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Health Savings Account

Health Savings Account 

What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) is a tax-advantaged medical savings account you can contribute into/draw money from for certain medical expenses tax-free. HSAs can be used for out-of-pocket medical, dental, and vision expenses.  Only available to employees participating in the Albemarle Choice plan (our Consumer Driven High Deductible plan), HSAs are a tax-preferred way to pay for the higher out of pocket costs that come with high deductible health plans. Employer contributions into your HSA are set annually, but you can also contribute to this plan – to pay eligible out of pocket costs, or to save for future retiree medical expenses. It’s got some very attractive tax advantages that can help you save money now, and also for future healthcare costs – even into retirement!
Our HSA administrator is HealthEquity; you can learn more about HealthEquity and HSAs by visiting their website at http://www.healthequity.com
 
HSAs empower health savings in several ways:
  • Lower monthly health insurance premiums, as premiums for Consumer Driven High Deductible plans are lower than those of traditional medical insurance plans
  • HSA contributions are not taxed*
  • You earn tax-free* interest on HSA balances
  • Balances over $2k can be invested
  • HSA funds used for qualified medical expenses are not taxed*
  • HSA balances roll over year after year
  • You own your HSA, even if you change jobs or retire
HSA eligibility
To make tax-free deposits to an HSA, the IRS requires that:
·         you are covered by an HSA-qualified health plan (like the Albemarle Choice plan)
·         you have no other health coverage (such as other health plan, Medicare, military health benefits, traditional medical FSAs)
·         you are not claimed as a dependent on another individual's tax return
Facts about our HSA:
For plan year 2017-2018:
·         Employees will receive an $1,104 employer contribution (paid in 2 installments – one at the end of October, and one at the end of April)
·         PT employees will receive a prorated contribution based on their part-time percentage.
·         Employees who join the plan mid-year will receive a prorated contribution based on hire date
Good things to know:
·         The HSA comes with a convenient debit card, but you can choose to request reimbursement at a later time
·         HSA accounts are not pre-loaded (like medical FSAs); like a bank account, you must have sufficient funds in your account to cover your reimbursement requests/debit card usage (e.g., if you have a $500 medical expense, but have only $300 in your HSA, you would only be able to use $300 of HSA funds toward your $500 medical bill
·         Be sure to verify your eligibility for an HSA before selecting the Albemarle Choice plan in order to avoid unpleasant tax consequences
 
 
 
 
 
 
 

 

 Money in pocket.jpg

 HSA Documents
  
  
HSA Member Guide.pdfHSA Member Guide
HSA Payroll Deduction Form.pdfHSA Payroll Deduction Form
HSA Personal Info Change Form.pdfHSA Personal Info Change Form
Medicare_Eligibility_and_Your_HSA_2015.pdfMedicare_Eligibility_and_Your_HSA_2015
Winning with an HSA.pdfWinning with an HSA

 
 

Contact Information

Health Equity: 866-346-5800