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The chart below outlines some of the speciics regarding an HSA.
WageWorks Health Savings Account
What can I use the money for? IRS qualified medical expenses* incurred by you, your spouse
and dependents (even if the dependents are not enrolled in the
HSA Plan)
Can I roll over unused dollars from year to year? Yes; unused money will remain in your HSA for future use
How are expenses paid? You decide whether or not to use your WageWorks HSA debit
card to pay for medical claims subject to the deductible and
coinsurance expenses with the funds in your HSA; you pay for
expenses until you reach the annual out-of-pocket maximum
How do I access my account? By using your WageWorks HSA debit card and online banking
as provided to you when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave DAWSON, you take your HSA funds with you
Can I contribute to a Healthcare Flexible Spending No; participants in the HSA Plan can only have a limited
Account (FSA)? purpose healthcare FSA
Must I report my HSA on my federal income tax Yes
form?
May I use HSA funds expenses incurred prior to No; you may only reimburse eligible expenses incurred after
opening my HSA? you open your HSA
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 HSA or pay out-of-pocket . There are no copays . You are responsible for paying the remaining
You are responsible for paying for all non-preventive deductible and coinsurance up to the out-of-pocket
medical services and non-preventive prescriptions maximum limits . Once met, the plan pays 100 percent
until you meet your annual deductible . of your eligible medical expenses . You may contribute
funds to your HSA to calendar year limits .
There is no “use it or lose it” rule . Want to pay for your eligible medical expenses
Any unused money will remain tax-free?
in your HSA for future use . If you Make pre-tax contributions to your HSA through payroll deduction . The
leave DAWSON, you take your IRS contribution limits for 2019 are $3,500 for individuals and $7,000
HSA funds with you . for families . Individuals age 55 and older may contribute an additional
$1,000 to their HSA . These funds can be withdrawn at any time to pay
for qualified 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.
18 2019 Benefits Guide
WageWorks Health Savings Account
What can I use the money for? IRS qualified medical expenses* incurred by you, your spouse
and dependents (even if the dependents are not enrolled in the
HSA Plan)
Can I roll over unused dollars from year to year? Yes; unused money will remain in your HSA for future use
How are expenses paid? You decide whether or not to use your WageWorks HSA debit
card to pay for medical claims subject to the deductible and
coinsurance expenses with the funds in your HSA; you pay for
expenses until you reach the annual out-of-pocket maximum
How do I access my account? By using your WageWorks HSA debit card and online banking
as provided to you when you opened your account
Does the money earn interest? Yes
Can I take the unused balance with me? Yes; If you leave DAWSON, you take your HSA funds with you
Can I contribute to a Healthcare Flexible Spending No; participants in the HSA Plan can only have a limited
Account (FSA)? purpose healthcare FSA
Must I report my HSA on my federal income tax Yes
form?
May I use HSA funds expenses incurred prior to No; you may only reimburse eligible expenses incurred after
opening my HSA? you open your HSA
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 HSA or pay out-of-pocket . There are no copays . You are responsible for paying the remaining
You are responsible for paying for all non-preventive deductible and coinsurance up to the out-of-pocket
medical services and non-preventive prescriptions maximum limits . Once met, the plan pays 100 percent
until you meet your annual deductible . of your eligible medical expenses . You may contribute
funds to your HSA to calendar year limits .
There is no “use it or lose it” rule . Want to pay for your eligible medical expenses
Any unused money will remain tax-free?
in your HSA for future use . If you Make pre-tax contributions to your HSA through payroll deduction . The
leave DAWSON, you take your IRS contribution limits for 2019 are $3,500 for individuals and $7,000
HSA funds with you . for families . Individuals age 55 and older may contribute an additional
$1,000 to their HSA . These funds can be withdrawn at any time to pay
for qualified 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.
18 2019 Benefits Guide
