Health Savings Accounts (HSA) Overview
|
|
- Earl Pope
- 6 years ago
- Views:
Transcription
1 Health Savings Accounts (HSA) Overview What You See Taxpayer presents a W-2 with a W in box 12. This represents his and/or his company s contribution to the HSA. This contribution has already been deducted from the employee s earnings, and are therefore not subject to tax. Taxpayer presents a Form 5498-SA. This shows his after-tax contributions to the HSA. This contribution is eligible for an adjustment to the taxpayer s Adjusted Gross Income. Taxpayer presents a Form 1099-SA. This shows his distributions from his HSA. The distributions are not taxable as long as they are used for qualified medical expenses. Since most HSA s issue a debit card which the holder presents for medical expenses, nonqualified distributions will be rare. What You Do This amount is carried over to Form You need do no more with this. Manually enter the contribution on line 2 of the The amount will automatically transfer to line 25 of Form 1040 as an adjustment to income. Caution: Be aware of contribution limits to remain in scope Enter the amount of distributions on Form 8889, line 14a. Enter the medical expenses on line 15 of Form If (rarely) the distributions exceed expenses, a 20% penalty will show up on line 17 of Form 8889 and on line 59 of Form The amount of unqualified distributions will also appear on line 21 of the 1040 and must be labeled Excess HSA Distribution. Webster, NY TaxHelper -1-
2 An HSA is a tax favored medical savings plan set up with a qualified HSA trustee (bank or other financial institution) An HSA is created by Enrolling in an HSA-eligible high-deductible Health Plan (HDHP) Opening a tax-exempt account with a qualified HSA trustee HSA Benefits Health Savings Accounts (HSA) Contributions made by taxpayer or someone other than an employer are deductible, even if taxpayer does not itemize Contributions may by an employer can be excluded from gross income The contributions remain in the account from year to year until the taxpayer uses them. The interest and other earnings on the assets in the account are tax-free. Distributions may be tax-free if used to pay unreimbursed qualified medical expenses. An HSA is portable so it stays with taxpayers even if they change employers or leave the work force. Webster, NY TaxHelper -2-
3 Health Savings Accounts Eligibility Eligibility requirements for HSA Must be covered by HSA-eligible health plan on first day of month (HSA plans have a minimum annual deductible and a maximum limit on out-ofpocket expenses) Min. deductible and max. out-of-pocket amounts change each year and are different for self-only coverage and family coverage Taxpayer should know if his plan qualifies Not covered by other health insurance (see pub 969 for exceptions) Not enrolled in Medicare Not eligible to be claimed as dependent on someone else s tax return Married Individuals must open separate HSA s Joint HSA s are not allowed Distributions from a married individual s HSA can be used to cover qualified expenses of the spouse Webster, NY TaxHelper -3-
4 Health Savings Accounts Contributions Form 5498-SA reports HSA contributions Taxpayer must have own records of contributions, since this form is usually issued after tax season completed Any person can make a contribution on behalf of an eligible individual An employer may set up and contribute to an employee s HSA, but the Taxpayer must reduce the amount that he or any other person contributes to the HSA by the amount excluded from income and contributed by the employer Taxpayers with excess contributions (contributions over the limits) must withdraw the excess to avoid an additional tax. If the excess was not timely withdrawn, refer the taxpayer to a professional tax preparer. Webster, NY TaxHelper -4-
5 Health Savings Accounts Contributions Form 8889 Part I Contributions reported on Form 8889, line 2 Contribution limits reported on Form 8889, line 3 (if married and older than 55, additional contribution amount reported on line 7) , 2016 see next 2 slides for determination of contribution limits Webster, NY TaxHelper -5-
6 Health Savings Accounts Contribution Limits If taxpayer and/or spouse had an HSA-eligible plan for the entire year then contribution limits (Form 8889 line 3) are given in the chart below Catch-up contribution for taxpayers over age 55 For all taxpayers, except those who are married with family coverage, catch-up contribution is included on Form 8889 line 3. For married individuals with family coverage, catch-up contribution is figured on Form 8889 line 7. (Line 7 entry requires specifying the no of months for which you were an eligible individual on the first day of the month) Limitation on HSA Contributions Self-Only Coverage Family Coverage Annual Contribution Limit $3,350 $6,650 Catch-up Contribution (55 or older)* $1,000 $1,000 * Spouses 55 or older each make the additional contribution to their own HSA. Webster, NY TaxHelper -6-
7 Health Savings Accounts Contribution Limits If taxpayer and/or spouse had an HSAeligible plan for only part of the year the contribution limit is the greater of: Last month rule Full contributions for entire current tax year is allowed if individual had an HSA-eligible plan on Dec 1 of current tax year and remains (expects to remain) eligible through Dec 31 of the following year. Sum of monthly contribution limits rule Amount determined separately for each month (1/12 of annual limits) based on eligibility and HDHP coverage on the first day of each month plus catch-up contributions. In TWO, use the Line 3 Limitation Worksheet on Form 8889 to determine the allowed contribution, $ 4,300 $ 4,300 $ 4,300 e.g. if single taxpayer is over 55 and was eligible only for Jan-March $ $ 1,075 Webster, NY TaxHelper -7-
8 Health Savings Accounts Distributions Form 8889 Part II Form 1099-SA reports HSA distributions Distributions reported on Form 8889, line 14a Unreimbursed qualified medical expenses reported on Form 8889, line 15 Qualified medical expenses are expenses that generally would qualify for the medical and dental expenses deduction A medicine or drug is qualified only if obtained by prescription or is insulin Qualified expenses include those paid for taxpayer, spouse and dependents Webster, NY TaxHelper -8-
9 Health Savings Accounts Insurance premiums are not qualified for HSA purposes except for: Long-term care insurance based on premium limits Health care continuation coverage, such as COBRA Health care coverage while receiving unemployment compensation Medicare and other health care coverage if taxpayer was 65 or older, but not Medicare supplemental policies, such as Medigap. Long Term Care Insurance Federal Premium Limits Taxpayer's Age At End of Tax Year Premium Limit 40 or under $ $ $1, $3, and over $4,750 Webster, NY TaxHelper -9-
10 Health Savings Accounts HSA distributions included in income are subject to an additional 20% tax unless the account beneficiary: Becomes disabled (see Form 8889 Instructions) Turns age 65 Dies Additional tax is computed on Form 8889, line 17b. However, if an exception to the 20% tax applies, then check the box on line 17a Aspects of HSA s that are Out-of-Scope Excess contributions to an HSA that are not withdrawn in a timely fashion Qualified HSA funding distributions from an IRA Qualified HSA distributions from a health Flexible Spending Arrangement (FSA) or a Health Reimbursement Arrangement (HRA) Death of an HSA holder Form 8889, Part III, Income and Additional Tax for Failure to Maintain HDHP Coverage Deemed distributions from an HSA due to prohibited transactions, such as using an HSA as a security for a loan Webster, NY TaxHelper -10-
Instructions for Form 8889
2017 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 informationHealth Savings Accounts
Entire lesson Health Savings Accounts (optional certification) Pub 4012 Tab E Pubs 969 and 4942 Form 8889 Instructions IRS Certification VITA/TCE Counselors must be certified by passing the HSA test Refer
More informationHealth Savings Account (HSA) Information for 2018
Health Savings Account (HSA) Information for 2018 Note: The information contained herein may not necessarily apply to your unique situation and circumstances or take into account your tax situation. There
More informationHealth Savings Accounts (HSA) Helpful Hints E-1
How will you know if the taxpayer has an HSA issue? The Intake/Interview sheet has the Yes or Unsure HSA box checked. The taxpayer s (or spouse s) Form W-2 has a box 12 entry of code W for employer contributions.
More informationNEXT : Eligibility guidelines of a Health Savings Account.
Issue 1 What is a Health Savings Account (HSA)? A health savings account is a special tax-advantaged account owned by an individual where contributions to the account are to pay for current and future
More informationEmployee Health Benefits
Employee Health Benefits Table of Contents 1. Overview... 1 2. Training Objectives... 2 3. Resources... 3 4. Health Savings Accounts... 4 a. Benefits of an HSA account... 4 b. Who Qualifies for an HSA?...
More informationAndrews University. Healthcare Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
Andrews University Healthcare Savings Accounts (HSA) And High Deductible Health Plans (HDHP) Andrews University HSA/HDHP Why? A tax vehicle to set aside money for current and future medical expenses The
More informationHEALTH SAVINGS ACCOUNT. Answers to Your HSA Questions
HEALTH SAVINGS ACCOUNT Answers to Your HSA Questions WHAT IS A HEALTH SAVINGS ACCOUNT? A Health Savings Account (HSA) is a taxexempt trust or custodial account established for the purpose of paying or
More informationHealth Savings Accounts
Health Savings Accounts Forrest T. Jones & Company, Inc. Updated for 2013 What is an HSA? PART 1 HDHP High Deductible Health Plan PART 2 HSA Health Savings Account 2 Parts to an HSA Intended to cover serious
More informationHealth Savings Accounts, Medical Savings Accounts and Long-Term Care Contracts
Health Savings Accounts, Medical Savings Accounts and Long-Term Care Contracts Contents In this module the student will review Health Savings Accounts, Archer Medical Savings Accounts and Long -Term Care
More informationHSAs. Health Savings Accounts and 2018 Limits. Questions & Answers
HSAs Health Savings Accounts 2017 and 2018 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 informationHealth Savings Accounts
Oppenheimer & Co. Inc. Spencer Nurse Executive Director - Investments 500 108th Ave. NE Suite 2100 Bellevue, WA 98004 425-709-0540 800-531-3110 spencer.nurse@opco.com http://fa.opco.com/spencer.nurse/index.htm
More informationKitsap 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 informationQ&A on Qualified High Deductible Health Plans (HDHP s) and Health Savings Accounts (HSA s)
Q&A on Qualified High Deductible Health Plans (HDHP s) and Health Savings Accounts (HSA s) Q. What is a Health Savings Account ( HSA )? A. A Health Savings Account is an alternative to traditional health
More informationForm 1040 Adjustments to Income
Form 1040 Adjustments to Income Health Savings Account - link to Form 8889. (HSA Certification required) Auto calculated from Sch SE. Flows over from input of 1099- INT in Interest Statement. If the taxpayer
More informationHealth Savings Accounts: An Employer Overview
Health Savings Accounts: An Employer Overview Since salary alone is often not enough to attract and retain valued employees, what can your business do to enhance its employee benefits package? Table of
More informationHealth Savings Account Overview. Findlay City Schools USI Insurance Services LLC Innovation Drive, Suite 220 Miamisburg, OH 45342
Health Savings Account Overview Findlay City Schools 2018 USI Insurance Services LLC 10100 Innovation Drive, Suite 220 Miamisburg, OH 45342 What is an HSA? Created in Medicare legislation and signed into
More informationHSA Frequently Asked Questions
HSA Frequently Asked Questions Overview Q1. WHAT IS A HEALTH SAVINGS ACCOUNT (HSA)? An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical
More informationHealth 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 informationHealth 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 informationESB Health Savings Account
ESB-5387-1116 Health Savings Account How Does it Work? Set aside money, pre-tax, to pay for eligible medical expenses ESB-5387-1116 Why a Health Savings Account? 1 2 3 An account you own Triple tax advantage
More informationHSAs and Medicare. No. You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements, which are:
HSA GPS Fact Sheet Series HSAs and Medicare Many individuals are confused at the intersection of Health Savings Accounts (HSAs) and Medicare. Two different federal agencies have primary responsibility
More informationHEALTH SAVINGS ACCOUNTS (HSAs)
HEALTH SAVINGS ACCOUNTS (HSAs) Presented by: Jennifer Ainsworth Union Bank & Trust Company Heath Benefit Solutions Advantages of HSAs You see the true cost of medical care and have better control over
More informationScott Florsheim, American Fidelity, WASBO May 2016
Scott Florsheim, American Fidelity, WASBO May 2016 This presentation and the information included herein are the property of the American Fidelity Health Services Administration (AFHSA) and may not be
More informationHEALTH SAVINGS ACCOUNT. Straight Answers to Your HSA Questions HSA OVERVIEW HSA ELIGIBILITY. What is a Health Savings Account?
Straight Answers to Your HSA Questions HSA OVERVIEW What is a Health Savings Account? A Health Savings Account (HSA) is a taxexempt trust or custodial account established for the purpose of paying or reimbursing
More informationHealth Savings Plan and Health Savings Account. Business Rules and Detailed Design Features for 2016
Health Savings Plan and Health Savings Account Business Rules and Detailed Design Features for 2016 i Table of Contents 1. Definition of Terms 1A High Deductible Health Plan 2 1B Health Savings Plan (HSP)
More informationYour 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 The Fidelity HSA A tax-advantaged way to pay for health care expenses.* A health savings account (HSA),
More informationHealth Savings Accounts
Health Savings Accounts Who s Eligible? Covered by a high deductible health plan (HDHP) Not covered by other health insurance Not enrolled in Medicare Not claimed as a dependent on someone else s tax return
More informationHEALTH SAVINGS ACCOUNT INVESTING GUIDE. Combine HSA tax advantages with investment opportunities.
HEALTH SAVINGS ACCOUNT INVESTING GUIDE Combine HSA tax advantages with investment opportunities. Why Have an HSA? Short term benefit Save 10-40% on every medical expense. Because HSA contributions are
More informationAdjustments to Income
Adjustments to Income TaxSlayer Navigation: Federal Section >Deductions >Adjustments Health Savings Account select to open Form 8889, Health Savings Accounts. (HSA Certification required) Self-employed
More informationFrequently asked questions about your HSA
Benefit Extras, Inc. P.O. Box 1815 Burnsville, MN 55337 Phone: (952) 435-6858 (Toll-free 1-866-435-6858) Fax: (952) 435-8435 (Toll-free 1-800-886-8793) www.benefitextras.com Frequently asked questions
More informationCOMMONLY ASKED QUESTIONS AND ANSWERS ABOUT PARTICIPATION IN A HEALTH SAVINGS ACCOUNT
What is a Health Savings Account (HSA)? COMMONLY ASKED QUESTIONS AND ANSWERS ABOUT PARTICIPATION IN A HEALTH SAVINGS ACCOUNT A Health Savings Account (HSA) is a tax-advantaged medical savings account that
More informationCRS Report for Congress
Order Code RL33257 CRS Report for Congress Received through the CRS Web Health Savings Accounts: Overview of Rules for 2006 January 31, 2006 Bob Lyke Specialist in Social Legislation Domestic Social Policy
More information2018 Health Savings Account (HSA) Frequently Asked Questions. Table of Contents
2018 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 informationAll Things Medical. Presented by: Keith Altobelli, EA
Presented by: Keith Altobelli, EA 2 At the end of this webinar, you should be able to: Recognize the benefits of Health Savings Accounts (HSAs) Identify Eligibility Requirements Determine deductible and
More informationHealth Savings Accounts
Health Savings Accounts A Guide for Missouri School District Employees Over 70% of employees and retirees in the Missouri Educators Unified Health Plan (MEUHP) are enrolled in an HSA Plan., Projected Plan
More informationHealth Savings Accounts
Health Savings Accounts A Guide for Missouri School Districts January, 2007 Forrest T. Jones & Company, Inc. 3130 Broadway Kansas City, MO 64111 800-821-7303 What is a Health Savings Account (HSA)? Health
More informationpay or reimburse qualified medical expenses.
Health Savings Accounts (HSAs) Notice 2004 2 PURPOSE This notice provides guidance on Health Savings Accounts. BACKGROUND Section 1201 of the Medicare Prescription Drug, Improvement, and Modernization
More informationHSA 101. A Quick Overview of the Health Savings Account Basics
HSA 101 A Quick Overview of the Health Savings Account Basics Agenda Health Savings Account Features HSA Eligibility Contributions Tax Information Distributions HSA-Qualified Expenses Paying for Medical
More informationBusiness & Health Savings Accounts
HSAs Business & Health Savings Accounts 2017 and 2018 Limits Questions & Answers Purpose The purpose of this brochure is to present a business decision-maker with basic information about HSAs so a business
More informationSanford Health Value Plan (HDHP+HSA) Frequently Asked Questions
Sanford Health Value Plan (HDHP+HSA) Frequently Asked Questions August 2017 This document is intended to answer frequently asked questions regarding Sanford Health s Value Plan (HDHP+HSA). Additional information
More informationFrequently Asked Questions about the High Deductible (HDHP) HMO Plan with Health Savings Account (HSA)
Frequently Asked Questions about the High Deductible (HDHP) HMO Plan with Health Savings Account (HSA) The following questions and answers will help you better understand the High Deductible HMO Plan (HDHP)
More informationHealth Savings Accounts
Your State Association Presents Health Savings Accounts Program Materials Use this document to follow along with the webinar. Please test your system before the broadcast. Be sure to print enough copies
More informationHealth Savings Accounts Frequently Asked Questions
Health Savings Accounts 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.
More informationHealth Savings Account (HSA) Contribution Rules
Provided by [B_Officialname] Health Savings Account (HSA) Contribution Rules Many employers offer high deductible health plans (HDHPs) to control premium costs and then pair this coverage with health savings
More informationIntroduction to Health Savings Accounts (HSA)
Introduction to Health Savings Accounts (HSA) 2018 Employee Benefits Corporation 1 Sue Sieger, ACFCI, CAS Senior Compliance Consultant Employee Benefits Corporation sue.sieger@ebcflex.com The material
More informationThis Employer Webinar Series program is presented by Spencer Fane Britt & Browne LLP in conjunction with United Benefit Advisors
This Employer Webinar Series program is presented by Spencer Fane Britt & Browne LLP in conjunction with United Benefit Advisors This Employer Webinar Series program is presented by Spencer Fane Britt
More informationFrequently Asked Questions: The Health Savings Plan
Frequently Asked Questions: The Health Savings Plan Comparing the Plans What are the major differences between the Health Savings Plan (HDHP) and the Traditional Plan (PPO)? The two plans have been designed
More informationHealth Savings Account
Health Savings Account About us Central Bank of Boone County opened its doors in Columbia, Mo in 1857 For over 150 years we ve focused on personal service and leading product innovation 2 What is a Health
More informationFREQUENTLY ASKED QUESTIONS. High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs)
FREQUENTLY ASKED QUESTIONS High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs) ABBVIE EMPLOYEES WANT TO KNOW High Deductible Health Plans Q. What is a High Deductible Health Plan (HDHP)?
More informationIntroduction to Health Savings Accounts (HSA)
Introduction to Health Savings Accounts (HSA) 2017 Employee Benefits Corporation 1 Sue Sieger, ACFCI, CAS Senior Compliance Consultant Employee Benefits Corporation sue.sieger@ebcflex.com The material
More informationQ&A on Federal Tax Aspects of Health Savings Accounts
Q&A on Federal Tax Aspects of Health Savings Accounts OVERVIEW AND ELIGIBILITY REQUIREMENTS What is a Health Savings Account? A Health Savings Account (HSA) is a tax-exempt trust or custodial account created
More informationHealth Savings Account Welcome Guide
Health Savings Account Welcome Guide Your Health Savings Account Health care made more affordable To help you better manage healthcare costs, a Health Savings Account (HSA) is designed to save you money
More informationHealth Savings Accounts (HSAs) Everything You Need to Know
Health Savings Accounts (HSAs) Everything You Need to Know Benefits of an HSA Decreases Taxable Income and Increases Spendable Income for medical expenses Funds rollover each year, so you can use your
More informationA smart investment toward future health care expenses
Consumer accounts 1 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
More informationHealth Savings Accounts Retirement and Medicare thehsaauthority.com Member FDIC
Health Savings Accounts Retirement and Medicare 1-888-472-8697 thehsaauthority.com Member FDIC Ruste Pontenberg, VP and HSA Sales Manager Ruste.Pontenberg@theHSAauthority.com 260-310-6630 Disclaimer not
More informationEmployees Frequently Asked Questions
Principal Health Savings Accounts Employees Frequently Asked Questions BACKGROUND QUESTION Why were health savings accounts (HSAs) created? What are the key advantages of HSAs? ANSWER The state of the
More informationCity and County of Denver Employees. Overview of Your Health Savings Account (HSA)
City and County of Denver Employees Overview of Your Health Savings Account (HSA) January 1, 2016 Optum Bank, member FDIC Wholly-owned by Optum Financial Services Established in 2003 Focuses solely on
More informationHealth Savings Accounts: Overview of Rules for 2010
Health Savings Accounts: Overview of Rules for 2010 Janemarie Mulvey Specialist in Aging and Income Security September 9, 2010 Congressional Research Service CRS Report for Congress Prepared for Members
More information2018 HEALTH SAVINGS ACCOUNT (HSA) FREQUENTLY ASKED QUESTIONS
HSA Overview 2018 HEALTH SAVINGS ACCOUNT (HSA) FREQUENTLY ASKED QUESTIONS 1. What is the Rimkus Consulting Group Health & Savings Plan? The Rimkus Consulting Group Health & Savings Plan is a Consumer Driven
More informationEaton Frequently Asked Questions
Eaton 2018 Medical Plan Options Frequently Asked Questions Table of Contents Eaton Medical Plan... 2 Medical Plan Options... 2 ID Cards... 2 Mechanics of Both Medical Plan Options... 3 Key Plan Features...
More informationAmeren Health Savings Account Program
Ameren Health Savings Account Program Amended January 1, 2016 Ameren Health Savings Account Program 1 Ameren Health Savings Account Program Table of Contents SECTION PAGE Purpose... 3 Program Eligibility...
More informationFrequently 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) BASICS OF A HIGH-DEDUCTIBLE HEALTH PLAN (HDHP) What is a high-deductible health plan (HDHP)? An HDHP is a
More informationFrequently Asked Questions about the GVSU High Deductible PPO Plan (HDHP) with Health Savings Account (HSA)
Frequently Asked Questions about the GVSU High Deductible PPO Plan (HDHP) with Health Savings Account (HSA) The following questions and answers will help you better understand the GVSU High Deductible
More informationHealth Savings Accounts: What You Need to Know
Health Savings Accounts: What You Need to Know Updated March 2017 A health savings account (HSA) is a tax-exempt trust or custodial account set up with a qualified HSA trustee (such as a bank or insurance
More informationColliers Benefits Open Enrollment November 2016
Colliers Benefits Open Enrollment November 2016 Agenda 1. What is Benefits Open Enrollment? 2. What s New this Year? 3. Benefits Overview 4. Next Steps 2 Open Enrollment Open Enrollment : November 1 st
More informationHealth Savings Accounts
Health Savings Accounts In an effort to respond to the rising cost of health insurance, many employers have made use of tax-favored accounts such as health flexible spending accounts (health FSAs), health
More informationHealth Savings Account Guide
Health Savings Account Guide Health Savings Account Highlights 2 Introduction 2 Eligibility 3 McKesson Health Savings Account 3 Health Savings Account Amounts 3 Eligible Expenses 4 Non-Eligible Expenses
More informationHealth+Savings FAQs. The following are frequently asked questions and answers regarding the Health+Savings Option in the BP Medical Plan.
Health+Savings FAQs The following are frequently asked questions and answers regarding the Health+Savings Option in the BP Medical Plan. Note: Health Savings Account (HSA) tax laws vary by state. You might
More informationGet Started with a Health Savings Account
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
More information11. I understand that I may update or change my account beneficiaries at any time using the beneficiary change form on the HSA website.
1. I hereby establish a Health Savings Account ("HSA") under the terms and conditions contained in the accompanying HSA Custodial Account Agreement. This HSA becomes effective upon the acceptance of the
More informationYour 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 informationEmployee Benefits Corporation Advanced HSAs P a g e 1. General Presentation Questions. General HSA Questions
Employee Benefits Corporation Advanced HSAs P a g e 1 Advanced HSAs: Prevent This Year's FSA from Disqualifying Next Year's HSA Q&A the following questions were asked during the two webinar sessions in
More informationCONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan and FSAs For 2019
,r- CONSUMER-DIRECTED MODEL COMPARISON HSAs, VEBA Plan and FSAs For 2019 Market segment(s) Individual, and groups of any size Public Sector employers Groups of any size. What is it? An HSA is a tax-exempt
More informationGUIDE TO YOUR HEALTH SAVINGS ACCOUNT. Revised 07/01/16.
GUIDE TO YOUR HEALTH SAVINGS ACCOUNT www.discoverybenefits.com Revised 07/01/16 Take healthcare matters into your own hands. As High-Deductible Health Plans (HDHPs) continue to gain popularity, more and
More informationYour Fidelity Health Savings Account. Information to help make the most of your new health savings account
Your Fidelity Health Savings Account Information to help make the most of your new health savings account Your Fidelity HSA The health savings approach that makes sense for today. And for tomorrow. Congratulations
More informationYour Fidelity Health Savings Account. Information to help make the most of your new health savings account
Your Fidelity Health Savings Account Information to help make the most of your new health savings account Your Fidelity HSA The health savings approach that makes sense for today. And for tomorrow. Congratulations
More informationYour 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 informationHealth Savings Account (HSA) Frequently Asked Questions
What is an HSA? An HSA is a personal bank account created exclusively for individuals to pay for eligible health expenses and save for future healthcare expenses tax free. Am I eligible to contribute to
More informationHealth Savings Account (HSA)
What is a Health Savings Account? Health Savings Account (HSA) A Health Savings Account (HSA) is a tax-advantaged health care account that you own. You contribute to it with tax-free or tax-deductible
More informationFAQS FOR HSA. Isn t the Health Savings Account (HSA) basically the same as the Health Reimbursement Account (HRA)?
What is an HSA? The Health Savings Account (HSA) is a personal savings account that you use for health care. You may contribute pre-tax* monies towards this account to pay for out of pocket medical expenses
More informationWELCOME TO CIGNA CHOICE FUND. A guide for your health savings account INSIDE c 06/18 LET S GET STARTED MAKING CONTRIBUTIONS USING YOUR MONEY
WELCOME TO CIGNA CHOICE FUND INSIDE A guide for your health savings account 881604 c 06/18 Congratulations on opening a health savings account (HSA). This guide will help you get the most value from your
More informationGold Plan with HSA Rules of the Road
Gold Plan with HSA Rules of the Road Over the past several weeks you have received information about the new STERIS Gold Plan with an HSA which will be offered during the upcoming Open Enrollment. This
More informationEmployers Frequently Asked Questions
Principal Health Savings Accounts Employers Frequently Asked Questions BACKGROUND QUESTION Why were health savings accounts (HSAs) created? ANSWER People are more careful about their health care purchases
More information2019 Health Savings Plan and Health Savings Account Questions
2019 Health Savings Plan and Health Savings Account Questions Contents Health Savings Plan (HSP)... 2 Health Savings Account (HSA) Overview... 4 Opening and Funding Your HSA... 5 Managing Your HSA... 8
More informationHSA Questions and Answers
Brought to you by Sentinel Benefits & Financial Group HSA Questions and Answers This Legislative Brief sets out Questions and Answers regarding Health Savings Accounts (HSAs), as provided by the Internal
More informationWhat to Expect When It s Tax Time
What to Expect When It s Tax Time Information for Employers February 2016 2015 Xerox HR Solutions, LLC. All rights reserved. Contents Tax Filing information for HSAs W-2 Box 12 Information IRS Forms1099-SA
More informationYour Fidelity Health Savings Account. Information to help make the most of your new health savings account
Your Fidelity Health Savings Account Information to help make the most of your new health savings account Your Fidelity HSA The health savings approach that makes sense for today. And for tomorrow. Congratulations
More informationOdessa School District
Odessa School District 2016 Employee Benefits Effective July 1, 2016 DELTA DENTAL OF MISSOURI PPO BASE Premier or Non-Network PPO BUY-UP Premier or Non-Network Deductible Individual $50 $50 Family $150
More informationHealth Savings Accounts Overview. Health Savings Accounts Overview
Health Savings Accounts Overview Key@Work Health Savings Accounts Overview Health Savings Accounts: What are they? Let s start with the basics. Health Savings Accounts (HSAs) are tax-advantaged savings
More informationComparison of Healthcare Reimbursement Programs
June 2016 Presented by Lockton Companies L O C K T O N C O M P A N I E S Table of Contents General 1 Eligibility. 3 Contributions 7 Distributions.. 10 Healthcare Reform Implications. 12 Miscellaneous 15
More informationHealth Savings Account (HSA) Overview
... 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
More informationPRE-TAX HEALTH ACCOUNTS:
PRE-TAX HEALTH S: A Breakdown SIDE-BY-SIDE COMPARISONS OF 3 HEALTH S PROVIDED BY PRIMEPAY BENEFIT SERVICES FSA HRA HSA FLEXIBLE SPENDING HEALTH REIMBURSEMENT HEALTH SAVINGS PRE-TAX HEALTH S: A BREAKDOWN
More informationIU Human Resources High Deductible Health Plan (HDHP) & Health Savings Account (HSA) INDIANA UNIVERSITY
IU Human Resources High Deductible Health Plan (HDHP) & Health Savings Account (HSA) INDIANA UNIVERSITY HDHP & HSA Overview Health Savings Account Tax-free Bank Account Medical Prescriptions Dental Vision
More informationHEALTH SAVINGS ACCOUNT FAQS
What is a Health Savings Account (HSA)? The Health Savings Account (HSA) is a personal savings account that you use for health care. In many ways, an HSA is like an individual retirement account such as
More informationNEW for 2019 High Deductible Health Plan
NEW for 2019 High Deductible Health Plan In addition to the Standard and Choice PPO plans, Larimer County will be offering a third option for the 2019 plan year. What? Why? The IRS defines a high deductible
More informationYour Benefits Solutions Partner Health Savings Account Reference Guide. Plan Services Provided By
EBAS Employee Benefits Administration Services, LLC Your Benefits Solutions Partner 2014 Health Savings Account Reference Guide Plan Services Provided By Employee Benefits Administration Services, LLC
More informationConsidering a Health Savings Account. HSA Bank is a division of Webster Bank, N.A., Member FDIC.
Considering a Health Savings Account Agenda What is an HSA? How Does An HSA Work? How Can You Maximize Your HSA Dollars? Employer Options WHAT IS AN HSA? What is an HSA? A tax-advantaged savings account
More informationyour other insurance company first then forward their explanation of benefits (EOB) along with a FSA or HSA claim form to BAC.
HSA: FAQ Page 1 of 5 Frequently Asked Questions (FAQ) about Health Savings Accounts: Q1. With the FSA I can be reimbursed for expenses paid, regardless of the amount accumulated in my account. Will it
More informationPreparing for a Healthy Future Understanding Health Savings Accounts (HSAs) Presented by: Sam Mitchell and Scott Riordan
Preparing for a Healthy Future Understanding Health Savings Accounts (HSAs) Presented by: Sam Mitchell and Scott Riordan In 2015 36% of all U.S. Households will have a Health Savings Account HSA Options
More information