• HSA Quick Facts


     

    • The HSA will only be available for those employees enrolled in TRS Active Care 1-HD.
    • HSA Bank is our third-party administrator for HSA custodial accounts.
    • What is an HSA?
      • An HSA is a tax free savings account available to those employees enrolled in a high deductible health insurance plan. The money deposited is tax deductible, and these funds are used to pay for medical expenses. Any funds that are in the account after the employee reaches the age of 65 can be withdrawn for any purpose.
    • Is there an annual contribution limit?
      • Yes. For an individual with employee only coverage under a high deductible health plan, the annual contribution maximum is $3,050. For an individual with family coverage under a high deductible health plan, the annual contribution maximum is $6,150. For individuals who are between the ages of 55-65 there is an additional catch-up provision of $1,000 that can be contributed annually.
    • How will I use my HSA Account, or access the funds in it, if I am receiving treatment from a doctor or other qualified facility (Hospital, Pharmacy etc.)?
      • All HSA participants will receive a debit card with access to the account's available balance (the monthly contribution less any funds used). When visiting a physician or medical facility you can present this card to them to remit payment. Checks are also available.
    • What happens to my contributions after the end of the plan year? Will I lose them?
      • Unlike a Flexible Spending Account, which has a "use it or lose clause", an HSA's balance will rollover every year and is always yours to keep. Even if you change employers, or move to a non-high deductible health plan (AC-2 or AC-3), you can still use the funds for qualifying medical expenses.
    • Will I accrue interest on my HSA?
      • Yes. Similar to an IRA, HSA's do earn interest. All interest earned is tax deferred.
    • Can I use my Flexible Spending Account (FSA) in conjunction with my HSA?
      • Yes, however if you do enroll in both then your FSA will become a "Limited" FSA. Your FSA can no longer be used for medical expenses. Your FSA funds will only be available for dental and vision expenses.
    • What is the overall benefit of a Health Savings Account?
      • HSA's are a valuable tool for those employee's seeking to lower their taxable income, keep their insurance premiums down (by participating in a high deductible health plan which carries a lower premium), earn interest on a tax free basis and finally have access to those funds for any reason at the age of 65.
Last Modified on June 3, 2016