Health Savings Accounts (HSA)

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1 Health Savings Accounts (HSA)

2 Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in an HSA-qualified High Deductible Health Plan(HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a Flexible Spending Account (FSA), funds roll over and accumulate year to year if not spent. HSA funds may currently be used to pay for qualified medical expenses at any time without federal tax liability or penalty. 2

3 HSA Facts The HSA account is a personal financial asset. The account is inheritable so a beneficiary must be appointed. Distributions for eligible expenses are tax-free You can reimburse your own, your legally married spouse s and other tax dependents expenses, regardless if they are enrolled in your HDHP. You can pay with personal funds and then reimburse yourself tax-free from your HSA. Tax-free distributions can continue to be used for eligible expenses, even if you re no longer eligible to make additional contributions. HSA funds used for ineligible expenses are subject to tax. Under age 65 will also incur 20% tax penalty. You can change you contribution level during the year as your needs change Which includes adding funds to your HSA after you have incurred the eligible expenses. 3

4 HSA vs. FSA HSA FSA Ownership Employee Employer Contributions Made By Election availability Contribution Changes Employee, employer, anyone else Available as funds are contributed Can change as needed at any point Interest-earning? Yes No Roll over balances? Yes No Mutual fund options? Yes No Employee Funds are pre-funded on the first day of the plan 1/1 Annual Election made at time of enrollment. Cannot change without an FSA Qualified Event. Portable? Yes Only if COBRA is elected for the FSA 4

5 Understanding the LP Health FSA LP Health FSA funds can be used for dental, hearing or vision expenses incurred by you, your legally married spouse and your dependents up to age 26. Remember, you must be enrolled in an HSA compatible, High Deductible Health Plan to be eligible for a Limited Purpose Health FSA. Eligible expenses include costs associated with dental, vision and hearing products such as: Contact lenses Contact solution Dental cleanings Dental co-pays Dental deductibles Eye exams Eye glasses Lasik eye surgery Orthodontia Refer to the Eligible Expenses handout for more examples 5

6 Eligibility To Make Or Receive HSA Contributions You must be enrolled in a HSA-qualified High Deductible Health Plan (HDHP) You must not be covered under any other plan that is not an HSA qualified HDHP, including a Health FSA* If married, your spouse must not be covered under a Health FSA* You must not be enrolled in Medicare You cannot be claimed as a dependent on another person s tax return. *Enrollment in a Limited Purpose FSA, allowing dental and vision expenses only, is permitted. 6

7 2016 HSA Yearly Contribution Maximums Employer Contribution Participant Contribution 2016 Single coverage max: $3,350 $500 $2, Family coverage max: $6,750 $1,000 $5,750 An additional $1,000 catch-up contribution may be made for an Account holder who is at least age fifty-five (55) or older and not enrolled in Medicare. 7

8 Comparison of After-Tax versus Pre-Tax Savings Before Enrolling In An HSA After Enrolling In An HSA Annual Earnings $36,000 $36,000 Annual HSA contribution amount $0 -$1,500 Taxable Income $36,000 $34,500 Approximate Taxes Paid Average Federal, State, FICA Taxes = 27.65% Annual tax savings/increase in spendable income by making HSA contributions: -$9,954 -$9,539 $0 $415 8

9 Investment Information Participants can accumulate balances, similar to a 401(k) or IRA. Participants can invest the contributions to accelerate growth. Funds are kept in a Healthcare Bank (member FDIC) interest bearing account. Once you have accrued $2,100 in HSA savings you can choose investment options for those funds in increments of $ Only $2,000 will be held in a cash state at any given time. To access more than $2,000 one must wait for investments to trade. 9

10 Eligible Expenses Medically necessary medical, dental, vision and hearing expenses not otherwise reimbursed View IRS publication 502 found at Some products and services require you maintain additional documentation OTC medicines prescription required Items and services that are for both general health and treatment of a diagnosed condition (i.e., massage therapy, vitamins) Physician Statement with diagnosis and treatment plan required COBRA premiums Insurance premiums you pay while receiving unemployment compensation Long Term Care insurance premiums Retiree insurance premiums 10

11 The HSA Debit Card Benefit Strategies, LLC Card Pay your eligible expenses at the point of sale, or when paying a bill. Continue using the same card until the expiration date listed on the card. You are required to keep detailed receipts for HSA purchases. Card Fees: Initial Debit Card fee is waived for first set of two cards. $5.00 for replacement cards or a additional set. NOTE: ineligible expenses are subject to taxes and if under age 65, a 20% tax penalty also applies. 11

12 Documentation is not required with distribution requests, but you are required to maintain all documentation. Payment of Distributions No fee for direct deposit $5 fee per paper check request Electronic Distribution Request Submit a distribution online by logging into your personalized HSA account at Submit a distribution through the Benefit Strategies mobile application Paper Distribution Form HSA Distributions Distribution Forms can be found online at or contact Customer Service at FLEX (3539) to have one sent to you. 12

13 HSA Statements Monthly statement sent to address (no fee) $5.00 fee for paper statement requests Balance and transaction history can be viewed at anytime by logging in to Benstrat.com or through the Benefit Strategies mobile application 13

14 1. Go to: Online Access

15 Mobile Technology iphone and Android Mobile Applications Use the Benefit Strategies mobile application to manage your HSA! Account balance Transaction history Convenient customer service contact information Detailed instructions can be found at 15

16 Customer Relations Team available: Monday Thursday 8:00 AM 6:00 PM ET Friday 8:00 AM 5:00 PM ET (automated system available at all times) Benefit Strategies, LLC PO Box 1300 Manchester, NH Fax:

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