Page 8 - 2015 OE Sample Guidebook
P. 8
Health Reimbursement Accounts and Health Savings Accounts at a Glance
The chart below outlines some of the speciics regarding an HRA and HSA.
HRA—Health Reimbursement Account HSA—Health Savings Account
Who can contribute? [Client] [Client] and you
How much is contributed? For 2014, [Client] will contribute up to $700 For 2014, [Client] will contribute up to $700
based on your completion of speciic wellness based on your completion of speciic wellness
activities. Covered spouses are also eligible activities. Covered spouses are also eligible
to receive up to $700 credit for completion of to receive up to $700 credit for completion of
these wellness activities, for a maximum total these wellness activities, for a maximum total
of $1,400 per household. of $1,400 per household.
When are funds contributed to Your account will be funded within Funds will be deposited to your HSA within
my account? approximately 90 days after completion of approximately 90 days after completion of
each speciic wellness activity. each speciic wellness activity.
What can I use the money for? It will be applied towards covered medical IRS qualiied medical expenses* incurred by
services subject to the deductible and you, your spouse and dependents (even if the
coinsurance expenses. dependents are not enrolled in the HSA Plan).
Can I roll over unused dollars Yes; All unused money in your HRA at the end Yes; All unused money will remain in your
from year to year? of the year will automatically roll over to the HSA for future use.
next year if you re-enroll in the HRA Plan.
How are expenses paid? Medical claims subject to the deductible You decide whether or not to use your HSA
and coinsurance expenses are automatically debit card to pay for medical claims subject to
paid irst from the HRA until the funds are the deductible and coinsurance expenses with
exhausted. Then, you pay any remaining the funds in your HSA. You pay for expenses
expenses until you reach the annual out-of- until you reach the annual out-of-pocket
pocket maximum. maximum.
How do I access my account? Visit www.bcbsil.com to track your medical Visit www.bcbsil.com to track your medical
claims. claims. Upon enrolling in the HSA Plan,
you will be provided with online banking
information.
Does the money earn interest? No Yes
Can I take the unused balance No Yes; If you leave [Client], you take your HSA
with me? funds with you.
Can I contribute to a Healthcare Yes No; Participants in the HSA Plan can only have
Flexible Spending Account a Limited Purpose Healthcare Reimbursement
(FSA)? Account. Refer to page 17 for more
information.
Must I report my HRA or HSA on No; An HRA is part of the medical plan. Yes
my federal income tax form?
*HSA eligible expenses are deined by the IRS. IRS Publication 502 provides a complete list which can be found at www.irs.gov/pub/irs-pdf/p502.pdf
8
The chart below outlines some of the speciics regarding an HRA and HSA.
HRA—Health Reimbursement Account HSA—Health Savings Account
Who can contribute? [Client] [Client] and you
How much is contributed? For 2014, [Client] will contribute up to $700 For 2014, [Client] will contribute up to $700
based on your completion of speciic wellness based on your completion of speciic wellness
activities. Covered spouses are also eligible activities. Covered spouses are also eligible
to receive up to $700 credit for completion of to receive up to $700 credit for completion of
these wellness activities, for a maximum total these wellness activities, for a maximum total
of $1,400 per household. of $1,400 per household.
When are funds contributed to Your account will be funded within Funds will be deposited to your HSA within
my account? approximately 90 days after completion of approximately 90 days after completion of
each speciic wellness activity. each speciic wellness activity.
What can I use the money for? It will be applied towards covered medical IRS qualiied medical expenses* incurred by
services subject to the deductible and you, your spouse and dependents (even if the
coinsurance expenses. dependents are not enrolled in the HSA Plan).
Can I roll over unused dollars Yes; All unused money in your HRA at the end Yes; All unused money will remain in your
from year to year? of the year will automatically roll over to the HSA for future use.
next year if you re-enroll in the HRA Plan.
How are expenses paid? Medical claims subject to the deductible You decide whether or not to use your HSA
and coinsurance expenses are automatically debit card to pay for medical claims subject to
paid irst from the HRA until the funds are the deductible and coinsurance expenses with
exhausted. Then, you pay any remaining the funds in your HSA. You pay for expenses
expenses until you reach the annual out-of- until you reach the annual out-of-pocket
pocket maximum. maximum.
How do I access my account? Visit www.bcbsil.com to track your medical Visit www.bcbsil.com to track your medical
claims. claims. Upon enrolling in the HSA Plan,
you will be provided with online banking
information.
Does the money earn interest? No Yes
Can I take the unused balance No Yes; If you leave [Client], you take your HSA
with me? funds with you.
Can I contribute to a Healthcare Yes No; Participants in the HSA Plan can only have
Flexible Spending Account a Limited Purpose Healthcare Reimbursement
(FSA)? Account. Refer to page 17 for more
information.
Must I report my HRA or HSA on No; An HRA is part of the medical plan. Yes
my federal income tax form?
*HSA eligible expenses are deined by the IRS. IRS Publication 502 provides a complete list which can be found at www.irs.gov/pub/irs-pdf/p502.pdf
8
