1 / 22

Health Savings Accounts (HSAs) for Wellesley College

Health Savings Accounts (HSAs) for Wellesley College. The HSA Advantage. The Benefits of an HSA F unds roll over from year-to-year: No “use it or lose it ” Tax benefits on contributions, earnings and distributions Contributions are pre-tax via paycheck

chava-carson
Download Presentation

Health Savings Accounts (HSAs) for Wellesley College

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Health Savings Accounts (HSAs) for Wellesley College

  2. The HSA Advantage • The Benefits of an HSA • Funds roll overfrom year-to-year: No “use it or lose it” • Tax benefits on contributions, earnings and distributions • Contributions are pre-tax via paycheck • Funds follow you, may be transferred to another HSA • No receipts needed for reimbursement (keep in case of audit) • Build your retirement savings

  3. FSA, HSA, or Both?

  4. You can access your HSA funds by: Paying with your debit card Using the EZ Receipts mobile app Using Pay My Provider through WageWorks.com Using Pay Me Back (to be reimbursed) You should keep your receipts, but you do not need to provide them to WageWorks Reimbursements

  5. Withdrawals for qualified medical, dental, or vision expenses are tax-free Withdrawals not used for qualified expenses are assessed normal income tax plus a tax penalty There is no penalty to withdraw if 65 or older, or on certain types of disability Income tax still applies if not for qualified expenses Withdrawals

  6. If You Leave Wellesley… • If leave the College… • Debit card and other functionality remains active for the HSA • The card will no longer access the FSA account (if applicable) • WageWorks will notify you in writing of your options: • Keep HSA open with WageWorks for a monthly fee, liquidate and close the account, transfer funds to another HSA

  7. BNY Mellon Features & Options

  8. BNY Mellon: Our Capabilities • Offers an integrated account and investment management platform on WageWorks.com • Provides an FDIC-insured, interest-bearing “liquid” account with mutual funds and no per-trade fees • Includes automatic fund allocation capabilities • Gives you 24/7 access to statements and tax forms 8

  9. BNY Mellon: Investment Options • Includes 16mutual fund options • Requires only a $1,000 minimum (first time only) for investing • No additional enrollment or separate site access is required • You pay only $2.00 per month fee for investing • Charged only for months with $ in investments; is not an annualized fee

  10. How to Sign Up TOOLS RESOURCES • Harvard Pilgrim Claims Details • HSA PowerPoint • HR Website • Group Presentations • One-on-One Appointments • HSA Savings Estimator • Plan Comparison Calculator • Now iKnow – HPHC Tool First, Decide Login to College Benefits Portal Contribute to HSA Choose HDHP Then Enroll Login for info • Login to WageWorks • Look up account balance • Pay providers with HSA • Invest HSA funds • Login to HPHC • Find doctors • Look up deductible usage • View claims activity

  11. Registering Online From the WageWorks.com homepage, click Log In/Register -> Employee Registration

  12. HSA & Limited Purpose FSAEmployee Experience

  13. Accessing Your HSA Money

  14. Additional Option: Limited Purpose FSA • You may enroll in the HSA and a Limited Purpose FSA • The Limited Purpose FSA generally covers only dental and vision expenses • Once you’ve met the HDHP deductible for the year, the Limited Purpose FSA can also be used for medical expenses

  15. Your WageWorks Card • You receive a WageWorks card once you complete the application • If you also sign up for the Limited Purpose FSA, you will receive the card even if you don’t complete the HSA application • Be sure to complete the application before January 1st so the account can accept your first payroll contribution

  16. Card Use: Submitting Bills/Receipts • HSA • No substantiation to WageWorks is required • The IRS will impose an additional 20% tax on the part of the distributions not used for qualified medical expenses • FSA • All transactions must be substantiated, per the IRS • Receipts will not be needed if a card transaction meets one of the following criteria: • Match to a Recurring Transaction • Health Plan Copayment Amount • Merchant Has IRS-approved Inventory System • If receipt/EOB/etc. is not submitted in 90 days, the card will be suspended

  17. The WageWorksSite • Online view of activity is available 24/7 • One view for all plan types • Can set options for email and text notifications

  18. Accessing BNY Mellon From your HSA Account Activity page, click “Investment Options” to access your BNY Mellon account

  19. Mobile Account Access • Mobile Site • EZ Receipts App

  20. Online Resources • Visit WageWorks.com for plan information, eligible expenses, forms, and more

  21. Customer Service • You may call for account information at 1-877-WAGEWORKS (877-924-3967) • Customer Service Representatives are available Monday through Friday, 8 AM to 8 PM ET (excluding holidays)

  22. Questions?

More Related