dental care. Paired with a qualified HSA-compatible health plan with a savings account for eligible individuals to help pay for qualified medical expenses. Unused funds that will roll over year to year. There s no use or lose it penalty. Potential to build more savings through investing. You can choose from a variety of HSA selfdirected investment options. Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty.

3 Advantages of an HSA Funds roll over from year to year No use it or lose it philosophy. Tax benefits on contributions, earnings and distributions Contributions are either pre-tax (via paycheck) or tax-deductible. Earnings grow in the same tax-deferred manner as IRAs. Withdrawals for qualified medical expenses are tax-free. Portability Funds follow you if you leave your employer or change health insurance. Tax-free withdrawals for Qualified Medical Expenses even if qualifying coverage ends. Long-term investment opportunities Not FDIC insured Control over healthcare dollars

4 Who is eligible for an HSA? Individuals who are covered by an HSA-compatible health plan are eligible if they are NOT: Covered by any other non HSA-compatible health plan Traditional health plans, FSA, HRA, Tricare and/or VA benefits Claimed as a dependent on another person s tax return Excluding spouses per Internal Revenue Code Enrolled in Medicare

5 Basic HSA Concept

6 Contribution Limits HSA Qualifying CDHP 2014 Single Family Minimum Deductible $1,500 $3,000 Maximum Out-of-Pocket $3,000 $6,000 HSA Maximum Contribution Single Family 2014 $3,300 $6,550 Catch-up Contribution (Age 55+) $1,000 Intended to cover serious illness or injury Can pay for eligible medical expenses not covered by the health plan

7 Contribution Sources Employer Single Family Employee Transfer/ Rollover Payroll deduction Personal check Online transfers HSA MSA IRA (once per lifetime) When you cover CDHP-A Clean Harbors Your contribution contribution (automatic) (voluntary) Contributions from all sources, except HSA and MSA transfers, count toward the annual maximum. CDHP-B Clean Harbors Your contribution contribution (automatic) (voluntary) IRS combined maximum annual contribution Just yourself $400 Up to $2,900 $500 Up to $2,800 $3,300 You and any dependents $800 Up to $5,700 $1,000 Up to $5,550 $6,550

8 Qualified Medical Expenses

9 Distribution Options Debit Card Up to two free cards To help prevent misuse of HSA funds, the debit card is only authorized at merchants that provide medical products and services. Online Transfers (through Internet Banking) Establish and verify external bank account One-time or recurring transfers (both incoming and outgoing transfer options) Checks $7.95 for 50 duplicate checks Order through Internet Banking Manual Withdrawals ($10) Complete and mail form to HSA Bank

10 How Do I Use My HSA with my HDHP? Scenario A Doctor Visit Submit Claim Insurer Applies network discounts Sends EOB Pay doctor Scenario B Fill prescription Pharmacy Applies network discounts Pay Pharmacy

11 Getting Started We give you everything you need to use, grow and manage your HSA: Welcome Kit: This valuable starter package contains your eight digit account number, important disclosures and a privacy statement. Debit Card: Arrives separately from the Welcome Kit and is delivered in a plain, blank envelope for security reasons. Activation instructions are included. Internet Banking: Provides 24/7 account information, including activity and balance information, electronic statements, tax documents, notifications and electronic fund transfers. Authorized Signer Form: Lets you authorize someone who wants to access your HSA funds and information. Beneficiary Designation Form: Lets you designate a beneficiary for your HSA.

12 Account Fees

13 Customer Identification Program (CIP) Due to the USA Patriot Act, all banks are required by federal regulation to implement Customer Identification Programs (CIPs) to prevent financing of terrorist operations and money laundering. The following information is required and collected by HSA Bank for our Customer Identification Program (CIP): First Name Last Name Residential Address Date of Birth Social Security Number Home or Business Phone During the application process, we may be required to collect additional forms of identification. We will notify you up to three times by mail or phone.

14 Free Online Account Management View real-time account balances View transaction history and statements (up to 18 months) View cancelled checks Contribution monitor Access tax documents Transfer funds to or from a linked investment account Sign up for confirmations Download your account activity to MS Money or Quicken Visit hsabank.com/ibanking

15 Employee Reports HSA Bank provides several reports to help employees manage their HSA, including: Monthly account statements: Available online or by mail Year-end Status Report: Sent in January with a summary of all of account activity for the calendar year IRS Form 5498-SA: Sent in January and lists all HSA contributions made the prior year. Contributions for previous tax year can be made up until the tax filing deadline. (Note: IRS does NOT allow an extension of time to contribute to an HSA, even with an extension for filing) IRS Form 1099-SA: Sent in January and reports any HSA distributions that were made

16 Tax Implications If you no longer have qualifying CDHP insurance, you are no longer eligible to contribute, but you can continue to use any existing balance with no tax implications as long as it is used for a qualified medical expense. IRS Publication 502 provides a listing of eligible medical expenses Any money received from closing your HSA is considered a withdrawal. Withdrawals for non-medical reasons are taxable as income and subject to a 20% penalty by the IRS. Be sure to consult a qualified tax advisor before proceeding. After age 65, funds in an HSA can be used for non-medical expenses, subject to regular income tax, but without penalty. The funds can continue to be used tax free on qualified medical expenses, including Medicare premiums.

17 Invest your HSA funds TD Ameritrade gives you access to bonds, stocks and thousands of mutual funds. Trading fees may apply. DEVENIR is a pre-selected group of no-load mutual funds covering a range of fund families and asset classes. An annual fee of $24 is deducted from the investment account balance. No minimum HSA balance is required to begin investing. No proprietary or default investment based on balance. And, you can start right away! Investment products are not FDIC insured, are not a deposit or other obligation of or guaranteed by HSA bank, and are subject to investment risks.

18 Flexibility If you don t use all the money in your HSA by the end of the year, don t worry. It rolls over from year to year and earns interest tax-free. And if you don t use your HSA funds for medical expenses, save it as a nest egg for retirement. After age 65, HSA funds can be used for non-qualified expenses and only income tax is assessed. You also have the option to invest your HSA funds to help grow your savings for healthcare or retirement. Earnings from investments are tax free as well.

19 Employee Services and Support Client Assistance Center: Is dedicated exclusively to helping your employees both before and after enrollment. Center representatives are experts in HSAs and can answer all HSA-related questions. Available Monday Friday, 7 a.m. - 9 p.m., CT at (800) Bankline: Is a toll-free automatic system that provides employees with 24/7 access to account balance and transaction history at (800) Employees can always us with any questions or concerns. On our website, employees will find educational materials, online tools, forms and other important HSA information.

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