Health Savings Account (HSA)

A Health Savings Account (HSA) is a personal savings account you can use to pay for qualified out-of-pocket medical expenses with pretax dollars, now and in the future. Once you’re enrolled in the HSA, you’ll receive a debit card to help manage your HSA reimbursements. Your HSA can also be used for your expenses and those of your spouse and tax dependents up to age 26, even if they are not covered by the HDHP medical plan.

Your HSA is always yours — no matter what.

One of the best features of an HSA is that any money left in your HSA account at the end of the year rolls over so you can use it next year or sometime in the future. And if you leave the Company or retire, your HSA goes with you so you can continue to pay for or save for future eligible healthcare expenses.

Health Savings Accounts are offered through Optum Financial. Manage your account at www.optumbank.com.

Benefits of an HSA

Portability. The money in your HSA is carried over from year to year and is yours to keep, even if you leave the Firm or change health plan options.
Tax Advantages. HSA contributions are made with pre-tax dollars, reducing your taxable income. Additionally, any interest or investment earnings on the funds in the account are tax-free. The money is also not taxable upon withdrawal if used for qualified medical, prescription drug, dental and vision expenses for you or a qualified dependent.
Invest in your future. Once you have $1,000 in your HSA, you have the option to invest the funds in a variety of options available through Optum Bank. This allows for potential growth over time.
Flexibility. You can update your elections to the HSA at any point during the year by logging onto your ADP account.

Eligibility

You cannot be covered by any other medical plan that is not a high deductible health plan, enrolled in Medicare or claimed as a dependent on someone else’s tax return to participate.
You cannot participate if your spouse is enrolled in a Healthcare Flexible Spending Account through their employer.
Sufficient funds must be in your account to receive reimbursement for a qualified expense. You will receive an Optum Bank debit card that can be used to pay for expenses.
It is important to keep records and receipts for any withdrawals from your HSA.
Distributions from your HSA that are used to pay for nonqualified healthcare expenses will be included in your gross income for tax purposes and are subject to an additional 20 percent penalty.

Contributions

Benjamin F. Edwards contributes $250 per year for employees who complete their annual physical. Benefits Eligible Employees with a spouse/domestic partner covered under one of the HDHP plans can get an additional $100 when they complete their physical. Proof of your physical must be provided to Human Resources.

You contribute on a pretax basis and can change how much you contribute from each paycheck up to the annual IRS maximum of $4,400 if you enroll only yourself or $8,750 if you enroll in family coverage. This limit includes both your contributions and Benjamin F. Edwards or Optum’s through the UHC Rewards program. You can make an additional $1,000 catch-up contribution if you are age 55 or older.

Using Your Account

Eligible Expenses

You may use your HSA funds to cover medical, dental, vision and prescription drug expenses incurred by you and your eligible family members.

Your Debit Card

Use the debit card linked to your HSA to cover eligible expenses or pay for expenses out of your own pocket and save your HSA money for future healthcare expenses.