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IMPORTANT: If you do not elect your benefits during the annual Open Enrollment period or within 31 days of your date of hire, you will not have Roper St. Francis Healthcare health plan coverage until the next year unless you have a qualified life event as defined by the IRS.
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Health Savings Accounts
When you enroll in the Alliance Save plan, a Health Savings Account will be automatically opened for you through McGriff Insurance Services, a division of BB&T. Roper St. Francis Healthcare’s contribution into your HSA will be deposited into your account. The amount of the contribution is detailed below in “How much will Roper St. Francis Contribute to my HSA?”
What is a Health Savings Account?
A Health Savings Account (HSA) is a savings account that allows you to set aside money for health care tax free. It is intended to cover current and/or future expenses. The HSA allows you to use before-tax dollars to pay for eligible out-of-pocket medical expenses for you, your spouse, and your dependents, which in turn saves you tax dollars and increases your spendable income.
How much will Roper St. Francis Healthcare contribute to my HSA?
If you select the Alliance Save plan, Roper St. Francis Healthcare makes a contribution into your Health Savings Account, of up to $1,100. The contribution is pro-rated for new teammates according to the chart below.
What is the maximum contribution I can make into my HSA?
The 2020 maximum HSA contribution limits (including Roper St. Francis Healthcare’s contribution) as set by the IRS are as follows:
- $3,550 single insured
- $7,100 family insured
- $1,000 55+ catch-up contribution
Your contributions can be made at any time during the year in any increment, including the following.
- All at once at the beginning of the year
- All at once at the end of the year
- In equal amounts during the year
Who is eligible for an HSA?
There are four federal requirements to be eligible for HSAs:
- A person must be covered simultaneously by a qualified HDHP.
- The HSA enrollee cannot be covered by any other health insurance plan, such as a spouse’s plan
- The HSA enrollee must not be enrolled in Medicare
- The HSA enrollee cannot be claimed as a dependent on someone else’s federal income tax return
How do I use my HSA?
When you enroll in the Save plan and elect a HSA, an account will be opened for you. You will have access to a secure, easy-to-use web portal where you can track your account balance, view your investment accounts, and submit requests for reimbursements. You can also access your account with the mobile app.
You will also receive a Benefit Access Visa® Debit Card to use for qualified medical expenses at doctors’ offices, hospitals, and pharmacies. When you use the card to pay for services, the payment is automatically withdrawn from your account. Just keep receipts for your own records.
Monthly statements and annual tax documents are issued for the HSA deposit account and Mutual Fund Investment Account, and can be accessed through the web portal or mailed to your address on file if elected through the portal. You may access your HSA through the web portal at www.mcgriffinsurance.com/flex or through the Benefit Access Mobile App, which is available for all Apple and Android users.
What is allowable for HSA payments or distributions?
Traditional medical costs, such as diagnosis and treatment of disease are allowable, as well as routine medical visits. In addition, many expenses that may not be covered by traditional health insurance can be paid for through HSA accounts. These include prescription drugs and some non-prescription drugs, eye care, dental care, COBRA premiums, acupuncture, Braille books, midwife services, seeing-eye dogs, qualified long-term care services and more. A more complete list can be found in IRS Publication 502 Medical and Dental Expenses for the tax year in question.
What happens if I use my HSA funds for non-medical expenses?
If an enrollee uses HSA money for non-medical expenses and is under the age of 65, he or she will incur a 20 percent penalty in addition to owing regular federal income tax on such amounts. After age 65, there is no 20 percent penalty, but regular federal income taxes would apply for non-medical expenditures.
What happens to my HSA if I leave Roper St. Francis Healthcare?
The money you contribute to your HSA, either through payroll deductions or other deposits, is yours. The HSA account is in your name and you have sole rights to this account, regardless of what company you work for. Even the contribution RSFH makes to your HSA is money you keep. Once the funds are deposited to your account the money belongs solely to you. It cannot be forfeited due to separation of employment.
Summary of HSA advantages
- Triple Tax Advantages – Pre-tax contributions to your HSA, tax-exempt interest and investment gains on your HSA and tax-free withdrawals from your HSA for qualified medical expenses
- Unprecedented Control – You are now in control of how your health care dollars are used – save or spend, it’s your choice
- Portability – Your HSA is an account that you own and remains in place regardless of where you work or what insurance company you are insured by
- Flexibility – Your HSA contributions can be used to pay for a wide range of eligible medical expenses not typically covered by low deductible health insurance or other health care accounts
- Planning for the Future – HSA contributions can be directed toward long-term investment vehicles, such as mutual funds, to maximize the future value of your HSA