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 HSA Education

3 What is an HSA? A tax-advantaged savings account that you use to pay for qualified medical expenses not covered by the HDHP, including deductibles, co-pays, prescriptions, vision and dental care. Paired with a qualified HSA-compatible health plan to help eligible individuals 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 self-directed investment options. Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty.

4 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. 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

5 Tax Treatment of HSAs Contributions Payroll contributions are deducted from your federal taxable income. In the state of CA, AL and NJ are subject to state taxes. Post tax contributions are tax deductible when you file your taxes. All contributions (employer and employee pre-tax) are report on your W-2 in box 12 with the code W. Earnings HSAs grow in the same tax-deferred manner as IRAs. Distributions Withdrawals for qualified medical expenses are tax-free. Before age 65, funds withdrawn for non qualified medical expenses are penalized at 20% and considered taxable income. After age 65, funds may be withdrawn for any reason without penalty but considered taxable income.

6 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

7 Basic HSA Concept

8 Non HSA-Compatible Health Plans Medicare: Mere eligibility for Medicare does not make you ineligible to contribution to an HSA. Rather, the term entitled to benefits under Medicare means both eligibility and enrollment in Medicare. An individual who is enrolled in any part of Medicare is not an eligible individual. General Purpose FSA or HRA: HSAs and general purpose FSAs and HRAs are not allowed in the same household. However, the following arrangements do work with an HSA. Limited-purpose FSA or HRA Suspended HRA Post-deductible FSA or HRA Retirement HRA FSA Grace Period: Coverage during a grace period by a general purpose FSA is allowed if the balance in the FSA at the end of it s prior year plan is zero. Otherwise eligibility for the HSA will begin the first day following the end of the grace period. Example: John s FSA grace period ends on 11/15 in which he carries over a balance from the previous plan year. John is not eligible for the HSA until 12/1.

9 Non HSA-Compatible Health Plans VA Benefits: An individual who is eligible to receive VA medical benefits but who has not actually received such benefits during the preceding three months is eligible for the HSA. An individual is not eligible for the HSA if they have received medical benefits from the VA at any time during the previous three months. TRICARE: Coverage options under TRICARE do not meet the minimum annual deductible requirements for an HDHP. Thus, an individual covered under TRICARE is not an eligible individual and may not contribution to an HSA. Eligibility of your spouse and dependents will not affect the your eligibility for the HSA.

10 HSA Open Date First of the month eligibility HSAs are opened based upon the effective date of the HSA-compatible health plan. Example: John s HSA-compatible health plan is effective 1/1. John s HSA will be open on 1/1. Mid-month eligibility If you have an HSA-compatible health plan effective date is any date other than the 1 st of the month, the IRS stipulates that the HSA would open on the 1 st day of the following month. (IRS notice Q&A 11) Example: Alex s HSA-compatible health plan is effective 6/15. Alex s HSA would be open on 7/1.

11 HSA Contribution Limits HDHP 2014 Single Family Minimum Deductible $1,250 $2,500 Maximum Out-of-Pocket $6,350 $12,700 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 the health plan

12 Catch Up Contributions Catch up contributions Individuals age 55+ are eligible for an additional $1,000 catch up contribution. Spouses age 55+ can make an additional $1,000 catch-up contribution annually if they meet all HSA eligibility requirements. Spouses must open their own HSA to make the catch up contribution. Contributions need not be prorated based on when in the year a person turns 55.

13 HSA Contribution Sources Employer Single Family Employee Payroll deduction Personal check Online transfers Transfer/ Rollover HSA MSA IRA (once per lifetime) Contributions from all sources, except HSA and MSA transfers, count toward the annual maximum.

14 HSA Contribution Prorating Provisions Last Month Rule If HSA-compatible coverage is effective after January 1st in a given year, you can contribute the annual IRS maximum as long as the HSA-compatible plan is effective before December 1 st and fulfills the testing period. (IRS Publication 969) If you do not maintain eligibility during testing period, excess contributions are subject to a 6% penalty and considered taxable income. Testing Period Qualifying coverage must continue through December 31st of the following year from when HSA-compatible plan was effective. Example Shelly s HSA-compatible plan is effective 12/1/13. She can fund the annual IRS maximum as long as she remains HSA eligible through 12/31/14.

15 Eligible Medical Expenses Health Savings Account (HSA) funds can be used to pay for a wide range of eligible medical expenses. HSA funds that are used to pay for eligible medical expenses are always tax-free and can be used even if you re not covered by an HSA-compatible plan. Doctor and hospital visits Medical equipment Dental care, braces, dentures Vision care, glasses, contacts Prescription medications Premiums for long-term care insurance Premiums for COBRA Premiums for coverage while receiving unemployment compensation Premiums for individuals over age 65 *A list of Qualified Medical Expenses can be found in IRS Publication 502, As described in IRS publication 969, over-the- counter medications are considered Qualified Medical Expenses for HSA purposes.

16 HSA Distributions Account establishment date You can expense eligible medical expenses incurred after HSA is established. IRS recognizes an HSA as established upon the account opening and initial funding. (IRS Notice Q&A39 and IRS Notice Q&A 38) HSA Bank funds every new account with $0.01 to establish the HSA on the day it is opened. (Note: The transaction description will read HSA Bank deposit to establish account ) Eligible medical expense auditing Unlike FSAs, HSA custodians are not required to determine whether HSA distributions are used exclusively for eligible medical expenses. You determine if expenses are qualified and should maintain records of expenses. You are responsible for reporting non qualified HSA distributions when filing taxes.

17 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

18 Getting Started We give you everything they need to use, grow and manage your HSA: Welcome Kit: This valuable starter package contains your account number, important disclosures and a privacy statement. They get it in the mail about 5 to 10 days after your application has been processed. Debit Card: Arrives separately from the Welcome Kit within 5 to 10 working days 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. You sign up at hsabank.com/ibanking Authorized Signer Form: Lets you authorize someone they want to have access your HSA funds and information. Beneficiary Designation Form: Lets you designate a beneficiary for your HSA.

19 Authorized Signers Authorized Signer A trusted individual that you grant authority to access your HSA funds and information. Anyone over the age of 18. Debit card can be issued in authorized signer s name. Authorized Signers can be added three different ways: Paper form located at Internet Banking Customer Contact Center at (800) , Monday Friday, 7 am to 9 pm CT

20 Beneficiaries Designation of Beneficiary Allows you to protect your HSA funds upon your death If the spouse is the beneficiary, the HSA may transfer to the spouse s name and remain a tax-favored account. If the beneficiary is not the spouse, the funds are paid to the beneficiary as a taxable transaction. If the HSA does not have a beneficiary, the funds are paid to your estate. Beneficiaries can only be named using the form located at

21 Internet Banking HSA Bank s Internet Banking tools lets you: Get up-to-date account information, including activity and balances Transfer funds between your HSA and other bank accounts Set up alerts to stay on top of account activity See and print check images as soon as they clear Access account statement and tax documents Feel secure knowing that HSA Bank protects your information with multiple layers of online security Visit hsabank.com/ibanking

22 Website Integration with BCBS Real-time Web service with HSA Bank displays bank balance and 18 months of transaction history. Provides members with basic HSA information without having to transfer between websites.

23 HSA Bank Account Fees

24 Contribution Options Payroll Deduction: you can change payroll deduction amount throughout the year. Check/Money Order: Personal check or money order can be mailed along with completed Contribution Form to HSA Bank. Internet Banking Online Contribution: Through HSA Bank s Internet Banking, you can transfer funds from your external bank account to your HSA. Wire Transfer In: A wire can be submitted typically for same day processing. Contact HSA Bank for wire instructions. Transfer/Rollover HSA/MSA: If you have an existing HSA or MSA they can transfer funds by completing HSA Bank s Transfer/Rollover Form. IRA: you are allowed a one per lifetime transfer from an IRA without penalty by completing HSA Bank s IRA Transfer Form. Form location:

25 Excess Removals When an account has been funded over the contribution limits, you must remove the funds using the Excess Removal Form. HSA Bank will remove the requested amount over the maximum as well as any earnings that may apply. There is a $25 Excess Removal Fee. The deadline for removing excess is tax filing deadline, including extensions. Note: An excess removal does NOT affect the your 5498-SA. We are required to report all contributions even if they removed excess. The excess removal will be reported on form 1099-SA and will be received for the year in which the excess was removed. Form available at

26 Distribution Options Debit Card Up to two free cards Additional cards are $6 each Checks $7.95 for 50 duplicate checks Order through Internet Banking Manual Withdrawals ($10) Complete and mail form to HSA Bank Online Transfers (through Internet Banking) Establish and verify external bank account May set up one time or recurring incoming transfers $500 daily limit for out-going transfers

27 How to Use an HSA Bank Visa Debit Card Card Activation Call number provided to activate card PIN Selection After card activation, select PIN Pharmacies or direct merchant use Point-of-sale with signature (no fee) Limits Point-of-sale/ATM with PIN ($2 fee) $2,000 per day and $300 per day for ATM withdrawals May contact HSA Bank to have limit temporarily increased Card denials If your card is not working Contact HSA Bank s Customer Contact Center at (800) , Monday Friday, 7 am to 9 pm CT. Loss or Theft Immediately report your debit card loss or theft to HSA Bank Bank s Customer Contact Center at (800) , Monday Friday, 7 am to 9 pm CT. The after hours reporting number is (800) and can be located in your debit card insert. Be sure to contact HSA Bank to order a new debit card if you report the loss or theft after hours.

28 Distribution Reversal There are a times when you must return funds to the HSA that were paid out by mistake or returned to the customer. In this case, you should send the funds to HSA Bank along with the Distribution Reversal Form. HSA Bank will reprocess the funds to your account without counting it as a contribution. The deadline is April 15 th of the following year (tax filing deadline). Example: Jane paid for a medical bill out of her HSA before she put it was processed through her insurance. The insurance company had a negotiated rate and sent Jane a check for the overpayment. Jane can send the overpayment check along with the Distribution Reversal Form to HSA Bank. Form available at

29 Investment Options You can invest and grow your HSA savings to help pay for future medical expenses or retirement. HSA Bank s investment opportunities are some of the best around with: No minimum HSA balance is required to begin investing Savings grow tax-free because investment earnings are not taxed Internet Banking allows you to move funds between your HSA and investment accounts at any time A wide range of investment selections available through TD Ameritrade and Devenir TD Ameritrade Stocks, bonds and virtually unlimited mutual funds (trading fees may apply) Online access to real-time data, customizable charts and one-click integrated trading Integrated, online access to trading, balance information and more through our Internet Banking Ability to place trades by website, telephone, mobile device or broker Access to independent research tools, such as S&P and Morningstar, to make informed trades Devenir A pre-selected group of no-load mutual funds offers a variety of fund families and asset classes No trading fees for pre-selected group of mutual funds Integrated, online access to trading, balance information and more through our Internet Banking Access to independent research tools, such as fund prospectuses and Morningstar reports to make informed trades Future investment elections can be established to automate investments Performance of mutual fund selections is reviewed quarterly by SEC registered investment advisors

30 Money Transfers Between Investment Accounts To ensure accurate IRS reporting, all contributions must be submitted to HSA Bank. Funds should not be sent directly to investment account. Transfers are available via: Online transfer via HSA Bank s Internet Banking Phone transfer via HSA Bank's customer service Transfers made before 2:00 PM CST, will be available in the investment account within three business days and are limited to $10,000 per day. To return funds, sell the amount of shares equal to the amount of funds you would like to return to your HSA. When your trade has settled into the default cash sweep vehicle, log in to HSA Bank's Internet Banking or contact HSA Banks' Client Assistance Center to transfer the funds back to your HSA. Note: Funds will be available in your Health Savings Account within three business days.

31 Reports HSA Bank provides several reports to help you manage your 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

32 Account Changes You are responsible for making all changes to your HSA directly with HSA Bank. Change in health plan status No change required at HSA Bank Change in marital status Complete Account Information Change Form. Able to change: Name, Authorized Signers, Designation of Beneficiaries and Address Address change Change address through Internet Banking, Change of Address Form, or by calling the Customer Contact Center Forms located at:

33 Services and Support Customer Contact Center: Is dedicated exclusively to helping you 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 Saturday, 9 a.m. 1 p.m. CT at (800) Bankline: Is a toll-free automatic system that provides you with 24/7 access to account balance and transaction history at (800) You can always us with any questions or concerns. On our website, you will find educational materials, online tools, forms and other important HSA information.

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

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