Health Savings Account (HSA) FAQ
- are pre-taxable
- grow tax-free, and
- can be withdrawn tax-free when used to pay for qualified medical expenses.
- You cannot be covered under a non-qualified medical plan (i.e., a spouse’s/parent’s HMO or PPO that is not a qualified CDHP).
- You cannot be enrolled in Medicare, including Part A.
- You are not eligible to be claimed as a dependent on another person’s tax return.
- You are not covered by a general-purpose health care flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited purpose FSA or HRA, might be permitted.
- You do not receive health benefits under TRICARE.
- You have NOT received medical services at a VA (Veteran Affairs) hospital/facility in the last three months. Receipt of VA financial compensation (e.g., disability benefits) does not disqualify you from opening/contributing to an HSA.
My spouse or domestic partner has a medical plan through their employer, am I still eligible to open an HSA?
- not covered under your spouse’s or domestic partner’s plan
- covered under your spouse’s or domestic partner’s plan, and that plan is also a HSA-qualifying CDHP
I received a letter from HSA Bank that my account has been closed, stating I did not provide them the required documentation. How do I re-open the account using my same account number?
|Medical Plan Election Coverage Tier||
2020 Contribution Maximum
2020 Contribution Maximum
(Including Catch-up for 55+*)
|Associate only coverage||$3,550||$4,550|
|Associate + Spouse/Domestic Partner, Associate + Child(ren) or Family coverage||$7,100||$8,100|
- Automatic deposit into your HSA if you enroll in the Silver CDHP:
- Up to $250 lump sum – Associate only coverage
- Up to $500 lump sum – Associate + Spouse/DP; Associate + Child(ren); Family coverage
- Wellness Incentives: an additional HSA contribution is given if you are enrolled in the Silver, or Bronze CDHP and complete a session with ALEX, an annual physical exam and online Health Risk Assessment are completed:
- Up to $250 – Associate only coverage
- Up to $500 – Associate + Spouse/DP; Associate + Child(ren); Family coverage and both you and your Spouse/DP complete wellness requirements
- The Wellness Incentive will be awarded on an individual basis (independent of Associate/Spouse requirement completion).
NOTE: HSA and Wellness Incentive contributions may be prorated based on date of eligibility or Wellness requirement completion. Associates and/or spouses/domestic partners must complete a Health Assessment and an annual exam to be eligible for the Wellness Incentive. If you cover a spouse/domestic partner on an HBC medical plan, you can both complete the requirements on an individual basis to be eligible for the Wellness Incentive, independent of one another. HBC HSA contributions are only available to Associates enrolled in the Gold or Silver medical plan. Wellness Incentive HSA contributions are available to Associates enrolled in the Gold, Silver, or Bronze plan.
Wellness Incentive HSA Contributions
How and when can I complete the items required to receive the Wellness Incentive contributions? Will it cost me anything to complete these items?
NOTE: Your full annual physical exam must be with your regular personal physician. An annual well woman visit with an OB/GYN will count toward meeting the requirement. Quick visits to a “minute clinic” or similar facility will not count toward meeting the requirement.
The Health Assessment will be available in your myCigna account. Both the Health Risk Assessment and an annual physical exam (at a network provider) may be completed at no cost to Associates. The full amount of the Wellness Incentive can be earned if you and/or your spouse/domestic partner complete the requirements on or before June 30, 2020. For more information, including the HSA Contribution Proration Schedule, visit the HBC Wellness Incentive page.
NOTE: Wellness Incentive contributions are available to Gold, Silver or Bronze CDHP members. You may receive a prorated automatic employer contribution based on the month you are eligible for benefits. Depending on the completion date of both the Health Risk Assessment and the annual physical exam, your Wellness Incentive contribution amount may be prorated as well.
Common allowable expenses include:
- Doctor's office visits
- Dental care and braces
- Eyeglasses, contacts, and LASIK surgery
- Prescription medications
- Chiropractic services
- Doctor's office visits (non-preventive care)
Common expenses that are NOT allowable include:
- Over-the-counter drugs (unless prescribed by a doctor)
- Advance payment for future medical care
- Amounts reimbursed from another source, such as a health plan or Health Plan FSA
- Cosmetic surgery (unless due to trauma or disease)
- Child care for a healthy baby
- Funeral expenses
- Health club dues
- Weight loss programs not prescribed to treat a specific disease
For a complete list of allowable expenses and exclusions visit: Internal Revenue Service
- Link account to your Cigna medical plan so payment is automatic when there are eligible expenses
- Use the HSA Bank debit card
- Use the HSA Bank online bill payment service
- Withdraw funds at an ATM using HSA Debit card
- Write a check to yourself (for a fee, you may order checks through HSA Bank)