Health Savings Accounts (HSAs) Presentation

Size: px
Start display at page:

Download "Health Savings Accounts (HSAs) Presentation"

Transcription

1 Health Savings Accounts (HSAs) Presentation HSA Account Information Q1: What happens to the HSA if accountholder passes? A1: You should designate a beneficiary when you set up your HSA. What happens to that HSA when you die depends on whom you designate as the beneficiary. Funds transfer to spouse tax free. A beneficiary that is not your spouse must pay taxes on the value of the HSA. Q2: Can you further verify the setup of beneficiaries with a HSA? For example, if all named beneficiaries pass, what happens to funds in the HSA? A2: If the HSA owner is deceased, and the spouse is the beneficiary, the funds will be transferred to the spouse s HSA. If the beneficiary is a non-spouse, the funds will be distributed by Altra to the named beneficiaries on the account. This is why we strongly encourage the HSA owner to list beneficiaries. If no beneficiaries are listed, the funds will go to the individual s estate. There are certainly a number of scenarios and implications that may apply as it relates to distributions. Q3: If parents (one an employee) pass away, and children are listed as beneficiaries, are the children limited to using the funds for medical expenses? A3: Any funds that go to a beneficiary that is not a spouse must report the fair market value of the account as taxable income. There is no tax free transfer to anyone besides the surviving spouse. Q4: Is there a card, like the Benny card, used to access the HSA? A4: Yes. Altra offers a debit card to access HSA funds. Q5: Would I be able to transfer to my current HSA account? A5: Yes. There is no transfer fee from Altra to another financial. Q6: Can you provide step-by-step instructions on how to access HSA funds? A6: Some financials provide a checking account or debit card which can be used to pay for expenses. An employee could pay for medical expenses from their own personal account and then reimburse themselves for the expense from the HSA at a later time or you can pay for the expenses directly from the HSA. The recordkeeping for the HSA is the responsibility of the account holder. In the event you are audited, you will need to prove to the IRS that funds withdrawn from the account were used to pay for qualified medical expenses. As a result, we suggest you keep a file that includes your documentation of what you used your HSA funds for. Q7: Does the HSA earn interest while in the account? A7: Yes.

2 Q8: What interest rate does this type of savings typically pay? A8: Altra s rate is currently.747% for balances below $5,000 and.995% for balances $5,000+. In a review of financial institutions by the District, the rates varied from %, depending on balance and subject to change. Q9: One handout says interest earned is tax deferred, other handout says interest earned is tax free. When do you pay taxes on interest? A9: The interest or other earnings on the assets in an HSA account are tax free. Distributions may be tax free if you pay qualified medical expenses. Q10: Do you get any kind of statement from the [financial institution] each year for tax purposes showing how much has been taken out? A10: Yes, you should receive Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA information, from the trustee showing the amount contributed to your HSA during the year. A Form 8889 reports all contributions to your HSA and it is filed with your Form 1040 or Form 1040NR. You should include all contributions made for the tax year, including those made by April 15 that are designated for the prior year. Contributions made by an employer and qualified HSA funding distributions are also shown on the form. Any employer contributions also will be shown in box 12 of Form W-2, Wage and Tax Statement, with code W. The trustee will report any distribution to you and the IRS on Form 1099-SA. Q11: If you contribute the whole amount for the year up front, how do you know if you will still be eligible at the end of the year? A11: You may not know if you will be eligible at the end of the year but the IRS allows you to fix it if you are no longer eligible. The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual. For 2016, if you have self-only HDHP coverage, you can contribute up to $3,350. If you have family HDHP cover-age, you can contribute up to $6,750. If you were, or were considered (under the last-month rule, discussed later), an eligible individual for the entire year and did not change your type of coverage, you can contribute the full amount based on your type of coverage. However, if you were not an eligible individual for the entire year or changed your coverage during the year, your contribution limit is the greater of: 1. The limitation shown on the Line 3 Limitation Chart and Worksheet in the Instructions for Form 8889, HSAs, or The maximum annual HSA contribution based on your HDHP coverage (self-only or family) on the first day of the last month of your tax year

3 Q12: It says that 55 and older can put in $1,000 or more to help with retirement. Does that mean for insurance needs after retirement? A12: As we get older, our medical expenses tend to increase. Because of this, the IRS allows for catch up contributions once you turn 55 to pay for those additional out-of-pocket medical expenses after you turn 65 as well as insurance premiums such as Medicare and other health care coverage. Q13: How can HSA pay for spouse or dependent medical bills that are not on the high deductible health plan (HDHP)? A13: Contributions are based upon the coverage you hold, however, the distributions are for any eligible tax dependents. Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. These are explained in IRS Publication 502, Medical and Dental Expenses. Qualified medical expenses are those incurred by the following persons. You and your spouse. All dependents you claim on your tax return. Any person you could have claimed as a dependent on your return except that: 1. The person filed a joint return, 2. The person had gross income of $4,000 or more, or 3. You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2016 return. Q14: Is the EOB proof for audit or do you need the EOB and receipt? A14: The IRS does not specifically state the type of documentation but does indicate you must keep records sufficient to show that: The distributions were exclusively to pay or reimburse qualified medical expenses, The qualified medical expenses had not been previously paid or reimbursed from another source, and The medical expenses had not been taken as an itemized deduction in any year. Q15: On the handout for Eligible Expenses, it lists: capital expenses, car, diagnostic devices, founder s fee, HMO, home improvements, lifetime care-advance payments, medical information plan. Can you elaborate on what these are? A15: You can include in medical expenses amounts you pay for special equipment installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent (Capital Expenditures). The cost of permanent improvements that increase the value of your property may be partly included as a medical expense. (This may require an appraisal to determine the increased value created by the improvement.)

4 Constructing entrance or exit ramps for your home. Widening doorways at entrances or exits to your home. Widening or otherwise modifying hallways and interior doorways. Installing railings, support bars, or other modifications to bathrooms. Lowering or modifying kitchen cabinets and equipment. Moving or modifying electrical outlets and fixtures. Installing porch lifts and other forms of lifts (but elevators generally add value to the house). Modifying fire alarms, smoke detectors, and other warning systems. Modifying stairways. Founders Fee/Life-time care advance payments: You can include in medical expenses a part of a life-care fee or founder's fee you pay either monthly or as a lump sum under an agreement with a retirement home. The part of the payment you include is the amount properly allocable to medical care. Other explanations can be found in Publication 502 provided by the IRS. Q16: It says eligible expenses are excluded from gross income, is that up front or is that done on Form 1040 Adjusted Gross Income? A16: If your employer allows for a pre-tax deduction of HSA contributions, then it is reflected on your W-2 as an eligible pre-tax contribution. If you want to make an additional contribution directly to the HSA custodian outside of a pre-tax deduction (that does not exceed the maximum contribution limit), you can do so at tax time by doing what is known as an above the line deduction. Q17: There are instances where it is possible to withdraw for non-medical expenses? A17: This question may be referring to financial hardships and that does not apply to a HSA. The money in the account is your money. If you decide to make a distribution for a reason other than medical expenses, not only will you pay taxes on the distribution but you will also pay a 20% penalty. Q18: Can the funds in the HSA only be used on that individual (if Single coverage) Flex can be used on all members in the family? A18: The HSA funds can be used for all eligible tax dependents even if on Single coverage. Q19: Who would be completing the audit of my HSA account? A19: The Internal Revenue Service (IRS). Q20: Are hearing aids covered under the HSA? A20: Yes, this is an eligible expense from your HSA account.

5 Q21: Can I use the HSA account later when I utilize VA benefits? A21: Yes, for eligible qualified health expenses. HSA Plan Eligibility Q22: Are Domestic Partners eligible? A22: A Domestic Partner s expenses would not be eligible in your HSA unless your partner is considered a tax dependent. Qualified medical expenses are those incurred by the following persons: 1. You and your spouse. (same sex spouse is considered eligible) 2. All dependents you claim on your tax return. 3. Any person you could have claimed as a dependent on your return except that: Note: a. The person filed a joint return, b. The person had gross income of $4,000 or more, or c. You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2015 return. If an employee has family coverage that includes a domestic partner that is not their tax dependent, the employee and the domestic partner each can establish a HSA and contribute the family maximum. This is also true of an employee that includes an adult child on their family health coverage. The employee can set aside the family HSA amount, but cannot withdraw funds to pay for the adult child s expenses if they are not an income tax dependent. Because the adult child is covered under a family plan, they can open an HSA and deposit up to the family amount to cover their own expenses. Q23: Am I able to change plans (Plan 3 to Plan 4) with a Qualifying event? If so, what happens to incurred deductible, co-insurance, co-pay, and/or prescription costs? What about Flex elections? A23: An employee would not be able to change from Plan #3 to Plan #4 due to a Qualifying event. Plan #3 is a traditional health plan, eligible for the HRA Deductible plan, and the FSA General Purpose Medical Plan. Plan #4 is a HDHP, HSA compatible, HSA eligible, and FSA Limited Purpose Medical Plan. If an employee is enrolled in a HDHP, they cannot have a FSA General Purpose Medical Plan. If an employee is enrolled in the FSA General Purpose Medical, this disqualifies the employee from receiving and/or making HSA contributions for the plan year. An employee is eligible to change their group health insurance plan election during the open enrollment only.

6 Q24: What is the impact if I have a child that is Medicare-eligible? A24: If the dependent child is entitled to Medicare benefits enrolled in Medicare or a different nonqualified plan, this may disqualify the employee from receiving the District s HSA contribution for family coverage and for making HSA contributions to the maximum limit for family HSA contributions. If the employee has a spouse and/or other dependent children (not including the child noted above), the employee may qualify for the family HSA contribution. Note: They can qualify for Family HSA because the Medicare only covers the child and the employee has family coverage. Q25: If my spouse has Single coverage at employer, and I elect Single coverage here, am I still eligible for the HSA contribution? A25: Yes, at the Single contribution level. Q26: If the spouse does the Healics and earns the $500 and the employee has a HSA but the spouse is on Medicare, then the $500 would not be deposited for the spouse, correct? What if there are dependent children? A26: They are eligible for Family HSA amount if employee holds the family coverage and the HSA is in the name of the employee. Q27: If an employee elects to change from Plan #3 (traditional plan) to Plan #4 (HSA plan), their HRA Wellness account will change effective July 1 st to HRA Wellness Limited Purpose Medical. If the employee, the following year changes back from Plan #4 to Plan #3, will their HRA Wellness remain Limited Purpose Medical? A27: You should be able to switch to HRA from Limited to General on a Plan Year basis. The District would need to provide a list at the beginning of each plan year as to who should be in which category. This assumes that they will suspend their HSA account as they would no longer be HSA eligible. They suspend contributions, but could continue to spend down the balance on qualified medical expenses. Q28: If an employee terminates their group health insurance plan during the plan year, what happens to their HRA Wellness account? If the HRA Wellness account is Limited Purpose Medical, can the account be changed to the HRA Wellness account (medical, dental, and vision)? A28: Assuming they had a qualified event to terminate the health insurance, this may be a reason to convert the Limited HRA Wellness to the General HRA Wellness spend down. This will not happen automatically and the District would need to notify to make this happen.

7 Q29: If an employee terminates their employment with the District, what happens to their HRA Wellness account? A29: Unless there is a condition on the amount of time the spend-down benefit is available, the employee would continue to file claims until the balance is exhausted. Q 30: If I am not currently on the District s plan and I choose Plan #4, is the potential Wellness contribution a HSA contribution or a Limited Purpose HRA? A30: HSA contribution. Q31: If I am required to take other insurance that is not HDHP, what happens to potential contributions? A31: The employee is not eligible to receive the District s HSA contribution or make personal contributions to their HSA account. Note: If the employee has family coverage under the District s group health insurance plan, the employee is not covered under the spouse s employer s group health insurance plan, but the spouse was covered under a non-qualified HDHP, then the employee is eligible for the District s HSA family contribution and could make personal contributions up to the family maximum. Q32: My spouse s employer requires me to be covered under the District s plan (single coverage) and I am also covered under my spouse s group health insurance plan which is not a HDHP. If I elect Plan #4, I am not eligible for the District s HSAs contributions. Correct? If I participate in the Healics biometric screening, qualify for the $500, the District intends to deposit the $500 into my HSA account. Based on the fact that I am covered by a non HDHP will not allow me to receive this HSA. Can the District elect to make my contribution to the HRA Wellness Limited Purpose Medical? A32: Correct, you would not be eligible for the HSA contribution, as you are covered under other health insurance. The District will not make exceptions to the rules regarding eligibility for HSA contributions. As the District is offering 3 Plans, you would have the choice to choose the Plan that will best meet your family s needs. HSA Plan Design (relating to WCA GHT) Q33: Once the maximum out-of-pocket is met, expenses are still covered at 100%? A33: Once the maximum out-of-pocket is met (deductible and co-insurance), eligible medical services that are covered under the group health insurance plan will be covered at 100%. This is based on all services at the in-network benefit level.

8 Q34: If I have a Family plan and both spouses are over 55, can both make the additional $1,000 contribution? A34: If both spouses are 55 or older and not enrolled in Medicare, each spouse's contribution limit is increased by the additional contribution of $1,000 each. If both spouses meet the age requirement, the total contributions under family coverage cannot be more than $8,750 (2016 limit). Note: The spouse must make the additional contribution to his or her own HSA account. Q35: If rates come in favorable, will the District contribute some of the savings to the HSA contributions? In future years, will there be an increase in HSA contributions (comparing amounts to other plans ours are smaller and therefore not as competitive)? A35: Whether or not an employer provides contributions to the HSA is a business decision which will be determined by the District based on the District s budget, the health insurance rates, and the rate increases each year. We are not required to contribute to the HSA. Q36: It says any health insurance premiums paid, other than for a Medicare supplemental policy by individuals 65 or older. What other insurance premiums would they have, and also since they would be at least on Part A, how could they have a HSA? A36: Examples of other premiums could be Long-term care insurance, Health care continuation coverage (such as coverage under COBRA), accident, cancer, critical illness insurance as a few examples. An individual who is entitled to Medicare benefits is not eligible for HSA contributions. To be entitled to Medicare benefits, an individual generally must be both eligible and enrolled. A Medicare eligible individual who is not actually enrolled in Medicare Part A, Part B, Part D, or any other Medicare benefit may contribute to an HSA account until the month that he or she is enrolled in Medicare. The individual is no longer eligible to contribute to an HSA account but they can continue to use the account for medical expenses tax free. In addition, someone that his enrolled in Medicare, can use HSA dollars without penalty for non-medical reasons as long as they claim the distribution as taxable income. Q37: What does first dollar amount mean? A37: First dollar coverage in health insurance means that your insurance covers health care expenses without copayments and/or deductibles having to be paid or met first. The plan pays expenses beginning with the first dollar charged for health care or hospitalization depending on the type of policy purchased. This also would include self-funded health plans like Health Reimbursement Arrangements and General Health Flexible Spending Accounts. Q38: Should I still use Express Scripts for my prescriptions? A38: CVS/caremark is the new RX vendor for the group health insurance plan with WCA GHT. If you are currently utilizing the mail order service, you should continue to. For the employees and/or members purchasing their prescriptions locally, we suggest using the GoodRX website to review the pharmacies in our area that offer lower cost prescriptions.

9 Q39: Is chiropractic considered medical? A39: Yes, any services apply to deductible and co-insurance. Q40: Do you see the District moving away from 3 plans in the future? A40: The Health Insurance Recommendation included a slide with future plans for , which proposed the status-quo of 3 plans (Plan #2, Plan #3, and Plan #4), unless utilization would necessitate a District review of plan objectives. Q41: Does this mean the plans are locked for 2 years? A41: No, there is no rate or plan lock. While the intention for remains status-quo, utilization information from could necessitate a review of the plan s objectives. Q42: Will the Dental plan remain the same as the current year? A42: Yes, the Dental plan design is remaining the same; however, there was a slight rate increase. HSA Plan Design (relating to EBC) Q43: Why can the Flexible Spending Account (FSA) be for vision or dental only when you have the HSA? A43: The rules for a HSA are established by IRS Publication 969 and do not allow for employees to have first dollar coverage if they wish to be HSA eligible. Because a General Health Flexible Spending Account may be considered first dollar coverage when it allows you to use money for a broad scope of medical expenses, the IRS established a ruling to allow for a FSA that will reimburse for a limited scope of medical expenses such as Vision and Dental expenses and still preserve the tax free status of the HSA. Q44: Does the HSA subtract your income on social security like the FSA does? A44: Any payroll deductions taken on a pre-tax basis will affect social security taxes and may impact social security benefits in the future. To avoid this, you can make contributions post-tax. Typically, the amounts are minimal and the savings is great. However, that is a decision to be made after consulting with a tax attorney, tax preparer or the Social Security Administration. Q45: What about our Best Flex, is the HSA replacing it? A45: No. The EBC Best Flex for Health Care or Dependent Care expenses is still available. Individuals electing Plan #2 or Plan #3 can elect General Purpose Flex for eligible medical, dental or vision expenses. Individuals electing Plan #4 can elect Limited Purpose Flex for eligible dental or vision expenses. Dependent Care is not impacted by your health plan choice and can be used with either option or it can also be used for employees that do not elect health insurance through the district.

10 Q46: Will the Limited Purpose Flex require enrollment? A46: Yes. Individuals electing Plan #4 who either want to elect Flex or have eligible rollover dollars will need to elect at least $1 per pay period, to establish the Limited Purpose Health FSA to allow for the rollover to a Limited Purpose FSA. If you fail to enroll in a nominal amount in the Limited Purpose Health FSA, any rollover amount will rollover to a General Purpose Health FSA and will cause your HSA eligibility to be voided for the entire next plan year. Q47: Is EBC out of the picture if electing Plan #4? A47: If electing Flex or eligible for HRA Wellness Limited Purpose Medical, EBC will still administer the accounts. Keep in mind, as required by the IRS, EBC will still require substantiation of claims for the HRA or the FSA. Other Q48: If I am or will be retiring soon, and eligible for the 5 year HRA Longevity payments, how do these benefits coordinate? A48: These would be post-employment HRA contributions, which would not impact coverage (Retiree or other) if electing Plan #4.

11 The following examples are different situations pertaining to HSA contribution eligibility and HSA Wellness eligibility. Note: The rule is that if the HSA accountholder is HSA eligible, the maximum they can contribute is based upon the group health insurance plan coverage they have (i.e. Family), and disregards that the spouse is enrolled in Medicare. As soon as the HSA accountholder is enrolled in Medicare, then they no longer can make or receive HSA contributions. Example #1: Employee has family coverage (employee and spouse enrolled) and elects the District s NEW group health insurance plan which is a HDHP (identified as Plan #4) effective July 1, The employee/spouse are currently covered under the District s traditional group health insurance plan. The spouse is also on Medicare due to social security disability. Employee and spouse both participate in Healics, both score a minimum of 71 or improve by 5. Under the current plan year, they qualified for the District s HRA Wellness Additional Benefit contribution of $500 for the employee and $500 for the spouse. For the employees electing Plan #4, the District is planning on changing the HRA Wellness Additional Benefit to a HSA contribution. In this example, will the employee and spouse be eligible for the Healics benefit to the HSA account? Both eligible because the family coverage and the HSA are in the employee s name and the employee is not on Medicare Same situation but additional question. The District is planning to make a HSA contribution to the employees that elect Plan #4; $1,000 for single and $2,000 for family. Will the employee only be eligible for $1,000 HSA contribution because the spouse is on Medicare? Both eligible because the family coverage and the HSA are in the employee s name and the employee is not on Medicare. Example #2: Employee has family coverage (employee, spouse, and children enrolled) and elects the District s NEW group health insurance plan which is a HDHP (identified as Plan #4) effective July 1, The family is currently covered under the District s traditional group health insurance plan. The spouse is also on Medicare due to social security disability. Employee and spouse both participate in Healics, both score a minimum of 71 or improve by 5. Under the current plan year, they qualify for the District s HRA Wellness Additional Benefit contribution of $500 for the employee and $500 for the spouse. For the employees electing Plan #4, the District is planning on changing the HRA Wellness Additional Benefit to a HSA contribution. In this example, will the employee and spouse be eligible for the Healics benefit to the HSA account? Eligible for family maximum in HSA contribution.

12 Same situation but additional question. The District is planning to make a HSA contribution to the employees that elect Plan #4; $1,000 for single and $2,000 for family. I assume the employee will be eligible for the $2,000 family HSA contribution because the children are covered under the group health insurance plan too. Eligible for family maximum in HSA contribution. Example #3: Employee has family coverage (employee, spouse, and children enrolled) and elects the District s NEW group health insurance plan which is a HDHP (identified as Plan #4) effective July 1, The family is currently covered under the District s traditional group health insurance plan. One of the children is also on Medicare due to a birth defect. Employee and spouse both participate in Healics, both score a minimum of 71 or improve by 5. Under the current plan year, they qualify for the District s HRA Wellness Additional Benefit contribution of $500 for the employee and $500 for the spouse. For the employees electing Plan #4, the District is planning on changing the HRA Wellness Additional Benefit to a HSA contribution. For this example, will the employee and spouse be eligible for the Healics benefit to the HSA account? I assume yes since neither one of the adults are impacted by Medicare. Eligible for family maximum in HSA contribution. Same situation but additional question. The District is planning to make a HSA contribution to the employees that elect Plan #4; $1,000 for single and $2,000 for family. I assume the employee will be eligible for the $2,000 family HSA coverage because the spouse and additional children are covered under the group health insurance plan too. Eligible for family maximum in HSA contribution.

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) What is a Health Savings Account? Health Savings Accounts (HSAs) were created so that individuals covered by qualified highdeductible health plans could receive tax-preferred treatment for money saved

More information

Health Savings Option with a Health Savings Account (HSA)

Health Savings Option with a Health Savings Account (HSA) Health Savings Option with a Health Savings Account (HSA) The Health Savings Option is a high deductible health insurance plan administered by United Medical Resources (UMR), a United Healthcare Company,

More information

Instructions for Form 8889 Health Savings Accounts (HSAs)

Instructions for Form 8889 Health Savings Accounts (HSAs) 2009 Instructions for Form 8889 Health Savings Accounts (HSAs) Department of the Treasury Internal Revenue Service Section references are to the Internal can contribute to your HSA. However, contributions

More information

HEALTH SAVINGS ACCOUNT Q&A

HEALTH SAVINGS ACCOUNT Q&A HEALTH SAVINGS ACCOUNT Q&A HSA BASICS What is a health savings account or HSA? A health savings account (HSA) is a tax sheltered savings account, which is only offered to people who are covered under a

More information

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs.

Kitsap Bank Health Savings Account Guide. A tax-smart way for you to manage growing healthcare costs. Kitsap Bank Health Savings Account Guide A tax-smart way for you to manage growing healthcare costs. At Kitsap Bank, we believe that helping you prepare for the rising cost of health care is key to helping

More information

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA)

Frequently Asked Questions. High Deductible Health Plan (HDHP) with Health Savings Account (HSA) Frequently Asked Questions High Deductible Health Plan (HDHP) with Health Savings Account (HSA) There are two components to the High Deductible Health Plan (HDHP) with HSA Medical Plan the HDHP Health

More information

In-Network Benefits. NationalOne 2600/5200 HDHP- HSA. NationalOne 200-25. Available to: Deductible. Medical Out-of-pocket Maximum

In-Network Benefits. NationalOne 2600/5200 HDHP- HSA. NationalOne 200-25. Available to: Deductible. Medical Out-of-pocket Maximum 2 In-Network Benefits Available to: Deductible Medical Out-of-pocket Maximum NationalOne 200-25 ALL Units $200 individual $600 family $500 individual $1,000 family NationalOne 2600/5200 HDHP- HSA Clerical,

More information

Health Savings Account HSA Summary

Health Savings Account HSA Summary Health Savings Account HSA Summary Effective January 1, 2016 TABLE OF CONTENTS INTRODUCTION... 3 WHO IS ELIGIBLE... 3 IRS REQUIREMENTS... 3 WHEN IS ELIGIBILITY DETERMINED?... 3 DO MY SPOUSE & I ESTABLISH

More information

FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT

FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT FREQUENTLY ASKED QUESTIONS QUALIFIED HIGH DEDUCTIBLE HEALTH PLAN WITH A HEALTH SAVINGS ACCOUNT Qualified High Deductible Health Plans (QHDHP) What is a QHDHP? A QHDHP is a medical plan regulated by the

More information

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics

Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) HDHP Basics Orange High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FAQ (Frequently Asked Questions): The following questions and answers will help you better understand Hope College s New High

More information

Instructions for Form 8889

Instructions for Form 8889 2014 Instructions for Form 8889 Health Savings Accounts (HSAs) Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise noted. Future Developments

More information

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS

FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS FREQUENTLY ASKED QUESTIONS HEALTH SAVINGS ACCOUNTS What is an HSA? A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses. Tax-deductible Contributions

More information

Health savings account Q&As

Health savings account Q&As Health savings account Q&As What are HSAs and who can have them? 1. What is a Health Savings Account (HSA) and how does it work? An HSA is a tax-advantaged account established to pay for qualified medical

More information

HSA 101. A Quick Overview of Health Savings Account Basics

HSA 101. A Quick Overview of Health Savings Account Basics HSA 101 A Quick Overview of Health Savings Account Basics Agenda Health Savings Account Features HSA Eligibility Contributions Tax Information Distributions HSA-Qualified Expenses Paying for Medical Services

More information

2015 Health Plan Options Employee Meeting FAQ s

2015 Health Plan Options Employee Meeting FAQ s Hormel Foods Health Plans... 1 HSA Questions... 3 FSA & LPFSA... 6 Earning Interest & Investing... 7 Taxes... 8 Retirement & Preparing for Retirement... 8 Miscellaneous... 9 NOTE: These FAQ s are provided

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way

More information

PayFlex Health Savings Account (HSA) Frequently Asked Questions

PayFlex Health Savings Account (HSA) Frequently Asked Questions OVERVIEW AND ELIGIBILITY REQUIREMENTS What is a Health Savings Account? A Health Savings Account ( HSA ) is a tax-advantaged healthcare account created for the purpose of saving and paying for qualified

More information

Health Savings Account Frequently Asked Questions

Health Savings Account Frequently Asked Questions Health Savings Account Frequently Asked Questions (for Core 60 Medical Plan Members) The Health Savings Account (HSA) is a great way to save for health care expenses incurred today or in the future for

More information

Health Savings Account FAQs

Health Savings Account FAQs Health Savings Account FAQs These questions and answers summarize the basic concepts of a Health Savings Account (HSA). It is not intended to provide all the information you need in order to make a decision

More information

Straight Answers to Your HSA Questions HEALTH SAVINGS ACCOUNT

Straight Answers to Your HSA Questions HEALTH SAVINGS ACCOUNT Straight Answers to Your HSA Questions HEALTH SAVINGS ACCOUNT HSA OVERVIEW What is a Health Savings Account? A Health Savings Account (HSA) is a tax-exempt trust or custodial account established for the

More information

Health Savings Accounts Frequently Asked Questions (FAQs)

Health Savings Accounts Frequently Asked Questions (FAQs) Health Savings Accounts Frequently Asked Questions (FAQs) If you are interested in enrolling in the new Gold Plan with an HSA during Open Enrollment, read on to learn more about the IRS requirements. Or,

More information

SUPERVALU: Your Health Savings Account (HSA)

SUPERVALU: Your Health Savings Account (HSA) SUPERVALU: Your Health Savings Account (HSA) Frequently Asked Questions 1. What is a Health Savings Account (HSA)? A Health Savings Account (HSA) is a savings account established under the Internal Revenue

More information

Health Savings Accounts

Health Savings Accounts Raymond James & Associates, Inc. Anne Bedinger, WMS Vice President, Investments 2255 Glades Road, Suite 120-A Boca Raton, FL 33431 561-981-3661 800-327-1055 Anne.Bedinger@RaymondJames.com www.annebedinger.com

More information

Advanced Cafeteria Plans. 2016 Employee Benefits Corporation. Copyright 2015 Employee Benefits Corporation

Advanced Cafeteria Plans. 2016 Employee Benefits Corporation. Copyright 2015 Employee Benefits Corporation Advanced Cafeteria Plans 2016 Employee Benefits Corporation 2 1 Erin Freiberg, JD Compliance Attorney Employee Benefits Corporation The material provided in this webinar is by Employee Benefits Corporation

More information

HEALTH SAVINGS ACCOUNT FAQs January 2014

HEALTH SAVINGS ACCOUNT FAQs January 2014 Overview Q. What is a Health Savings Account (HSA)? A: An HSA is a pre-tax account you set up with a high-deductible health plan to help pay for or reimburse current and future IRS-approved qualified medical

More information

Health Savings Accounts

Health Savings Accounts HSAs Health Savings Accounts 2014 and 2015 Limits Questions & Answers What is a Health Savings Account (HSA)? An HSA is a tax-exempt trust or custodial account established for the purpose of paying medical

More information

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP.

I don t have health insurance, can I get an HSA? Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under a HDHP. FREQUENTLY ASKED QUESTIONS (Information obtained from US Treasury HSA website) HSA Basics What is a Health Savings Account ( HSA )? A Health Savings Account is an alternative to traditional health insurance;

More information

HEALTH SAVINGS ACCOUNT (HSA)

HEALTH SAVINGS ACCOUNT (HSA) HSAs Triple Tax Advantage Public Employees Benefits Program HEALTH SAVINGS ACCOUNT (HSA) HSAs can be especially beneficial at tax time! One of the key benefits of an HSA is a triple tax advantage! An HSA

More information

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents

2015 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents 2015 Health Savings Account (HSA) Frequently Asked Questions Table of Contents Health Savings Account (HSA) Plans What is a Health Savings Account (HSA)?...pg. 1 How does an IU Health HSA work?...pg. 1

More information

Health Savings Accounts

Health Savings Accounts Health Savings Accounts I. What Are HSAs and Who Can Have Them? What is an HSA? An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses

More information

Old National Health Savings Account

Old National Health Savings Account Old National Health Savings Account Overview What is a Health Savings Account? A Health Savings Account (HSA) is an account that can be funded with your tax-exempt dollars, by an employer, or both, to

More information

Health Savings Account Program

Health Savings Account Program St. Francis Health Services of Morris, Inc. Health Savings Account Program Summary Table of Contents INTRODUCTION... 3 DETAILS REGARDING THE HSA... 3 ELIGIBILITY... 5 DEPENDENTS... 7 ENROLLMENT... 7 WHEN

More information

EXAMPLE 2: Member has a health care flexible spending account through FedFlex. This member does not qualify for an HSA.

EXAMPLE 2: Member has a health care flexible spending account through FedFlex. This member does not qualify for an HSA. HRA Frequently Asked Questions 10/15 HRA Descriptions What is an HRA? How does it work? A health reimbursement arrangement (HRA) is an employer-provided tax-sheltered arrangement that allows individuals

More information

Kings Local Schools. Health Savings Accounts

Kings Local Schools. Health Savings Accounts Kings Local Schools Health Savings Accounts Ellen Lewis, GBA, FLMI Assist. Benefit Plan Administrator September, 2015 H.S.A. Plan Components High Deductible Health Plan (HDHP) Savings Account (HSA account)

More information

Be Smart with your Money with Health Savings Accounts. A Smart option for saving health care dollars

Be Smart with your Money with Health Savings Accounts. A Smart option for saving health care dollars Be Smart with your Money with Health Savings Accounts A Smart option for saving health care dollars Presented by 6005 2 nd Ave West, Kearney, NE Ravenna, Pleasanton, Litchfield www.tcbank.bank 308-234-6525

More information

2016 Health Savings Plan and Health Savings Account Questions

2016 Health Savings Plan and Health Savings Account Questions 2016 Health Savings Plan and Health Savings Account Questions Health Savings Plan (HSP) What is the Health Savings Plan? The HSP is a High Deductible Health Plan (HDHP) with coverage that starts after

More information

Instructions for Form 8853

Instructions for Form 8853 2011 Instructions for Form 8853 Archer MSAs and Long-Term Care Insurance Contracts Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise

More information

PNC Health Savings Account

PNC Health Savings Account PNC Health Savings Account FREQUENTLY ASKED QUESTIONS Thank you for choosing PNC to be your HSA provider. Enclosed is everything you need to know about opening your account. Should you have questions about

More information

Instructions for Form 8853

Instructions for Form 8853 2014 Instructions for Form 8853 Archer MSAs and Long-Term Care Insurance Contracts Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise

More information

Your Benefits Solutions Partner. 2015 Health Savings Account Reference Guide. Plan Services Provided By

Your Benefits Solutions Partner. 2015 Health Savings Account Reference Guide. Plan Services Provided By EBAS Employee Benefits Administration Services, LLC Your Benefits Solutions Partner 2015 Health Savings Account Reference Guide Plan Services Provided By Employee Benefits Administration Services, LLC

More information

An Introduction to Health Savings Accounts (HSAs)

An Introduction to Health Savings Accounts (HSAs) An Introduction to Health Savings Accounts (HSAs) This document provides some basic information about Health Savings Accounts, including: HSA eligibility HSA contributions HSA distributions How the account

More information

Frequently Asked Questions New Account Online

Frequently Asked Questions New Account Online Frequently Asked Questions New Account Online What do I need to apply online? To make the new account process quick and easy, please have the following information available for each person whose name

More information

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS

High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS High Deductible Health Plan (HDHP) with Health Savings Account (HSA) FREQUENTLY ASKED QUESTIONS Part I HIGH DEDUCTIBLE HEALTH PLAN (HDHP) Q. What is the HDHP? A. The High Deductible Health Plan (HDHP)

More information

Health Savings Accounts. 2013 Benefits Open Enrollment

Health Savings Accounts. 2013 Benefits Open Enrollment Health Savings Accounts 2013 Benefits Open Enrollment What is a Health Savings Account? The health savings account, or HSA, is an account that you can contribute to on a per-pay-period basis. The money

More information

Health Savings Account (HSA) Bank Account Frequently Asked Questions & Answers As of October 2014

Health Savings Account (HSA) Bank Account Frequently Asked Questions & Answers As of October 2014 Health Savings Account (HSA) Bank Account Frequently Asked Questions & Answers As of October 2014 The following provides general information to help answer frequently asked questions about the Health Savings

More information

Health Savings Accounts: Common Questions and Their Answers

Health Savings Accounts: Common Questions and Their Answers Health Savings Accounts: Common Questions and Their Answers I. General HSAs II. Qualified High-Deductible Health Plan HDHPs III. Contributions to an HSA Distributions BlueAccount I. General HSAs I.1 What

More information

Health Savings Account FAQs

Health Savings Account FAQs 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

More information

Health Savings Account/High Deductible Health Plan FAQs re: HSA plan offering

Health Savings Account/High Deductible Health Plan FAQs re: HSA plan offering Health Savings Account/High Deductible Health Plan FAQs re: HSA plan offering 1. What services are considered preventive care? See the Open Enrollment website for a complete list of covered services. 2.

More information

Instructions for Form 8853

Instructions for Form 8853 2010 Instructions for Form 8853 Archer MSAs and Long-Term Care Insurance Contracts Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise

More information

ACA Impact on Health FSAs and HRAs Q&A the following questions were

ACA Impact on Health FSAs and HRAs Q&A the following questions were ACA Impact on Health FSAs and HRAs Q&A the following questions were asked during the two webinar sessions in (January, 2015) Do SBCs need to be provided to retirees who have a Retiree Only HRA? Yes Is

More information

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS QUESTIONS AND ANSWERS 1 An Account-Based Health Plan offers employees the choice of paying lower monthly premiums and is designed for you to be in control of your health costs. By enrolling in an Account-Based

More information

THE NELSON TRUST WWW.NELSON.AIBPA.COM

THE NELSON TRUST WWW.NELSON.AIBPA.COM December 28, 2012 Please read this notice carefully. This Notice contains important information regarding your coverage under The Nelson Trust Medicare Retiree Plan, effective April 1, 2013. You need to

More information

Understanding a Health Savings Account

Understanding a Health Savings Account From Roper Insurance & Financial Services Understanding a Health Savings Account Type of Coverage Minimum Annual Deductible Individual $1,300 for 2015 $1,300 for 2016 Family $2,600 for 2015 $2,600 for

More information

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

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

More information

The Fundamentals of Health Savings Accounts

The Fundamentals of Health Savings Accounts The Fundamentals of Health Savings Accounts (revised) prepared by Robert H. Spicknall, CEBS Virginia State Bar Members Insurance Center 9954 Mayland Drive, Suite 2200 Richmond, Virginia 23233 Tel: 877-214-5239

More information

HEALTH SAVINGS ACCOUNTS FOR BEGINNERS

HEALTH SAVINGS ACCOUNTS FOR BEGINNERS HEALTH SAVINGS ACCOUNTS FOR BEGINNERS HEATHER MENZIES Employee Benefits Account Executive SET SEG DISCLAIMER The content in this presentation is informational. Each employee should review the benefit summary

More information

The Fundamentals of Health Savings Accounts 2013

The Fundamentals of Health Savings Accounts 2013 The Fundamentals of Health Savings Accounts 2013 (revised) VSCPA Benefit Advisors P.O. Box 6505 Glen Allen, Virginia 23058-6505 Tel: 877-998-7272 Fax: 800-317-7337 www.digitalbenefitadvisors.com/vscpa

More information

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

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

More information

UMB Healthcare Services HSA FAQ Resource Library

UMB Healthcare Services HSA FAQ Resource Library UMB Healthcare Services HSA FAQ Resource Library This FAQ document gives you easy answers to your clients most common Health Savings Account (HSA) questions. Simply click the question below and it will

More information

Legislative Brief: HEALTH SAVINGS ACCOUNT (HSA) ELIGIBILITY

Legislative Brief: HEALTH SAVINGS ACCOUNT (HSA) ELIGIBILITY EmPowerHR Legislative Brief: HEALTH SAVINGS ACCOUNT (HSA) ELIGIBILITY Many employers offer high deductible health plans (HDHPs) to control premium costs, and pair this coverage with health savings accounts

More information

HEALTH SAVINGS ACCOUNT

HEALTH SAVINGS ACCOUNT HEALTH SAVINGS ACCOUNT Enjoy A Lifetime of Healthcare Savings With HSA Advantage Your HSA Advantage account works with your HDHP health insurance (High Deductible Health Plan). It allows you to use tax-free

More information

RETIREE BENEFITS Health Reimbursement Arrangement (HRA).

RETIREE BENEFITS Health Reimbursement Arrangement (HRA). RETIREE BENEFITS 1 RETIREE BENEFITS Health Reimbursement Arrangement (HRA). Benefits for Union Pacific s Medicare-eligible retirees and their Medicare- eligible spouses and/or dependents. 2 UNION PACIFIC

More information

Health Savings Accounts (HSA) A healthy way to save

Health Savings Accounts (HSA) A healthy way to save Health Savings Accounts (HSA) A healthy way to save Invest in your health with an HSA A Health Savings Account (HSA) is an individually-owned, tax-free, interest-bearing savings account that is used to

More information

Health Savings Account (HSA) Contribution Rules

Health Savings Account (HSA) Contribution Rules Provided by BB&T Insurance Services, Inc., McGriff, Seibels & Williams, Inc., BB&T Insurance Services of California, Inc., and Precept Insurance Solutions, LLC Health Savings Account (HSA) Contribution

More information

Health Savings Account

Health Savings Account Health Savings Account About us Central Bank opened it s doors in Jefferson City in 1902 For over 100 years we ve focused on personal service and leading product innovation Loriel Dulle Director of Retirement

More information

Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003

Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003 Health Law Update: Health Savings Account Provisions in the Medicare Prescription Drug Improvement and Modernization Act of 2003 This Update summarizes the provisions of the Medicare Prescription Drug,

More information

Health Savings Accounts: Innovative Health Care Financing

Health Savings Accounts: Innovative Health Care Financing Health Savings Accounts: Innovative Health Care Financing Would you be interested in a health insurance program that puts you in control of your own health care dollars, while protecting you and your family

More information

YOUR GUIDE TO YOUR HEALTH SAVING ACCOUNT. www.mybancorphsa.com

YOUR GUIDE TO YOUR HEALTH SAVING ACCOUNT. www.mybancorphsa.com YOUR GUIDE TO YOUR HEALTH SAVING ACCOUNT www.mybancorphsa.com A Health Savings Account, or HSA, can be a valuable tool to help you save money for medical expenses for you and your family. An HSA is a tax-exempt

More information

FAQs: Health Savings Accounts

FAQs: Health Savings Accounts What is a Health Savings Account? A Health Savings Account (HSA) is a savings product that allows individuals to pay for current qualified medical expenses and save toward future medical expenses on a

More information

Health Savings Account. UNE Employee Questions and Answers

Health Savings Account. UNE Employee Questions and Answers Health Savings Account UNE Employee Questions and Answers Eligibility How does an HSA Plan affect my domestic partner? A Domestic Partner can be enrolled on the medical plan, but they are not eligible

More information

It's Your Fund - Your Money - Your Choice You can earn up to $2,400 per year

It's Your Fund - Your Money - Your Choice You can earn up to $2,400 per year UFCW Local 1776 and Participating Employers Health and Welfare Fund 3031 B Walton Road, Plymouth Meeting, PA 19462 Phone (610) 941-9400 Fax (610) 941-5325 www.ufcw1776benefitfunds.org fund@1776funds.org

More information

Purdue Choice Fund Health S i av A ngs t ccoun (HSA)

Purdue Choice Fund Health S i av A ngs t ccoun (HSA) Purdue Choice Fund Health Savings Account (HSA) What Is a Health Savings Account (HSA) Plan? Qualified Medical Plan + Health Savings = Bank Account Tax Advantaged HSA Plan A tax advantaged health plan

More information

Health Savings Accounts & High Deductible Health Plans

Health Savings Accounts & High Deductible Health Plans Health Savings Accounts & High Deductible Health Plans Definitions Consumer Driven Health Plan ( CDHP ) A health insurance plan designed to give you more control over your health care spending. CDHPs incorporate

More information

Health Reimbursement Arrangement (HRA).

Health Reimbursement Arrangement (HRA). Retiree benefits 1 Retiree benefits Health Reimbursement Arrangement (HRA). Benefits for Union Pacific s Medicare-eligible retirees and their Medicare- eligible spouses and/or dependents. 2 Union pacific

More information

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

Comparison of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) Account Overview Tax-exempt trust or custodial account created to pay for the qualified medical expenses of the account holder and his/her spouse or dependents. A cafeteria plan authorized under Section

More information

GEHA 2014. Health Savings AdvantageSM High-deductible health plan with a health savings account (HSA) (800) 821-6136 geha.com

GEHA 2014. Health Savings AdvantageSM High-deductible health plan with a health savings account (HSA) (800) 821-6136 geha.com GEHA 2014 Health Savings AdvantageSM High-deductible health plan with a health savings account (HSA) (800) 821-6136 geha.com CODE Self Only 341 Self + Family 342 Enrollment checklist 1. Research health

More information

Cafeteria Plan Basics. 2016 Employee Benefits Corporation. Copyright 2015 Employee Benefits Corporation

Cafeteria Plan Basics. 2016 Employee Benefits Corporation. Copyright 2015 Employee Benefits Corporation Cafeteria Plan Basics 2016 Employee Benefits Corporation 2 1 Jessica Theisen Compliance Advisor, FCS Employee Benefits Corporation The material provided in this webinar is by Employee Benefits Corporation

More information

Health Savings Account Frequently Asked Questions

Health Savings Account Frequently Asked Questions Health Savings Account Frequently Asked Questions WHAT IS AN HSA? A Health Savings Account that allows you and your employer to contribute pre-tax money to be used for qualified medical expenses. HSAs

More information

Health Savings Account (HSA) Frequently Asked Questions

Health Savings Account (HSA) Frequently Asked Questions 1. What is an HSA? A Health Savings Account (HSA) is a personal bank account created exclusively for individuals to pay for eligible health expenses and save for future healthcare expenses tax-free. Tax-deductible

More information

FAQs: Health Savings Accounts (HSA)

FAQs: Health Savings Accounts (HSA) FAQs: Health Savings Accounts (HSA) Thank you for choosing NTA Life Business Servicess Group, Inc. to be your HSA provider. We want to make it easy for you to manage and maintain your Health Savings Account,

More information

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5

SUMMARY OF GUIDE CONTENTS... 1 HIGHLIGHTS OF TAX-ADVANTAGED PLANS... 2 EMPLOYEE SALARY REDUCTION PLANS... 5 This Guide is for informational and educational purposes only. It does not constitute legal advice or a comprehensive guide to issues to be considered by employers in establishing tax-advantaged benefits

More information

Understanding Your Health Savings Account (HSA) Frequently Asked Questions THE BASICS. What is a Health Savings Account (HSA)?

Understanding Your Health Savings Account (HSA) Frequently Asked Questions THE BASICS. What is a Health Savings Account (HSA)? Understanding Your Health Savings Account (HSA) Frequently Asked Questions THE BASICS What is a Health Savings Account (HSA)? An HSA is a special, tax advantaged account that is owned by you and is designed

More information

Understanding Your Health Savings Account (HSA) Frequently Asked Questions THE BASICS. What is a Health Savings Account (HSA)?

Understanding Your Health Savings Account (HSA) Frequently Asked Questions THE BASICS. What is a Health Savings Account (HSA)? Understanding Your Health Savings Account (HSA) Frequently Asked Questions THE BASICS What is a Health Savings Account (HSA)? An HSA is a special, tax advantaged account that that is owned by you and is

More information

Health Savings Account (HSA)

Health Savings Account (HSA) Health Savings Account (HSA) with Limited Purpose Flexible Spending Account (LPFSA) University of Rochester Feb 2 and 4, 2015 Aetna Consumer Financial Solutions products are administered by PayFlex Systems

More information

Electing Pre-tax Dollars To Pay For Your Health Care Expenses

Electing Pre-tax Dollars To Pay For Your Health Care Expenses Electing Pre-tax Dollars To Pay For Your Health Care Expenses FSA LPF HSA Your Benefit Options Based On Your Health Insurance Plan BENEFIT OPTIONS You Have Elected a Traditional Health Plan... Low or no

More information

How To Know How To Pay For Health Savings Accounts

How To Know How To Pay For Health Savings Accounts Tax Law Overview A health savings account (HSA) is a tax-favored medical savings account available to taxpayers. HSAs enable taxpayers to pay for current medical expenses and save for future qualified

More information

HSA 101: A Basic Introduction to Health Savings Accounts

HSA 101: A Basic Introduction to Health Savings Accounts HSA 101: A Basic Introduction to Health Savings Accounts Consumer-Driven Healthcare Thinking about, or already enrolled in an HSA-qualified health plan? Learn everything you need to know starting with

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses* A health savings account (HSA), combined

More information

Understanding Your Aetna HealthFund Health Savings Account (HSA)

Understanding Your Aetna HealthFund Health Savings Account (HSA) Understanding Your Aetna HealthFund Health Savings Account (HSA) Frequently Asked Questions (FAQs) THE BASICS What is a Health Savings Account (HSA)? An HSA is a tax-advantaged account that you own. With

More information

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs FEATURE Market segment(s) Health Savings Accounts (HSAs) For new sales & transfers from MSA s. Sold as part of Blue Cross Options Blue Plan CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan, and HRAs

More information

Flexible Spending Accounts: October 2015

Flexible Spending Accounts: October 2015 Flexible Spending Accounts: October 2015 Contents Ford s Flexible Spending Accounts What is a Flexible Spending Account (FSA)? How much can I contribute to an FSA? How can I keep track of my account balance?

More information

Health Savings Account (HSA)

Health Savings Account (HSA) Health Savings Account (HSA) Your employer is offering you the opportunity to enroll in a Health Savings Account, or HSA. An HSA is a tax-advantaged account, owned by an individual who makes account contributions

More information

FSA FAQs. 3. What happens if I don t use all the money in my FSA by the end of the plan year?

FSA FAQs. 3. What happens if I don t use all the money in my FSA by the end of the plan year? FSA FAQs Get the answers you re looking for 1. What is a Health Care FSA? 2. How is using an FSA like giving myself a raise? 3. What happens if I don t use all the money in my FSA by the end of the plan

More information

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees

2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees 2013 Retiree FAQs Health Savings PPO Medical Plan Option for Pre-Medicare Retirees Which retirees are eligible for the Health Savings PPO medical plan option? Pre-Medicare retirees are eligible to enroll

More information

Health Savings Account Custodial Agreement

Health Savings Account Custodial Agreement Health Savings Account Custodial Agreement The Participant named on the HSA Application is establishing a Health Savings Account under Code Section 223, as amended; naming Branch Banking & Trust Company

More information

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account

Your Health Savings Account Reference Guide. Your Guide to Understanding a Health Savings Account Your Health Savings Account Reference Guide Your Guide to Understanding a Health Savings Account The Fidelity HSA A tax-advantaged way to pay for health care expenses.* A health savings account (HSA),

More information

How To Pay For Health Care With A Health Savings Account

How To Pay For Health Care With A Health Savings Account HDHP FAQs HDHP = High Deductible Health Plan PPO = Preferred Provider Plan, the regular or traditional healthcare plan HSA = Health Savings Account HRA = Health Reimbursement Account FSA = Flexible Spending

More information

Important Disclosure Information

Important Disclosure Information Important Disclosure Information Health Savings Account Custodial Agreement (Under section 223(a) of the Internal Revenue Code) Please keep this agreement with your HSA records. Thank you for choosing

More information

Debit Card Transactions

Debit Card Transactions Debit Card Transactions 2 1 Jessica Theisen Compliance Advisor, FCS Employee Benefits Corporation The material provided in this webinar is by Employee Benefits Corporation and is for general information

More information

About Your Benefits 1

About Your Benefits 1 About Your Benefits 1 BENEFIT HIGHLIGHTS Your Benefits. Provide Immediate Eligibility for You and Your Family As a Full-time or Part-time Employee, you are eligible for coverage under most benefits on

More information