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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 qualiied 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 cannot, nor may their spouse, contribute
Account (FSA)? to a healthcare FSA
Must I report my HSA on my federal income tax form? Yes
May I use HSA funds expenses incurred prior to No; you may only reimburse eligible expenses incurred after you open
opening my HSA? 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 You are responsible for paying the remaining deductible
responsible for paying for all non-preventive medical and coinsurance up to the out-of-pocket maximum limits.
services and non-preventive prescriptions until you meet Once met, the plan pays 100 percent of your eligible
your annual deductible. 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 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 2020 are $3,550 for individuals and $7,100 for families.
DAWSON, 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These funds can be withdrawn at any time to pay for qualiied medical expenses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.
18 2020 Benefits Guide
WageWorks Health Savings Account
What can I use the money for? IRS qualiied 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 cannot, nor may their spouse, contribute
Account (FSA)? to a healthcare FSA
Must I report my HSA on my federal income tax form? Yes
May I use HSA funds expenses incurred prior to No; you may only reimburse eligible expenses incurred after you open
opening my HSA? 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 You are responsible for paying the remaining deductible
responsible for paying for all non-preventive medical and coinsurance up to the out-of-pocket maximum limits.
services and non-preventive prescriptions until you meet Once met, the plan pays 100 percent of your eligible
your annual deductible. 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 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 2020 are $3,550 for individuals and $7,100 for families.
DAWSON, 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.
18 2020 Benefits Guide
