Health Savings Account

Size: px
Start display at page:

Download "Health Savings Account"

Transcription

1 Health Savings Account The Exclusive U.S. Bank Five Star Service Guarantee. Other banks promise great service, but only U.S. Bank guarantees it with our exclusive Five Star Service Guarantee. For more information about U.S. Bank products and services, call or visit your local U.S. Bank or login to usbank.com. Member FDIC usbank.com/hsa Copyright 2005 U.S. Bank /06

2 What Is A Health Savings Account (HSA)? A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. You control this money, deciding how to spend it on your health care needs. Whatever you don t spend is yours to keep forever. FYI Is A Health Savings Account Right For You? You may want to consider an HSA if: You re self-insured or self-employed and want a cost-effective health insurance solution that also helps you build financial security. You re a business owner and want to offer this alternative to your employees, while lowering your overall health insurance costs. You currently participate or are thinking of participating in a high deductible health plan (HDHP). and You want to save additional tax-free money for retirement. You could benefit from tax-deductible contributions. You can deduct your Health Savings Account contributions on your tax return. What Is A High Deductible Health Plan (HDHP)? An HSA-qualified high deductible health plan* must have: A minimum deductible** of $1,050 for self-only coverage and $2,100 for family coverage. A maximum out-of-pocket limit** (including deductibles and co-pays) of $5,250 for self-only coverage and $10,500 for family coverage). *Other criteria apply. Always check with your insurance provider to be certain that the high deductible health plan you are considering is HSA-qualified. **These amounts are for They are indexed annually for inflation. Who Can Have An HSA? You can open and contribute to an HSA if you: Are age 18 or older. Are covered by an HSA-qualified high deductible health plan. Do not currently receive Social Security benefits. Cannot be claimed as a dependent on someone else s tax return. Are not covered by a non-hdhp health plan that provides any benefit that is also covered by your HDHP. Coverage Advisor Estimate health care costs for you or your family, see the tax benefits of putting money into an HSA account, and determine what HSA contribution is right for you at usbank.com/hsa. Coverage Advisor is a registered trademark of Subimo, LLC.

3 What Are The Benefits Of An HSA? Cost Savings. Reduce your insurance premiums by choosing a low-premium HDHP. Instead of giving your hard-earned money to a health insurer, pay yourself instead. Put the premium difference into your HSA and begin building financial security. Tax Savings. You save on taxes in three ways: 1. You can deduct your contributions on your tax return. 2. You earn tax-free interest. 3. Your withdrawals are tax-free when used for qualified medical expenses. Control. You make all the decisions about: How much money to put into the account Whether to save the account for future expenses or pay current medical expenses Which medical expenses to pay from the account Which company will hold the account Flexibility. You can use the funds in your account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money in your account for future needs, such as: Health insurance or medical expenses if unemployed Medical expenses after retirement (before Medicare) Out-of-pocket expenses when covered by Medicare Long-term care expenses Ownership. You own the money in the account. It s yours. It becomes a financial asset, an asset you can use for retirement or even pass on to loved ones. Long-Term Savings. Funds left to accumulate in an HSA, including interest, grow tax-free. Withdrawals for eligible medical expenses are never taxed. The Money Stays With You. If you switch jobs, change medical coverage, move to another state, become unemployed or retire, your account stays with you. Federal Income Tax Savings. The examples below demonstrate the potential money you can save in federal income taxes by owning and contributing to an HSA. Single Income $40,000 $80,000 $120,000 HSA Contribution Tax Savings $1,500 $225 $375 $420 $2,700* $405 $675 $756 Married Couple With 2 Dependent Children Joint Income $40,000 $80,000 $120,000 HSA Contribution Tax Savings $3,000 $370 $450 $930 $5,450* $615 $817 $1,667 *Maximum contribution generally allowable. Source: Tax Savings from HSA Contributions Made in 2006, United States Department of Treasury,

4 Why Choose U.S. Bank? There s no better place to have your HSA than with U.S. Bank. We re separate from your employer and insurance company, so you can change jobs or insurance plans without changing your HSA. This gives you greater flexibility for your future and keeps things simple for you. In addition, our HSA has all the features, convenience and control you expect from U.S. Bank. It s easy to open and easy to use. Easy To Open. Apply any time of the day or night by calling U.S. Bank 24-Hour Banking or enroll online at usbank.com/hsa. Or visit your local U.S. Bank branch during normal business hours. Easy To Pay Medical Expenses. Pay qualified medical expenses by check or U.S. Bank HSA Check Card. Easy To Use. Manage your account from the comfort of your home, any time of the day or night. U.S. Bank Internet Banking. U.S. Bank Internet Banking is the easiest way to manage your account: Access your account 24/7. Check your balance. View account statements, account history and check images. Manage your account needs, such as ordering checks, downloading account forms and updating your personal account information. FYI Opening an account with U.S. Bank allows you to change your health plan, or your job, without having to change your HSA. Easy To Fund. You can fund your HSA when you open it or wait until it s convenient for you. There s no minimum deposit. You have several convenient deposit options: Set up a recurring AutoTransfer in any amount or frequency. Direct deposit a portion of your paycheck into your account. Make a deposit at an ATM. We have more than 4,800 bilingual ATMs in 24 states. Visit your local U.S. Bank branch. We have nearly 2,400 locations. Make a one-time transfer via phone or U.S. Bank Internet Banking. Do You Have Other U.S. Bank Accounts? See all your accounts together, including your HSA, with U.S. Bank Internet Banking: Use your Personal ID/Password to access all your accounts. Easily transfer money to and from your Health Savings Account from another account. 24-Hour Banking And Financial Sales. Call our 24-Hour Customer Service line toll-free with questions, to obtain account assistance or open additional U.S. Bank accounts.

5 FYI Account Statements. Receive account statements by regular mail or . And you can always access your account statements and download account history through U.S. Bank Internet Banking. Tax Information. You will receive year-end tax information for completing your taxes and determining your tax deduction. You ll want to keep all your receipts for tax purposes. Competitive Rates. Our HSA is FDIC-insured and pays competitive rates of interest. And with the account s tiered interest rates, the more you deposit the more interest you ll earn. These interest earnings are tax free when used to pay for qualified medical expenses. How Much Can You Contribute? You can contribute up to 100% of your HDHP deductible, as long as it does not exceed $2,700* for self-only coverage or $5,450* for family coverage. *These amounts are adjusted annually for inflation. Contribution Example. Let s say your deductible on your health plan is $1,050 for self-only coverage. You could contribute a maximum of $1,050 to your HSA in If your deductible is $6,000 for family coverage, you could contribute a maximum of $5,450 in If you re age 55 or older, you can also make an additional annual catch-up contribution up to these amounts: 2006 $ $ $ and after $1,000 What Can I Use My HSA Money For? Generally, you can use tax-free dollars on most medical expenses, such as: Medical care and services Dental and vision care Prescriptions Over-the-counter medications Chiropractic visits Acupuncture You can use the money in your account to pay for medical expenses for yourself, your spouse or your dependent children, even if they are not covered by your high deductible health plan. Money in your HSA can be used to pay for long-term care insurance premiums. FYI

6 Get Started Today. If you want greater control over your money, your health and your future, consider a U.S. Bank Health Savings Account. Apply for your Health Savings Account any time of the day or night by phone (1-800-US BANKS) or online at usbank.com/hsa. Or visit your local U.S. Bank branch. We ll let you know immediately if you qualify, so you can begin enjoying the benefits of an HSA from U.S. Bank. Frequently Asked Questions. What Happens If I Spend My HSA Money On Other Things? Any HSA funds used for anything other than qualified medical expenses are taxable as income and subject to an additional 10% tax penalty. After you turn age 65, or if you become disabled, the 10% additional tax penalty no longer applies. How Can I Find A High Deductible Health Plan? Any company that sells health insurance coverage in your state may offer a high deductible health plan policy. Contact your employer s human resources department, your current insurance company, a licensed insurance agent or your state insurance department. Where Can I Go For More Information? To learn more about U.S. Bank Health Savings Account, visit our website at usbank.com/hsa. To learn about Health Savings Accounts in general, visit the U.S. Department of Treasury s website at and click on Health Savings Account.

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

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

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

Health. Savings. Accounts. See the difference.

Health. Savings. Accounts. See the difference. Health Savings Accounts See the difference. Better manage and control your rising healthcare costs and premiums with a Seven Seventeen Health Savings Account. As an employer, providing healthcare benefits

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

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

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

Are you ready to start funding a healthy future? Fifth Third Bank Health Savings Account

Are you ready to start funding a healthy future? Fifth Third Bank Health Savings Account Are you ready to start funding a healthy future? Fifth Third Bank Health Savings Account A smart savings plan that s the picture of good health You ve made a good decision by choosing a Fifth Third Bank

More information

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield of California

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

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 Accounts

Health Savings Accounts 1 Health Savings Accounts Health Savings Accounts Our agenda: Basics about HSAs. Eligibility for an HSA. Contribution, deductible & out-of-pocket limits. Account tips. 2 HSAs The Basics What is a Health

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 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

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions

PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions PayPal Blue Shield of California Consumer Directed Health Plan with Health Savings Account (CDHP with HSA) Frequently Asked Questions What is the Blue Shield of California CDHP with HSA? The Blue Shield

More information

Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs.

Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. Understanding Health Savings Accounts (HSAs): An Innovative Alternative to help you manage your health care costs. HSAs are an affordable, innovative way to pay for and manage your health care costs. Anthem

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

Congratulations on opening a

Congratulations on opening a Congratulations on opening a Health Savings Account! Let us help you manage your account easily, efficiently and securely. 05/2012 - CeB IMPORTANT! In order for us to comply with federal regulations, you

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

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

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

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

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

A Short Guide to your Optum Bank SM HSA. How to Open and Get Started with a Health Savings Account (HSA) from Optum Bank SM.

A Short Guide to your Optum Bank SM HSA. How to Open and Get Started with a Health Savings Account (HSA) from Optum Bank SM. A Short Guide to your Optum Bank SM HSA How to Open and Get Started with a Health Savings Account (HSA) from Optum Bank SM. Open your HSA with Optum Bank today. It s quick and easy - go to optumbank.com

More information

HSA Frequently Asked Questions

HSA Frequently Asked Questions Like knowing what you re spending on health care costs? Then an HSA may be just the right thing for you. It puts your health care spending in your hands. Which is pretty cool. Want to know a little more?

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

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 Table of Contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

More information

Investing in a healthy future has never been so easy.

Investing in a healthy future has never been so easy. Investing in a healthy future has never been so easy. Gain control of healthcare costs. Build a comprehensive retirement strategy. Discover peace of mind. WHAT IS AN HSA? A health savings account (HSA)

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

HSA Frequently Asked Questions Members

HSA Frequently Asked Questions Members Like knowing that you re spending on health care costs? Then an HSA may be just the right thing for you. It puts your health care spending in your hands, which is pretty cool. Want to know a little more?

More information

Business & Health Savings Accounts

Business & Health Savings Accounts HSAs Business & Health Savings Accounts Includes 2014 and 2015 Limits Questions & Answers Purpose The purpose of this brochure is to present a business decision-maker with basic information about HSAs

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

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

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

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES

5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES 5. HEALTH SAVINGS ACCOUNTS AND THEIR ADVANTAGES Clients who are attracted to the premium savings of a ConnectiCare SOLO High-Deductible Health Plan (HDHP) may wish to combine it with a Health Savings Account

More information

Health Savings Accounts Frequently Asked Questions

Health Savings Accounts Frequently Asked Questions Health Savings Accounts Frequently Asked Questions Health savings accounts put your health care spending in your own hands. You decide when and how to use your health care dollars and you can save on taxes

More information

HSA User Guide. Owning and Managing a Health Savings Account (HSA)

HSA User Guide. Owning and Managing a Health Savings Account (HSA) HSA User Guide Owning and Managing a Health Savings Account (HSA) Welcome to Your Health Savings Account (HSA) In starting a savings plan for your health, you re joining millions of others who have taken

More information

Health Savings Accounts (HSA)

Health Savings Accounts (HSA) Health Savings Accounts (HSA) 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

More information

The 401(k) and the HSA: Partners in long-term savings opportunities

The 401(k) and the HSA: Partners in long-term savings opportunities The 401(k) and the HSA: Partners in long-term savings opportunities Improving your employees financial health Over the past several decades, the 401(k) plan has become the dominant method for providing

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

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

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 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

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

WealthCare Health Savings Account

WealthCare Health Savings Account Welcome to your WealthCare Health Savings Account Enclosed is everything you need to help you learn how to use your HSA. Let s get started! effective 1/1/2015 Congratulations! Thank you for opening a Health

More information

HSA user guide. Owning and managing a health savings account (HSA) USE

HSA user guide. Owning and managing a health savings account (HSA) USE HSA user guide Owning and managing a health savings account (HSA) USE Welcome to your Health Savings Account (HSA) In starting a savings plan for your health, you re joining millions of others who have

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

Medical Insurance Part 2 - Deductible and Prevention Plans

Medical Insurance Part 2 - Deductible and Prevention Plans KAISER PERMANENTE FOR INDIVIDUALS AND FAMILIES Deductible Plans How Deductible plans work Deductible plans generally offer lower monthly premiums in exchange for higher out-of-pocket payments for covered

More information

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS QUESTIONS AND ANSWERS Introducing a different way to pay for care. When you set up an HSA, you can use tax-free 1 funds to help pay for your qualified medical expenses. 2 Understanding your HSA Who is

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

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

Harvard University 2015 Medical Benefits. High Deductible Health Plan with Health Savings Account Introduction

Harvard University 2015 Medical Benefits. High Deductible Health Plan with Health Savings Account Introduction Harvard University 2015 Medical Benefits High Deductible Health Plan with Health Savings Account Introduction Topics for Discussion High Deductible Health Plan (HDHP) Why Consider? High Deductible Health

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

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

Get Started with a Health Savings Account

Get Started with a Health Savings Account Get Started with a Health Savings Account www.discoverybenefits.com A combination that puts you in control There s a relatively new way to pay for health care that is gaining popularity; a high deductible

More information

NO DEDUCTIBLE FOR MANY SERVICES

NO DEDUCTIBLE FOR MANY SERVICES How Deductible plans work Deductible plans generally offer lower monthly premiums in exchange for higher out-of-pocket payments for covered services. With these plans, you pay full charge for certain covered

More information

Considering a High Deductible Health Plan?

Considering a High Deductible Health Plan? Considering a High Deductible Health Plan? Health Savings Account (HSA) Qualified MKT-WEB-218 (11/12) What is a High Deductible HSA-Qualified Health Plan? A medical savings account available to taxpayers

More information

A qualified high-deductible health plan, the Freedom HSA and you!

A qualified high-deductible health plan, the Freedom HSA and you! Freedom Save with your Investment options with your Freedom HSA! Put your money to work. Based on your HSA deposits and use of funds, your account may accumulate a sizable amount. You have the option to

More information

Introduce HSA to your employees SHOP State of Kentucky Employer

Introduce HSA to your employees SHOP State of Kentucky Employer Introduce HSA to your employees SHOP State of Kentucky Employer If you ve looked for cost-effective health care for your employees, you ve probably heard of consumer-directed health (CDH) plans. These

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

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions

Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Consumer Choice Plan, Health Savings Account and Health Care Flexible Spending Account Frequently Asked Questions Information on how the plan and the accounts work The Consumer Choice Plan 1. How is the

More information

1. Is a married individual who otherwise qualifies as an eligible individual

1. Is a married individual who otherwise qualifies as an eligible individual Part I Section 223 Health Savings Accounts HDHP Family Coverage Rev. Rul. 2005-25 ISSUES 1. Is a married individual who otherwise qualifies as an eligible individual eligible to contribute to a Health

More information

What is a Health Savings Account (HSA)?

What is a Health Savings Account (HSA)? H.S.A. FAQ s Frequently Asked Questions By Topic Health Savings Accounts What is a Health Savings Account (HSA)? Why should I consider getting an HSA? What are qualified medical expenses? What is an HSA-eligible

More information

B The Bancorp Bank HSA Program Overview. for. Excellus

B The Bancorp Bank HSA Program Overview. for. Excellus B The Bancorp Bank HSA Program Overview for Overview of The Bancorp Bank HSA Solution for Excellus Agenda Introduction to The Bancorp Bank HSA Eligibility, Features and Benefits Contributions, Distributions

More information

Employers Guide to Health Savings Accounts

Employers Guide to Health Savings Accounts Employers Guide to Health Savings Accounts Employers Guide to Health Savings Accounts A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals enrolled in a high

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

Introducing a fresh approach to health care. Healthy Blue HSA MEMBER GUIDE

Introducing a fresh approach to health care. Healthy Blue HSA MEMBER GUIDE Introducing a fresh approach to health care. Healthy Blue HSA MEMBER GUIDE fresh {fresh} Exciting or refreshingly different HealthEquity, Inc. is an independent company partnering with Blue Cross Blue

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 Savings Account Questions and Answers

Health Savings Account Questions and Answers Health Savings Account Questions and Answers Health Savings Account Basics 1. What is a Health Savings Account (HSA)? An HSA is a trust or custodial account established exclusively to receive tax-favored

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

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 (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

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

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 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

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

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 Table of contents The Fidelity HSA...1 Opening and Contributing to Your Fidelity HSA...3 Using Your Fidelity

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

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

The Alliant Health Savings Account

The Alliant Health Savings Account While RR Donnelley has selected Alliant as the HSA vendor for ease of payroll deductions, RR Donnelley is not responsible for any of the Alliant programs or offerings. This is not an RR Donnelley Welfare

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

Maximize your healthcare saving and spending with an HSA from Wells Fargo

Maximize your healthcare saving and spending with an HSA from Wells Fargo Health Savings Account (HSA) Maximize your healthcare saving and spending with an HSA from Wells Fargo November 2014 Today you will learn: What is an HSA and how does it work? How to manage your account

More information

HSA-QUALIFIED DEDUCTIBLE Plans What is an HSA-qualified deductible plan? How does it work? Features at a glance

HSA-QUALIFIED DEDUCTIBLE Plans What is an HSA-qualified deductible plan? How does it work? Features at a glance HSA-QUALIFIED DEDUCTIBLE Plans What is an HSA-qualified deductible plan? How does it work? Features at a glance HSA-QUALIFIED DEDUCTIBLE PLANS Are you interested in balancing your health and your finances?

More information

Cigna Choice Fund Health Savings Account (HSA) Client Name State of Montana March 4, 2013

Cigna Choice Fund Health Savings Account (HSA) Client Name State of Montana March 4, 2013 Cigna Choice Fund Health Savings Account (HSA) Client Name State of Montana March 4, 2013 What Is a Health Savings Account (HSA) Plan? Qualified Medical Plan + Health Savings = Bank Account Tax Advantaged

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

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

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

Find out what a Health Savings Account can do for you. 2014 HSA Bank. HSA Bank is a Division of Webster Bank, N.A., Member FDIC.

Find out what a Health Savings Account can do for you. 2014 HSA Bank. HSA Bank is a Division of Webster Bank, N.A., Member FDIC. Find out what a Health Savings Account can do for you. What is an HSA? A Health Savings Account, or HSA, is an individuallyowned account used to save and pay for qualified medical expenses. You ll earn

More information

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA)

YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) YOUR GUIDE TO A HEALTH SAVINGS ACCOUNT (HSA) DOES A HIGHMARK HEALTH SAVINGS ACCOUNT (HSA) MAKE SENSE FOR YOU? An HSA is a tax-advantaged savings account that s available to people whose health care coverage

More information

Account Based Health Plan with Health Savings Account Guide

Account Based Health Plan with Health Savings Account Guide Account Based Health Plan with Health Savings Account Guide Lead the way Page 1 2016 ABHP with HSA Guide You re in control with an Account-Based Health Plan Philips believes an Account Based Health Plan

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

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

Straight Facts About the Advantage+ Health Plan

Straight Facts About the Advantage+ Health Plan Benefits and Compensation Annual Enrollment Straight Facts About the Advantage+ Health Plan The Advantage+ health plan has unique features that can appeal to a wide range of employees. The key features

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

Frequently Asked Questions Frequently Asked Questions Gulfstream and many other General Dynamics companies offer a new type of health plan the Personal Health Account Plan. The Personal Health Account Plan is a high deductible plan

More information

Consumer Driven Health Plan (CDHP) Questions. Health Savings Account (HSA) Questions:

Consumer Driven Health Plan (CDHP) Questions. Health Savings Account (HSA) Questions: Consumer Driven Health Plan (CDHP) Questions Q1: What is a CDHP? A: A CDHP is a plan with a high deductible and a Health Savings Account component. The goal of such a plan is to create better consumers

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

Brookhaven Science Associates, LLC. 2016 Guide To: Medical Programs Health Savings Account Health Care Reimbursement Account

Brookhaven Science Associates, LLC. 2016 Guide To: Medical Programs Health Savings Account Health Care Reimbursement Account Brookhaven Science Associates, LLC 2016 Guide To: Medical Programs Health Savings Account Health Care Reimbursement Account 1 2 Here s What You ll Find In This Booklet ITEM PAGE # OVERVIEW... 5 MEDICAL

More information

THE HEALTH SAVINGS ACCOUNT

THE HEALTH SAVINGS ACCOUNT THE HEALTH SAVINGS ACCOUNT C O N T E N T S Start Saving Now for Your Future Health Care Needs............. 1 How the BlueEdge Plans and the HSA Work Together............. 3 Tax Advantages of an HSA...................................

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