Health Savings Account FAQs

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1 General What s a health savings account (HSA)? An HSA is an interest-bearing savings account you fund either with before-tax paycheck deductions through WageWorks McKesson s HSA administrator or with tax-deductible contributions to an outside HSA vendor, such as your bank. An HSA allows you to make tax-free withdrawals to pay for eligible medical, prescription drug, dental and vision expenses now or anytime in the future. HSA dollars used to pay eligible medical and prescription drug expenses can be applied to your High-Deductible Health Plan (HDHP) deductible. Your HSA can also help you meet long-term financial goals, such as covering healthcare expenses during retirement. Similar to a 401(k), an HSA is yours to keep whether you change coverage, change employers or retire, and you decide how to spend your funds. You can make early withdrawals (before age 65) for non-eligible expenses. However, those withdrawals are subject to normal income tax and a 20% penalty tax. Is an HSA automatically set up for me? Yes. An account is automatically set up for you through WageWorks when you enroll in the HDHP and accept the account terms and conditions as stated on Your Benefits Resources. The WageWorks HSA allows before-tax contributions from your paycheck to be deposited into an account managed by BNY Mellon. You must meet Internal Revenue Service (IRS) eligibility rules to participate in an HSA (p. 2). If you don t want to participate in an HSA, be sure to set your HSA contribution amount to $0 on Your Benefits Resources. If you choose a vendor other than WageWorks for your HSA, you can take a tax deduction for your contributions when you file your tax return. Does McKesson contribute to my HSA? No. McKesson doesn t contribute to your HSA. How much money can I put into my HSA? The amount you can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become eligible to make HSA contributions and the date you cease to be eligible to make HSA contributions. For 2015, the most you can contribute is $3,350 for employee only coverage and $6,650 for employee plus spouse/domestic partner, employee plus child(ren) or family coverage. For further information about how to calculate your annual HSA contribution limit, please refer to IRS Publication 969, Form 8889 (and instructions) and or consult your tax advisor. Keep in mind that individual limits can be complex and are subject to change by the IRS annually. We recommend you consult a tax advisor about contribution amounts. How do HSAs and medical plans work together? You must be a member of a high-deductible health plan, such as the McKesson HDHP, in order to contribute to an HSA. As an HDHP member, you can use your HSA funds to pay for eligible healthcare expenses before and after meeting your plan deductible. These expenses may include office visit copays, prescription medications and non-preventive care services. If you make your HSA contributions through WageWorks, you can simply swipe your WageWorks Healthcare Card at your doctor s office or pharmacy. Your HSA funds are automatically deducted from your account. If your medical provider doesn t accept the Healthcare Card or sends you a bill, you can pay out of pocket, then reimburse yourself by submitting a claim, along with your receipt, to WageWorks. Can I transfer Consumer-Driven Health Plan (CDHP) health reimbursement account (HRA) funds to my HSA? No. IRS regulations do not allow the transfer of funds between HRAs and HSAs. You give up any CDHP HRA balance when you stop participating in the McKesson CDHP. For more information about HSAs, visit and

2 HSA Eligibility Am I eligible to contribute to an HSA? You re eligible to contribute to an HSA as long as you: Are covered by a high-deductible health plan (HDHP), such as the McKesson HDHP. Do not have any other health coverage, such as non-hdhp medical coverage or a standard healthcare flexible spending account (FSA) for example, under plans available through your spouse/domestic partner s employer. Are not enrolled in Medicare or Veterans benefits (TRICARE). Are not eligible to be claimed as a dependent on another person s tax return. HSA eligibility rules are very specific you can take the WageWorks HSA Qualification Test at to find out if you re eligible. Click Yes when asked, Are you covered under a highdeductible health plan? Can I contribute to an HSA while eligible for reimbursement under a standard healthcare FSA? No. If you (or your spouse/domestic partner) participate in a standard healthcare FSA and wish to make HSA contributions beginning January 1, your FSA balance must be $0 on December 31 of the previous year. Otherwise, you won t be able to contribute to your HSA until April. You can contribute to an HSA while eligible for reimbursement under an HSA-compatible FSA to pay for dental and vision expenses, and use your HSA to pay for other healthcare expenses. My spouse/domestic partner has an HSA-compatible FSA. Can I contribute to an HSA? Yes. If your spouse/domestic partner participates in an HSAcompatible FSA, you re eligible to contribute to an HSA. HSA-compatible FSAs cover only dental and vision expenses and are also referred to as limited-purpose FSAs. How do HSAs affect healthcare FSAs? To limit duplicate tax-advantaged savings, the IRS allows individuals who contribute to HSAs to pay only dental and vision expenses through HSA-compatible FSAs. This is the reason HDHP participants are not eligible for healthcare FSAs. If you have 2014 dollars remaining in a healthcare FSA or similar account (for example, through your spouse/domestic partner s employer), you re not eligible to contribute to an HSA until April Can I have an HSA and an IRA? Yes. HSAs don t affect your IRA eligibility. I m eligible for Medicare. Can I contribute to an HSA? Yes. You re eligible to contribute to an HSA until you actually enroll in Medicare. Can I pay my domestic partner s healthcare expenses with HSA dollars? Due to IRS regulations, domestic partner healthcare expenses are not eligible for reimbursement from your HSA, unless your domestic partner is also your tax dependent. For more information, visit Can I contribute to an HSA while eligible for reimbursement under a dependent care FSA? Yes. HSAs don t affect your dependent care FSA eligibility. My spouse/domestic partner has a standard healthcare FSA. Can I contribute to an HSA? No. If your spouse/domestic partner participates in a standard healthcare FSA, you re not eligible to contribute to an HSA. Federal regulations don t allow you, or your spouse/domestic partner, to contribute to an HSA while eligible for reimbursement under a standard healthcare FSA. 2

3 Building Your HSA How does my HSA grow? Your HSA grows from: Before-tax and tax-deductible contributions* Tax-free* earnings from interest and investments These tax benefits can save you significant money on every dollar you contribute (depending on your personal tax bracket). * Contributions and interest/earnings are taxable in certain states. Which states tax HSA contributions? Currently, Alabama, California and New Jersey tax HSA contributions. If you live in one of these states, your HSA contributions are subject to state income tax withholding and are reported as state wages in Box 16 of your Form W-2. Contact your tax advisor for further information. Which states tax interest and earnings on HSA balances? Currently, Alabama, California, New Hampshire, New Jersey and Tennessee tax HSA interest and earnings. If you live in one of these states, you report and pay state taxes on those amounts when you file your personal tax return. Contact your tax advisor for specific information about reporting interest and earnings on your tax return. What if my HSA contributions exceed IRS limits? If your contributions exceed IRS limits, the excess is taxed as ordinary income and subject to a penalty. To avoid penalties, make sure to contribute no more than the legal limits, or withdraw any excess contributions and interest on those contributions before the tax-filing deadline. Can I make HSA contributions up to April 15 and have them count toward my prior year tax return? Yes, as long as you haven t already contributed the maximum HSA amount in the prior tax year. How do I contribute to my WageWorks HSA? You can contribute through automatic McKesson payroll deductions or by mailing an after-tax deposit directly to WageWorks. You receive an information packet from WageWorks after enrolling. If you choose to establish an HSA with a vendor other than WageWorks, follow your vendor s contribution instructions. After-tax contributions to a vendor other than WageWorks may be tax deductible. How do I change my WageWorks HSA contribution amount? You can start, stop or change your current contribution amount once a month by logging on to Your Benefits Resources. Follow the prompts to see your current contribution amount and make your change. Your updated contribution amount begins the following pay period or as soon as administratively possible. I currently have an HSA through my bank. Can I roll over that HSA into a WageWorks HSA? Yes. You can roll over a current HSA from another vendor into your WageWorks HSA by submitting a completed WageWorks Health Care HSA Transfer of Assets form. The form is available at Does McKesson select and manage the investment funds available under the WageWorks HSA? No. HSAs are personal savings accounts and are not part of any Employee Retirement Income Security Act (ERISA) plan sponsored by McKesson. You re solely responsible for managing your HSA and selecting the funds into which your HSA contributions will be invested. You re required to have a minimum of $1,000 (subject to change) in the account before you can invest your funds. How do I choose investments on the WageWorks website? Log on to WageWorks at and click HDHP > Program Details > Investment Options to view your BNY Mellon account and make your investment choices. 3

4 Spending Your HSA Dollars Does my HSA need to have money in it before I use it for eligible medical expenses? Yes. You must have enough funds in your account to cover the expense. If you don t have enough money in your HSA to pay for an eligible medical expense, you must pay for the expense out of pocket. Once the money is in your HSA, you can reimburse yourself the amount you paid by submitting a claim, along with your receipt, to WageWorks. What can I spend my HSA dollars on? Expenses that primarily alleviate or prevent a physical or mental defect or illness. For example, you can spend HSA dollars on prescriptions, doctors office visits, vision and dental care, and other eligible expenses not covered by your medical plan. However, expenses must be covered by your medical plan to count toward your HDHP deductible. Examples of expenses that don t qualify include most cosmetic surgery, health club dues, maternity clothing and toiletries. Except for insulin, prescription medicine costs may be reimbursed on a tax-free basis by your HSA. Over-thecounter drug expenses may be eligible for reimbursement and require you to submit an actual prescription written by your doctor (on a prescription pad or form) that s dated on or before the date you incurred the expense. Who can I spend my HSA dollars on? You can use HSA dollars to pay for eligible healthcare expenses for: Yourself Your spouse (domestic partner expenses generally aren t eligible for reimbursement, unless your domestic partner qualifies as your tax dependent) Anyone you claim as a dependent on your personal income tax even if that person isn t covered by your HDHP You normally cannot spend HSA dollars on expenses for adult children between ages While healthcare reform changes mandate that children up to age 26 can be covered by your medical plan, they re not considered dependents for HSA purposes, unless you claim them as dependents on your personal income tax. Who s responsible for ensuring that I use my HSA for eligible expenses? You re responsible for making sure your HSA expenses are eligible. It s important that you save all receipts, invoices and statements that document how you used your HSA dollars, in the event you re audited by the IRS. Can I spend my HSA on non-healthcare expenses? Yes. You may use HSA funds for whatever purpose you wish. However, withdrawals used for ineligible expenses are subject to normal income tax and a 20% tax penalty, if used before age 65. You must report those withdrawals on your tax return. The 20% tax penalty doesn t apply if the withdrawal is made after you reach age 65, become completely and permanently disabled, or die. 4

5 How do I use my WageWorks Healthcare Card? Use your WageWorks Healthcare Card instead of cash or credit at healthcare providers and pharmacies to pay for eligible services, products and prescriptions. You can also use this card at general merchants and drug stores that have an inventory information approval system (IIAS) at checkout. Go to to view a list of qualified drug stores, supermarkets, warehouses and other merchants that accept the card. When you swipe your card at checkout, choose credit (even though this is a debit card) to pay for services or products on the same day you receive them. Save your receipts or digital copies for tax purposes. If you use your card at a healthcare provider s office, you may be asked by WageWorks or the IRS to submit an explanation of benefits (EOB) or other documentation for verification. Your card may be suspended if you don t provide documentation to WageWorks when requested. If you lose your card, call WageWorks immediately and order a new one. You re responsible for any charges until you report the lost card to WageWorks. Log on to and use the Save It Spend It feature in Program Details to control how your money is used. If you don t select an option, you have automatic access to all your HSA funds. If you select Save It, your HSA funds won t be available on your WageWorks Healthcare Card for Pay Me Back claims or for Pay Me reimbursement requests. Can I use my HSA to pay insurance premiums? Generally, insurance premiums are not an eligible healthcare expense for your HSA. However, the following premiums are eligible expenses: Long-term care coverage Healthcare coverage while you receive unemployment benefits Healthcare continuation coverage required under any federal law (e.g., COBRA) Retiree insurance premiums (other than premiums for a Medicare supplemental policy, such as Medigap), if you re age 65 or older Can my HSA be used for dependents not covered by my health plan? Yes, as long as the expense is eligible (e.g., copays, deductibles, and coinsurance) and not covered by another health plan. Dependents include anyone you claim as a dependent on your personal income tax return. What happens to my HSA when I reach age 65? You can continue to use your HSA dollars tax-free for eligible healthcare expenses, including retiree Medicare premiums, deductibles, copays and coinsurance under any part of Medicare, as well as any other retiree insurance premiums (other than premiums for a Medicare supplemental policy, such as Medigap). Withdrawals for ineligible expenses are only subject to normal income tax. 5

6 Maintaining Your HSA How can I track my WageWorks HSA balance? To track your balance: 1. Go to 2. Click Log In/Register. - Click Employee Registration if you ve never registered and need to create a username and password. - Click Employee Log in if you ve already registered and have a username and password. 3. On the dashboard, click the Health Savings Account bubble that contains the BNY Mellon logo. 4. Select the Investment Options icon. 5. Select OK in the Visit HSA Site pop-up. What happens if I have money left in my HSA at year-end? Any money left over at the end of the year is yours to keep and continues to accumulate. Funds you don t spend in one year remain in your HSA, earn interest and are available for the next year. There s no limit to how much money you can accumulate in your account. What happens to my HSA if I don t enroll in a highdeductible health plan next year? You must be enrolled in a high-deductible health plan to make contributions to your HSA. However, if you don t enroll in a high-deductible health plan, the account is still yours, and you can use the money to pay for eligible healthcare expenses or save it for future eligible expenses. What happens to my HSA if I leave McKesson? You own your HSA dollars and can keep your HSA with WageWorks or transfer your funds to another qualifying HSA vendor.* If you leave McKesson and keep your HSA with WageWorks, your monthly administrative fees are automatically deducted from your available balance. * If you withdraw your funds from your current HSA vendor and don t transfer or roll them over to another qualifying HSA vendor within 60 days of the withdrawal, the funds are taxable and likely subject to tax penalties. What happens to my HSA if I die? Like your other assets, your HSA goes to your legal beneficiaries. When you open your HSA, you re asked to provide beneficiary information designating who your account is transferred to in the event of your death. If your beneficiary is your spouse, the HSA isn t taxable. However, if your beneficiary is not your spouse, the HSA is taxable. If your HSA is with WageWorks, you may select a beneficiary online or request a form on their website. How do I designate beneficiaries for my WageWorks HSA online? Use the WageWorks Online Beneficiary Add/Change/Cancel feature as follows: 1. Go to 2. Click Log In/Register. - Click Employee Registration if you ve never registered and need to create a username and password. - Click Employee Log in if you ve already registered and have a username and password. 3. On the dashboard, click the Health Savings Account bubble that contains the BNY Mellon logo. 4. Select the Investment Options icon. 5. Select OK in the Visit HSA Site pop-up. 6. On the BNY Mellon page, select the Update Profile tab. 7. Complete the Beneficiary Information. 8. Select Submit. What would cause my WageWorks HSA to be closed? WageWorks only closes your HSA at your request. Do I have to pay administrative fees for my HSA? McKesson pays administrative fees for active employees who are enrolled in the HDHP and have WageWorks HSAs. However, if your employment with McKesson ends, you re responsible for any fees required by WageWorks. Can my HSA money be rolled into an IRA? Not without tax consequences. The only way to avoid taxes would be to roll the funds into another qualifying HSA. January 2015

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