Page 13 - GESMN 2019 Benefits Enrollment Guide

Health Savings Account (HSA)

What is a Health Savings Account (HSA)?
An HSA is a tax-favored savings account that works in conjunction with your health HSA Eligibility

plan coverage. HSA dollars can be used to pay for qualified medical expenses such as You may open and contribute
pre-tax to an HSA if you
deductibles, copays, dental and vision care. For a complete list of qualified medical meet the following criteria:
expenses visit irs.gov in IRS Publication 502. • Enrolled in an IRS
qualified high
HSA Major Benefits deductible health
➢ Funds always belong to you. plan (HDHP).
➢ Funds always roll over to use the following year. • Cannot be enrolled
in a traditional
➢ Lowers your taxable income. PPO plan
• through your spouse or
HSA Triple Tax Savings other employer
sponsored plan
➢ Tax deduction when you contribute to your account.
options.
➢ Tax-free earnings through investment.
• Cannot be enrolled in
➢ Tax-free withdrawal for qualified medical expenses. a government
sponsored program
(Medicare, Medicaid,
If you enroll in either of GESMN’s high deductible health plans and are eligible to Tricare, etc.).
participate in the HSA, you may open an HSA account. Your account with • Cannot have
GESMN’s vendor of choice is required to receive a GESMN contribution as well received VA benefits
within the last three
your own HSA pre-tax deduction within our payroll system, if you elect to make months (unless
your own contribution. receiving benefits for
a service related
disability).
GESMN utilizes Associated Bank for its HSA.
• Cannot be claimed
as a dependent on
To open an account with Associated Bank, contact the Associated Bank someone else’s tax
Health Savings Account Administration Department at 866-740-8666 or return.
client.hsaplus.associatedbank.com/login.aspx • Cannot have an HSA
and healthcare FSA;
1. Insert Employer code: ABK-CV0433. your spouse cannot

2. Click “Get Started” to begin the online enrollment process. have a healthcare
FSA through their
3. Complete the enrollment. employer.
4. GESMN’s benefit administration department will be notified of your new
account information and process in the next payroll period.

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