A smart investment toward future health care expenses
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- Warren Gary Young
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1 Consumer accounts 1
2 A smart investment toward future health care expenses A health savings account (HSA) is a bank account owned by you. Use it to save money tax-free to pay for qualified expenses. Never pay taxes on your HSA dollars or any interest you earn The money remains yours to use even if you retire or take a job with another employer 2 2
3 What is an HSA? Health Savings Accounts (HSAs) are designed to help you save and pay for qualified medical expenses $ Deposit money into your HSA. Save on taxes. Use your HSA to pay for qualified medical expenses. Invest your savings in mutual funds. Investments are not FDIC insured, are not guaranteed by Optum Bank, and may lose value. 3 3
4 What you need to know about an HSA You re in charge of managing your HSA Annual contribution limits are set by the IRS Deposits can be made at any time and are available immediately All deposits up to the annual IRS limit are income tax-free Withdrawals made for qualified medical expenses are not subject to income tax Investments are not FDIC insured, are not guaranteed by Optum Bank, and may lose value. 4 4
5 HSA eligibility You are eligible to open and contribute to an HSA if: 5 You are covered by an HSA qualifying high deductible health plan (HDHP). MC Basic and Enhanced Plans are qualifying HDHPs. You are not covered by any other health plan that is not a high deductible plan You are not enrolled in Medicare, TRICARE or TRICARE for Life You are not claimed as a dependent on someone else s tax return You are not covered by a health care flexible spending account (FSA) You have not received Veterans Administration (VA) benefits within the past three months, except for preventive care. If you are a veteran with a disability rating from the VA, this exclusion does not apply. 5
6 How much money you can deposit each year For 2018, you can contribute up to:* HSA $3,450 for single coverage $6,900 for family coverage NOTE*: Those age 55 to 64 not enrolled in Medicare may make an annual catch-up contribution of up to $1,000. 6
7 Use your HSA dollars to pay for: Your medical deductible or co-insurance Dental services and vision care Prescription medications or supplies COBRA continuation coverage Qualified long-term care Medicare premiums and out-ofpocket expenses Remember: Any HSA dollars used for non-qualified expenses will be considered taxable income and subject to a 20% tax penalty. 7
8 How to make deposits into your HSA Payroll deduction Contribute through payroll deduction and save on FICA taxes Contribute online Arrange a one time or recurring electronic transfer from an account at another financial institution Mail a check Deposit additional dollars into your account by mailing in a check You can make HSA deposits until April 15 th in order to realize tax savings for the prior year 8
9 Access your HSA funds Use your Optum Bank debit Mastercard Sign up for automatic bill pay and online banking Use HSA checks for this account Pay for an expense with personal funds and reimburse yourself from your HSA 9
10 Save your receipts! Save your receipts for all qualified medical expenses Track bill pays, reimbursements and out-of-pocket expenses via expense journal Optum Bank does not track your expenses or verify eligibility 10
11 HSA/Medical Integration 11 11
12 Managing your HSA online See all your current balances at once in dashboard view Reimburse yourself Pay medical bills Track bill pays, reimbursements and out-of-pocket expenses via expense journal View, pay and store claims Manage your contributions Get answers to frequently asked questions Connect with customer support Find forms and investment tools 12 Investments are not FDIC-insured, are not guaranteed by Optum Bank, and may lose value. 12
13 Common questions Can I open a health savings account at any time during the year? Can I take the funds in my HSA with me if I leave the company? Yes. You can open an HSA at any time, as long as you are covered by an HSA-qualifying high deductible health plan Yes. Funds in your HSA belong to you. Am I required to contribute a specific amount each year? No. You can contribute as much as you d like up to the IRS maximums. Many people base their contributions on the annual deductible required by their HDHP Do I need to use all of the funds in my HSA during the year? No. HSA plans are not subject to IRS Use It or Lose It regulations. This means that funds in the account continue to accumulate over time. Will I receive two sets of Tax Statements? Yes. You will receive Tax Statements from both Bank of New York Mellon (Benefit Wallet) and Optum Bank based on your contributions / distributions from each HSA
14 What if you have more questions? Call Optum Bank customer service (866) Visit optumbank.com 14 14
15 A great way to set aside money for planned expenses A flexible spending account (FSA) allows you to dedicate pre-tax dollars to pay for eligible health care and dependent care costs. Reduce your taxable income Plan for how much you expect to spend during the plan year Grace Period until 3/15 of the following year and submit by 4/30 for reimbursement 15 15
16 Using your flex dollars Pay qualified health care expenses (up to $2650): Your medical deductible or co-payments FSA Dental services, including braces Vision care, including glasses, contacts and corrective laser surgery Pharmacy co-payments Prescription medications or supplies Over-the-counter medications Limited FSA if you contribute to a HSA. NOTE: Health Care Account (HCA): Covers all 213(d) expenses including, OTC supplies and OTC drugs and medicines with a prescription 16
17 Using your flex dollars Pay for qualified dependent care (up to $5000): Child day care costs Adult day care centers Overnight or evening care, if required for work reasons NOTE: Each individual for whom you receive dependent care assistance is (1) A dependent under the age of 13 whom you are entitled to claim as a dependent on your tax return, or (2) A spouse or other tax dependent that is physically or mentally incapable of caring for him or herself (special rules apply to certain circumstances where non-custodial parents are entitled to claim the individual as a dependent) 17
18 Easy access to your FSA with umr.com Log in to: File a claim online Upload receipts and track expenses View up-to-the-minute account balances View your account activity, claims history and payment history Download plan information, forms and notifications Add or update a direct deposit account 18
19 Questions? 19
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... 2 Contributions... 4 Disbursements... 5 Disbursement Options... 6 HSA Base Account... 7 Self-Directed Brokerage Account Option... 8 About UMB... 9 Appendix A: HSA Website Navigation... 10 Appendix
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What Are Flexible Spending Accounts (FSAs)? If you are a Participant who is actively at work, you can choose to contribute a portion of your compensation to flexible spending accounts on a pre-tax basis
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HSA Q&A How much will the Company contribute into the HSA? The Company will contribute $250 (Single coverage) or $750 (Family, Employee + Spouse, Employee + Children) when enrolling in either one of the
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Get Started with a Health Savings Account www.discoverybenefits.com Health saving account a triple savings Contribute tax- free Grow your funds tax-free Spend tax-free Benefits of an HSA A combination
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