Employee Benefits - Health Savings Account
Welcome to the Health Savings Account (HSA) Page. Here you will find information regarding the Wells Fargo HSA, view a video presentation of the Health Savings Account as well as download documents and navigate to the Wells Fargo HSA website.
What is an HSA?
- The HSA consists of a FDIC insured, interest-bearing bank account and an investment account. An HSA works in conjunction with a lower cost High Deductible HSA compatible Health Plan. You can use your HSA to pay for current and future qualified medical expenses--tax free.
Who is eligible for an HSA?
- You must be enrolled in one of the County's High Deductible HSA-compatible Health Plans and cannot be covered by another medical plan. You also cannot be enrolled in Medicare, be a dependent on another person's tax return, or have received VA medical benefits at any time over the past three months.
What is a High Deductible HSA-compatible Health Plan?
- A High Deductible HSA-compatible Health Plan is a lower cost medical insurance plan with a deductible of $1,300 for individuals or $2,600 for families.
What are the tax benefits associated with an HSA?
- The money you contribute to your HSA is tax-deductible and can be used to pay for qualified medical expenses for not only yourself, but also for your spouse and tax dependents. You can maximize your tax savings by contributing up to the maximum annual amount allowed by the Internal Revenue Service (IRS). The 2017 maximum amount allowed is $3,400 for single coverage and $6,750 for family coverage. If you are 55 or older, you can make an additional $1,000 catch-up contribution. Your HSA balance plus investment earnings carry over from year to year tax-free.
What does the HSA offer?
- The HSA is backed by one of the largest and most-recognized financial services companies in the nation and one of the first banks to offer HSAs. They work with you now and over time to achieve your healthcare savings goals. The HSA offers the tools and resources you need to manage your account and get the most out of your HSA. From convenient Visa HSA debit card access to dedicated HSA Customer Service representatives, the HSA makes it easy for you to use your HSA and get answers to your questions.
What are the advantages of the Visa HSA debit card?
- With a swipe of your HSA debit card, you can pay for prescriptions, doctor's visits, dental and vision expenses, and more. You can use the HSA debit card anywhere Visa and debit cards are accepted.
What fees apply to the HSA?
- There is a monthly service fee of $2.65 per month. Additional banking fees may apply if you choose to use optional banking services or choose other non-standard services. The monthly service fee will be waived if the combined deposit and investment balance in your HSA on the last day of the month is greater than or equal to $2,500.
How are contributions made to my HSA?
- Employer - The County will contribute to your HSA account. For individuals you will receive $1,250 and for family's $2,100 per calendar year. The County will deposit half in January and the other half semi-monthly beginning with the first paycheck in July.
- Employee - You can contribute money directly to your HSA at any-time online through the Health Account Manager portal. Additionally, you may use the coupon that's included with your monthly HSA statement or make contributions to your account in a bank using a standard account deposit slip. You are also able to make contributions through automated payroll deductions. To make payroll deduction contributions, a one-time contribution or schedule recurring contributions to your HSA, follow the steps below:
- Payroll Deduction - Complete an HSA Payroll Deduction Contribution Form and send to County Benefits requesting an annual pledge that will be divided between the number of pay periods remaining in the calendar year. (Deductions are semi-monthly, only 24 total per calendar year.) This form is located on the Forms and Documents web page.
- To set up a one-time or to schedule recurring contributions - Sign on to the Health Account Manager portal by clicking Sign On next to Access your HSA. Click on Contribute to Your HSA from the Quick Links section on the home page or HSA Contributions from the HSA Account Activity page. Please note: You will need to have your bank account information (checking or savings) for the account from which you are requesting the funds to be debited. Regardless of how you contribute, it's important not to exceed the maximum annual contribution limit set by the IRS. If you have questions on how this limit applies to you, please consult your tax advisor.
To download the above information as well as additional FAQ's, click on the link below.
- Getting Started with Your HSA
- HSA's and Taxes
- Investing for Retirement in Your HSA
- HSA's and Your HSA-compatible Health Plan
Health Benefits Services - 866-884-7374