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2014 Health Savings Account Meeting June 25, 2014.

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Presentation on theme: "2014 Health Savings Account Meeting June 25, 2014."— Presentation transcript:

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2 2014 Health Savings Account Meeting June 25, 2014

3 Agenda Review of Midmark Value Plan HSA Specifics - What is a Health Savings Account - Who is Eligible? - How does it work? - Tax Forms - Decision Support Tools What banks can I use?

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5 Value Plan Teammate Annual Contributions

6 Health Savings Account Tax-advantage account available to teammates covered under a high-deductible health plan (Value Plan) and meet other criteria Checking Account belongs to you – in your name You can deposit money – pre-tax! Interest Credited Unused funds roll over from year-to-year Portable if leave employer – you take it with you

7 “Shop Around” for Health Care Use generic medications, whenever medically appropriate $4 drugs – Walmart, Target, Kroger, Meijer Use LIveHealth Online or urgent care center or physician’s office instead of the emergency room Talk to your physician about treatment options and their relative costs

8 Contributions  Maximum Contribution per Calendar Year Single: 2014 = $3,300 Family: 2014 = $6,550 Single: 2015 = $3,350 Family: 2015 = $6,650  Ages 55& older may make “catch up” contributions of $1,000  Contact HR AND your HSA bank if you have a change in coverage or status (I.E. family coverage to single coverage)

9 Withdrawals Can spend money as it is deposited Debit Card, Checks, Online Banking, ATM Withdraws tax free for eligible expenses Medical, Vision, Dental, Hearing OTC with a valid prescription Dates of service must be after account is opened and funded Save Receipts!

10 Withdrawals Monthly bank statements Money not spent … rolls over every year If you buy a flat screen TV: Must pay income taxes plus 20% penalty If 65 & older, must pay income taxes

11 Examples of Eligible Health Care Expenses Full list can be found at IRS.gov Publication 502 Out of pocket expenses for services paid by the Midmark Value Plan, dental or vision plans - deductibles, co-insurance, co-pays Over the counter items as long as you have prescription Some things are not covered under the medical or vision plan but are still considered qualified medical expenses – ie lasik surgery, fertility treatment

12 Who Can I Use My HSA Money for? Your spouse- even if they are not covered by your health insurance plan Your children- if they qualify as your tax dependent (other than income limitation), even if they are not covered by your health insurance plan (i.e. your “adult child” may be covered by your group health plan, but not eligible to use your HSA funds)

13 Prescriptions Will receive Express Scripts negotiated price, no co-pays Must pay for price of Rx at the time of service -Use HSA debit card as CREDIT card or -Write a check from HSA or -Pay out of pocket and pay yourself back later

14 What happens at the Doctors Office? Present insurance card, provider must bill insurance company first Suggest you do not pay a medical bill until you receive an Employee OB EOBs are the “negotiated” amount Paying for your expense: -Use HSA debit card as CREDIT card or -Write a check from HSA or -Pay out of pocket and pay yourself back later

15 Eligibility Must be covered by HSA-eligible HDHP (Value Plan) to contribute Not eligible to contribute if covered elsewhere by: Traditional 1 st dollar benefit plan with Rx and doctor office co- pays, Medicare, Medicaid TRICARE, VA benefits (within last 90 days), and/or General purpose FSA or HRA through employer or spouse’s employer Not eligible to contribute if a tax dependent

16 Tax Forms W-2 Pre-tax employee contributions Custodial Bank Responsibility 1099-SA: sent to owner for distributions 5498-SA: sent to owner for contributions Account Owner Responsibility Tax Return Attach 8889 to 1040

17 Additional Things to Consider Cash Flow Keeping Receipts

18 Decision Support Tool Decision Support Tool Link Doing a cost comparison of the plans that are offered to you is easy. Simply go to click on the all the details button, choose 2014 plan information and you can find the decision support tool under the consumer tools tab.www.mymidmarkbenefits.com

19 About the banking…

20 Questions


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