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MYHEALTH HSA PLAN
Maximizing Your HSA
Your HSA can be a great tool to help pay for current qualified
medical expenses. But it can also help you save and invest for
the future. Follow these tips to get the most out of your HSA:
• Opt out of paper statements. HSA Bank charges you for
each paper statement you receive. If you’re charged this fee
and don’t have an account balance, your account will close
and EFH will be unable to make any funding contributions.
Log in to www.wageworks.com to opt out.
• Name a beneficiary. If the unthinkable happens, having a
beneficiary on your account will help prevent the cash from
getting tied up in probate. Open Enrollment is a good time
to review your designations each year. The beneficiary form
can be found under the MyHR tab on Connect. Click on HR
Services.
• Allow for maximum contributions. If your voluntary
contributions and EFH’s contributions combined reach the
federal limit, EFH will not be able to deposit any additional
funding you earn, and that money will be forfeited.
• Use your HSA money now — or build your savings for
future expenses. Your HSA balance rolls over from year to
year, and can be saved for healthcare expenses when you
need it — even if you are fortunate not to need it for many
years. And because an HSA lets you save and invest tax-free,
it can be one of the best ways to pay for healthcare expenses.
• Save your receipts. If the IRS asks, you must be able to
prove you used your HSA money only to pay or reimburse
yourself for qualified medical expenses.
• Set up direct deposit. This allows Wageworks to send the
money directly to your checking or savings account when you
submit a Pay Me Back claim.
The HSA Triple Tax Advantage
1. Contributions are not subject to federal income tax.
2. Investment earnings and interest grow tax-free.
3. Withdrawals are not taxed as long as you use the money to pay
for qualified medical expenses.
Manage Your Account with Wageworks
Our HSA accounts are managed by Wageworks. To check
your balance, update your beneficiaries, submit claims, look up
eligible expenses and find other helpful HSA information:
• Visit www.wageworks.com.
• Call 877-924-3967.
• Download the free Wageworks EZ Receipts app from the
iTunes Store or Google Play.
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