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Health Savings Accounts (HSAs)
is your health care account administrator, offering the most advanced and user-friendly account solution.Online and mobile account accessHealth education toolsPayment cardEasy access to funds24x7 live customer support
Who We AreSlide3
What is an HSA?
HSAs are tax-advantaged accounts that accumulate interest and can earn investment returns. The funds can be used to pay for qualified medical expenses today or can be saved for future expenses.
Triple tax savings
Interest and investments
Multiple uses Easy to access Portable – it stays with you when you leave your company or retire
Unlike traditional insurance where you only benefit if you use it, with an HSA, you can spend your HSA on today’s expenses, or save and invest your HSA funds for future expenses or for retirement!Slide4
HSAs and Taxes
HSAs are tax exempt for purposes of federal income tax filings. HSAs are also tax exempt for most state income tax filings. However, some states do tax HSA contributions and even potentially the earnings and capital gains. Please consult your tax advisor regarding your state’s specific rules.Slide5
Why Enroll? Savings
Pre-tax HSA Contribution
=$33,500=$35,000Federal income and Social Security Taxes-$7,362-$7,852After-tax dollars spent on eligible expenses-$0-$1,500Spendable income=$26,138=$25,648Melissa’s Tax Savings$490$0
How it works: Assume “Melissa” earns $35,000 a year and has $1,500 in eligible expenses.
*Sample tax savings for a single taxpayer with no dependents; actual savings will vary based on your individual tax situation. Consult a tax professional for more information. This HSA Savings calculator was created by ConnectYourCare to be illustrative of typical results of typical participants in similar type benefits programs. The accuracy of the results are predicated upon the input provided by the user, and as such, ConnectYourCare disclaims the accuracy of any results shown. This calculator is intended merely as a planning tool and is not meant as tax or investment advice. Before taking any action based upon the results provided, please consult with a tax consultant or expert. - See more at: www.connectyourcare.comSlide6
Let’s say you contribute $3,000 a year to your HSA each year until retirement. Assuming you use $1,500 a year for medical expenses, earn 8% a year in interest and investments, and reinvest all earnings, your savings can really add up.*
HSA Value at age 65
*ConnectYourCare calculator: HSA Growth Estimator - created by ConnectYourCare to be illustrative of typical results of typical participants in similar type benefits programs, and does not take into account specific situations such as filing status or variances in state tax law. The accuracy of the results are predicated upon the input provided by the user, and as such, ConnectYourCare disclaims the accuracy of any results shown. This calculator is intended merely as a planning tool and is not meant as tax or investment advice. Before taking any action based upon the results provided, please consult with a tax consultant or expert. - See more at: www.connectyourcare.com/tools/calculators/hsa-growth-estimator.Savings Add Up Over TimeSlide7
HSA Interest and Investment Options
Interest-Bearing Savings Account
Interest paid on balances of $1.00 or more
Investment Options to Grow HSA Funds
Choose from a variety of world-class mutual funds covering a range of fund familiesEasy, online platform allows you to set up investments within minutesRecurring investment options for automated savings
Investments funds are not Federal Deposit Insurance Corp. (FDIC) insured, not bank issued or guaranteed, and are subject to risk, including fluctuations in value and the possible loss of the principal amount invested. Please consult your financial planner for more information.Slide8
Maximum Annual Contributions for 2019
Maximum Annual Contributions for 2020
Individual: $3,550 Family: $7,100For individuals age 55 and older, additional “catch-up” contributions allowed$1,000 – 2019 and 2020Slide9
Distributions allowed at any time without restriction
if taken for “qualified medical expenses” incurred by one of the following after HSA was established:
The account holderSpouse of the account holderAny dependent of the account holdereven if not covered by the HDHPQualified medical expense must be incurred on or after the HSA was establishedIf HDHP coverage effective on first day of month, HSA can be established as early as first day of same monthIf HDHP coverage effective any day other than first day of month, HSA cannot be established until first day of following monthSlide10
HSA Funds Never Expire!
Your HSA is
If you have unused funds at the end of the plan year, they will automatically roll over to the next year and will still be accessible
(Note: Funds that roll over from the previous year are not considered as part of your contribution limits)Your HSA goes with you!Your HSA will follow you for life, even if you get a new employer, change health care coverage, or retireSlide11
Who is Eligible for an HSA?
Any individual or employee can open and make contributions to an HSA, if they meet all of the following requirements:
Covered by a qualified
by other health insuranceNot enrolled in MedicareAs of January 1, 2016, in the past 3 months, did not receive Veteran’s Administration benefits that were not connected to a service disabilityCan’t be claimed as a dependent on someone else’s tax returnChildren who are tax dependents cannot establish their own HSAsSpouses can establish their own HSAs, if eligibleNo income limits on who may contribute to an HSANo requirement of having earned income or being employedSlide12
Coordination Between Spouses
If both spouses meet the HSA eligibility requirements, both may open an individual HSA (optional).
If both spouses have self-only HDHP coverage, they can each establish an HSA and contribute up to the individual limit (2019: $3,500, 2020: 3,550).If one or both spouses has family HDHP coverage, they can each open an HSA but can only contribute up to the family maximum (2019: $7,000, 2020: $7,100), plus any applicable catch up contribution ($1,000 to each eligible HSA).A handout showing the various coverage scenarios is available.Qualified medical expenses of a spouse can be paid from your HSA, regardless of whether the spouse is HSA eligible themselves.If your spouse is the designated beneficiary, your HSA is treated as your spouse’s HSA after your death.Slide13
HDHPs allow coverage for children
up to age 26
If your child can be claimed as a dependent on anyone’s tax return s/he is not eligible to open or contribute to an HSA.
If your child is eligible to have been claimed as a dependent on your tax return, you may cover their qualified medical expenses from your HSA.Your child is eligible to open an HSA if s/he has no other health coverage except for qualified HDHPs (with the exceptions previously noted) AND is not ELIGIBLE to be claimed as a dependent on anyone else’s tax return.For example, if you have a family HDHP, your child could open their own HSA if they have no other health insurance coverage and are no longer qualified to be a dependent on your (or anyone else’s) tax return.This child would be able to contribute up to the family maximum.Slide14
Examples of Qualified Medical Expenses
Birth control pills
Blood pressure monitoring Breast pumpsChiropractic care COBRA premiums (post tax) Contact lenses Dental treatment Dentures Diagnostic services Drug addiction treatment Eye examEye glasses Family planning items Fertility treatment Flu shot Hearing aids Hospital services Immunization Insulin and diabetic supplies
Laser eye surgery
Long-term care premiums or expenses (post tax)
Medical testing devices
Orthodontia (not for cosmetic reasons) Over-the-counter (OTC) treatments – products containing medicine require prescriptionPhysical exam Physical therapy Prescription drugs Psychiatric care Retiree (post-65) medical insurance premiums (post tax) Surgery SunscreenWheelchair, walkers, crutches and canesSlide15
Easy Access to Your AccountSlide16
Online Participant Portal
Online access to:
Pay your providerInvestment optionsUpdate personal informationHealth education and wellness toolsFAQs, guides and tipsSlide17
Available for Android and iOS devices
Account balance, alerts and transaction history
New payment requests
Tap to call Customer ServiceUpload claim documentation with your device’s camera Eligible expense scanner for UPC barcodesMobile Alerts and TextingRequest and receive account information and alerts via text messageSign up for this feature through your online accountSlide18
Easiest way to pay!
Accepted at qualified care locationsPay for qualified health care expenses, deducts from your HSA
No need to pay up front and wait for reimbursement Multiple CYC accounts are accessible with the same card (if offered by your employer)
Payment Card for HSASlide19
Pay for a qualified expense using personal funds
Enter your claim online or using the mobile app
Receive reimbursement via check or direct deposit
Set up direct deposit for faster reimbursements!
Request payment directly to your provider.
Pay with personal funds and request reimbursement.
Enter a payment request online or on the mobile app.
Payment will be sent directly to your provider.Slide20
HSA Save-It! Works for Everyone
Everyone has different needs, but HSA Save-It! can help.
Whether you use your HSA for health expenses today, as a tool for long-term savings, or a combination of both, HSA Save-It! is the quick and simple solution.
Whether you cash out your HSA savings in 2 days or 20 years, making a withdrawal is fast and easy with HSA Save-It!Slide21
HSA On Demand
® Has You Covered
Unexpected medical expense? Not enough saved? No problem.
Funds are there when you need them
HSA On Demand automatically advances up to a year’s worth of contributions if needed
Advance is repaid through future contributionsSlide22
Customer Service Always Available
Live Customer Assistance
Available 24/7, 365 days a year
Detailed questions or personal assistance
Trained in adjudication and call assistance
Automated Phone AssistanceAccount informationUser name reminder or password reset Online Portal, Mobile App, Mobile Browser and Mobile AlertsReal-time account balances and transaction information
Best-in-class service to participant through multiple channelsSlide23
Frequently Asked Questions
How much can I contribute to my HSA?
For 2019, you can contribute up to $3,500 for individual coverage and $7,000 for family coverage. For 2020, you can contribute up to $3,550 for individual coverage and $7,100 for family coverage.
Individuals ages 55 or older can make additional "catch-up" contributions of up to $1,000 per person.
How will I be able to access my account funds?
You will receive a payment card to access your HSA funds. You can also pay for eligible expenses with any other form of payment and request reimbursement from your account. When can I request reimbursement from my account?You have access to the account when your plan becomes effective.
Will I lose my account if I don’t use it?
No, your account never expires! It’s yours to use forever.