Page 10 - Benefits Guide
P. 10
HSA Eligibility Health Savings Account (HSA)
You may open and contribute pre- Health Savings Account
tax dollars to an HSA if you meet What can I use the money for? IRS qualiied medical expenses* incurred by
the following criteria . you, your spouse and dependents (even if the
dependents are not enrolled in the medical plan)
Enrolled in an IRS qualiied
high deductible health plan Can I roll over unused dollars from Yes; unused money will remain in your HSA for
year to year?
future use
(both Base and Buy-Up Plans How are expenses paid? You pay for expenses until you reach the
are) deductible and then you pay coinsurance until
you reach the out-of-pocket maximum; you
Not enrolled in a Government decide whether or not to use your HSA debit
sponsored program (Medicare, card to pay for medical claims subject to the
Medicare, TRICARE, etc .) deductible and coinsurance expenses with the
funds in your HSA
Have not received VA beneits How do I access my account? By using your HSA debit card and online banking
within the last 3 months as provided to you when you opened your
(unless you are receiving account
beneits for a service related Does the money earn interest? Yes
disability) Can I take the unused balance Yes; if you leave myNEXUS, you take your HSA
with me? funds with you
Not claimed as a dependent on Must I report my HSA on my Yes
someone else’s tax return federal income tax form?
May I use HSA funds for expenses No; you may only reimburse eligible expenses
Your spouse may not contribute incurred prior to opening my HSA? incurred after you open your HSA
to a healthcare FSA
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from your You are responsible for paying the remaining deductible
HSA or pay out-of-pocket . There are no copays . You are and coinsurance up to the out-of-pocket maximum limits .
responsible for paying for all non-preventive medical Once met, the plan pays 100% of your eligible medical
services and non-preventive prescriptions until you meet expenses . You may contribute additional funds at any time
your annual deductible . during the plan year to your HSA to calendar year limits .
Want to pay for your eligible medical expenses
There is no “use it or lose it” rule . tax-free?
Any unused money will remain in Make pre-tax contributions to your HSA through payroll deduction . The IRS
your HSA for future use . If you leave contribution limits for 2017 are $3,400 for individuals and $6,750 for families .
myNEXUS, you take your HSA funds Individuals age 55 and older may contribute an additional $1,000 to their HSA .
with you .
These funds can be withdrawn at any time to pay for qualiied medical expenses
tax-free . Refer to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf .
10 2017–18 Benefits Enrollment
You may open and contribute pre- Health Savings Account
tax dollars to an HSA if you meet What can I use the money for? IRS qualiied medical expenses* incurred by
the following criteria . you, your spouse and dependents (even if the
dependents are not enrolled in the medical plan)
Enrolled in an IRS qualiied
high deductible health plan Can I roll over unused dollars from Yes; unused money will remain in your HSA for
year to year?
future use
(both Base and Buy-Up Plans How are expenses paid? You pay for expenses until you reach the
are) deductible and then you pay coinsurance until
you reach the out-of-pocket maximum; you
Not enrolled in a Government decide whether or not to use your HSA debit
sponsored program (Medicare, card to pay for medical claims subject to the
Medicare, TRICARE, etc .) deductible and coinsurance expenses with the
funds in your HSA
Have not received VA beneits How do I access my account? By using your HSA debit card and online banking
within the last 3 months as provided to you when you opened your
(unless you are receiving account
beneits for a service related Does the money earn interest? Yes
disability) Can I take the unused balance Yes; if you leave myNEXUS, you take your HSA
with me? funds with you
Not claimed as a dependent on Must I report my HSA on my Yes
someone else’s tax return federal income tax form?
May I use HSA funds for expenses No; you may only reimburse eligible expenses
Your spouse may not contribute incurred prior to opening my HSA? incurred after you open your HSA
to a healthcare FSA
How the HSA Works
When You Have a Healthcare Expense Once Your Deductible is Met
You decide whether or not to use the funds from your You are responsible for paying the remaining deductible
HSA or pay out-of-pocket . There are no copays . You are and coinsurance up to the out-of-pocket maximum limits .
responsible for paying for all non-preventive medical Once met, the plan pays 100% of your eligible medical
services and non-preventive prescriptions until you meet expenses . You may contribute additional funds at any time
your annual deductible . during the plan year to your HSA to calendar year limits .
Want to pay for your eligible medical expenses
There is no “use it or lose it” rule . tax-free?
Any unused money will remain in Make pre-tax contributions to your HSA through payroll deduction . The IRS
your HSA for future use . If you leave contribution limits for 2017 are $3,400 for individuals and $6,750 for families .
myNEXUS, you take your HSA funds Individuals age 55 and older may contribute an additional $1,000 to their HSA .
with you .
These funds can be withdrawn at any time to pay for qualiied medical expenses
tax-free . Refer to IRS Publication 502 for a complete list of eligible expenses at
www.irs.gov/pub/irs-pdf/p502.pdf .
10 2017–18 Benefits Enrollment
