HEALTH SAVINGS ACCOUNT (HSA) BASICS. Wilmette District 39 Created by Dr. Margaret Clauson Assistant Superintendent
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1 HEALTH SAVINGS ACCOUNT (HSA) BASICS Wilmette District 39 Created by Dr. Margaret Clauson Assistant Superintendent
2 HEALTH SAVINGS ACCOUNTS! An HSA, by law, may ONLY be used in conjunction with a qualified high deductible health plan (HDHP)! An HSA is similar to a Flex Medical Account (FSA) but offers many more advantages! You may NOT be a participant in an FSA and an HSA, except for a limited purpose (Dental & Vision) FSA! You may NOT be covered by any other non- HDHP health plan (e.g. under a spouse s plan)
3 HSA BASICS! Pre-tax dollars are used for medical expenses! The HSA is your personal account. It does not belong to the district. You control it just like a savings account. If you leave the district, the account belongs to you and remains with you.! Dollars accumulate from year to year! You can start and stop contributions at any time
4 HSA CONTRIBUTIONS! Maximum Total Contributions for Tax Year 2014 are: $3,300 (single) and $6,550 (family)! Maximum Total Contributions for Tax Year 2015 are: $3,350 (single) and $6,650 (family)! If you are 55+, you may contribute an additional $1,000 in each tax year! This includes employer contributions! YOU are responsible for monitoring your contributions to insure that you do not exceed the IRS regulations
5 HSA BASICS! You may use your HSA dollars tax free for qualified medical expenses (IRS defines)! You are responsible for maintaining records to support your use of the money (e.g. receipts)! You will have a checkbook and a debit card! If you use Mellon Bank you may use the automatic payment to medical providers feature! You may start and stop at any time by using the salary deduction form
6 YOU HAVE TWO BANK CHOICES FOR YOUR HSA: " Mellon Bank " North Shore Community Bank Each bank has different fee structures, provides different services, and offers varying interest rates. The charts on the next slides highlight some key differences
7 KEY DIFFERENCES Administration Fee Mellon Bank $3.50 per month for balances less than $1,000 Account Set Up Fee $15 $0 North Shore Community Bank $0 Debit Card Additional/ Replacement 1 free, $5 additional $0 Checkbook First 40 free; Additional charged a fee First 200 free; Additional charged a fee
8 INTEREST PAID (SUBJECT TO CHANGE) Mellon Bank North Shore Community Bank $0 to $1,000 Balance 1.0%.05% $1,001 to $4, %.10% $5,000 to $14, %.20% Over $15, %.50%
9 HOW DO I SET UP MY HSA?
10 MELLON BANK! Once you complete the BCBS enrollment form for the HDHP, Mellon Bank will automatically send you a welcome kit with information about activating an HSA with them (about two weeks after you enroll in the HDHP)! You must complete the paperwork with Mellon bank to establish your account, if you choose to use Mellon " Mellon Bank and BCBS will automatically transfer funds from your HSA to pay medical providers (in network) and pharmacies. They will also reimburse you from your HSA for out of network usual and customary charges. " You may request auto adjudication to be turned off by contacting BCBS. Some users prefer to turn off this feature and track their medical expenses more closely.
11 NORTH SHORE COMMUNITY BANK " Has 5 local area banks, including one in downtown Wilmette (1145 Wilmette Avenue) " To establish an account you can contact them at " For more information visit their website at
12 IMPORTANT If you choose NOT to use Mellon Bank then you will want to destroy the Welcome Kit that you automatically receive. You must have funds in your HSA in order to use them!
13 FOR MORE INFORMATION " Contact Beth " Contact Heather Glowacki
14 " Please remember that this presentation is intended as a general overview of how an HSA work. These plans are governed by IRS regulations and rules and the banks that provide the services. The IRS and the individual bank make the final determination on all aspects of these plans. HSA fee structures, interest rates, and other plan details are subject to change. If you have specific questions about your HSA, you should consult the IRS, or the individual bank (North Shore Community, or Mellon Bank)
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