Health Savings Account (HSA)
HealthEquity Info:
Login: healthequity.com
Contact: healthequity.com/members/contact
Email: memberservices@healthequity.com
Phone: 866-346-5800
Group # 93267
What is a Health Savings Account?
A Health Savings Account is a tax-advantaged savings account that works with your qualified high deductible health plan to help pay your insurance deductible and qualified out-of-pocket expenses. If eligible, both you and the Leavitt Group can contribute pretax dollars to your HSA account up to the IRS maximum each year. Our HSA is administrated by HealthEquity.
Things to Consider:
- If you elect to contribute money into your HSA, your contributions will be automatically deducted from your paycheck on a pre-tax basis and deposited into your HealthEquity HSA.
- You can use your pre-tax money in your HSA to pay for qualified health expenses, such as deductibles and coinsurance for medical, dental, vision care and more.
- Anything over the amount for $2000 in your HSA can be invested. HealthEquity offers access to three service options for investing mutual funds. Depending on your preference for managing the funds on your own, or letting advisors do all the work, you can choose from Auto-pilot, GPS or Self-Driven. All mutual funds available for investments are selected by HealthEquity Advisors, LLC.
- Any funds you do not use will continue to accumulate. Your HSA money rolls over from year-to-year and you do not ever lose the money left in your HSA or the interest it has earned. You even take the money with you if you leave the Leavitt Group.
Eligibility:
To open a Health Savings Account you must meet three criteria:
- You must be covered by a qualified high deductible health plan.
- You cannot be covered by another health plan, including Medicare.
- You cannot be claimed as a dependent on another individual's tax return.
A person is not eligible for participation in a Health Savings Account (HSA) if they have other coverage which includes being enrolled in Medicare, including Part A, nor are they eligible to contribute to an existing HSA or have contributions made on their behalf to an HSA. Thus, employer contributions cannot be made to an HSA on behalf of an individual who is enrolled in Medicare. However, an individual who is enrolled in Medicare can use funds already in an existing HSA to pay for medical expenses after they are on a Medicare product.
It is important to be aware that if you are at least age 65 and you start receiving Social Security retirement benefits, you will automatically be entitled to Medicare Part A, thus, this would make you ineligible for participation in the HSA. Generally, this is 6 months retroactive so you will need to plan for that. When you lose HSA eligibility, you would continue to be eligible for our High Deductible Health Plan without an HSA if you work 30 hours or more per week. We will stop your HSA contributions when you turn 65 unless you make the HR Department aware that you are still eligible for an HSA.
What is a qualified medical expense?
These are medical, dental or vision expenses that the IRS says can be reimbursed from an HSA without having to pay income taxes. Examples of qualified medical expenses include: doctor’s office visits; prescriptions; dental treatments, eyeglasses and vision exams. For a complete list of qualified medical expenses, please visit healthequity.com. You should save all receipts for medical expense payments with your tax records. That way, you have proof that you used your HSA only to pay or reimburse yourself for qualified medical expenses.
How much can I contribute?
Each year the IRS establishes the maximum contribution limit for a Health Savings Account. The chart below represents the limits for 2023.
| Status | 2023 Limit |
|---|---|
| Single | $3,850 |
| Family | $7,750 |
At age 55, an additional $1,000 contribution is allowed annually.
HSA Contribution Changes:
To make changes to your HSA:
- Login to workforcenow.adp.com
- Click on Myself
- Click on Benefits
- Click on Enrollments
- Click on Enroll Now under Year-Round Enrollments
How Can I Order a Replacement HSA Card?
Call HealthEquity as 1-866-346-5800
Or
healthequity.com > Manage Cards > Request Replacement Card