Can I enroll in the health savings account (HSA) if my dependents who are covered under my medical plan also have other medical coverage?
Yes, you are allowed to have a HSA if your dependents have other coverage.
How much can I contribute to my HSA if my dependents are enrolled in other medical coverage?
Even though your dependents are enrolled in other medical coverage, you are still allowed to contribute up to the family maximum allowed by the IRS.
If my spouse is covered under Medicare can he/she be covered under the Medical Plus Plan?
Can I have other coverage when I'm enrolled under the Medical Plus Plan?
Yes, you may have other medical coverage when enrolled under the Medical Plus Plan. However, due to IRS rules, having other coverage may disqualify you from participating in a HSA.
Can I cover my children on the Medical Plus Plan and not my spouse?
If I'm enrolled in the Medical Plus Plan and have an HSA, can I still have an FSA?
You are eligible for a Special Purpose FSA and a Dependent Care FSA.
If I'm enrolled in the Medical Plus Plan and am not eligible for an HSA because I have other health coverage, can I enroll in a Special Purpose FSA?
No. However, you can participate in the full-purpose health care FSA and / or a Dependent Care FSA.
What's the difference between a HSA and a Special Purpose Flexible Spending Account (FSA)?
An HSA is the savings account that you can use to pay your medical costs now or to save for medical costs later on, like in retirement. The money in your HSA account grows year after year, earns interest and is always yours to keep. A Special Purpose FSA is a spending account that you use just for vision or dental expenses when you're enrolled in the Medical Plus Plan (until you meet your deductible). Once you meet your deductible under the Medical Plus Plan, you can use the money in the Special Purpose FSA for medical expenses as well as vision and dental expenses.
The key difference is not just what expenses you can use the money for, it's that the money in the Special Purpose FSA does not rollover at the end of the year. You must use up the money in the Special Purpose FSA Account by the end of the year or you lose the money.
What's the difference between the health care FSA and the Special Purpose FSA?
There are two differences between the health care FSA and the Special Purpose FSA. The first difference is that you can only have the health care FSA if you do NOT have an HSA and you can only have the Special Purpose FSA if you DO have a HSA. The second difference is that if you have the health care FSA you can use the money in it for any eligible medical, vision or dental expense from the moment your medical plan year begins. On the other hand, if you have a Special Purpose FSA, you can use the money in it just for vision and dental expenses until you meet your medical plan deductible. Once you meet your deductible, then you can use the money in the Special Purpose FSA for any eligible medical, vision or dental expenses. Both FSAs require careful planning of your expected out-of-pocket expenses because you must use the money each year, or you will lose it.
If I have an HSA, do I also need to have a Special Purpose FSA?
If you have anticipated out-of-pocket dental and vision expenses and you want to save the funds in your HSA, selecting a Special Purpose FSA for your predictable dental and vision out-of-pocket expenses may be beneficial to you because the money you contribute to a Special Purpose FSA is pre-tax.
Are there any situations in which I can't contribute to the HSA?
You are not eligible to contribute to an HSA if any of the following apply during the plan year:
If you are receiving VA benefits for a service-connected disability, and are currently not on TRICARE, you may be eligible to contribute to an HSA.
*For more detailed information, refer to IRS Publication 969, "Health Savings Accounts and Other Tax-Favored Health Plans," which you can download from the IRS web site, or order by calling 800-TAX-FORM.
Is the money in my HSA available immediately (like it is with a FSA)?
No, the money isn't available until the account is funded by you and/or Weyerhaeuser. Unlike a FSA, the money has to be contributed in your HSA before you can use it.
Do I have to meet my deductible before I can use the funds in my HSA?
No, you can use the funds for qualified medical expenses or to pay for claims that are applied to your deductible or you can choose to save it.
If I cover myself and my family and someone has to have a major surgery and the deductible and out-of-pocket is not met, will I have to pay $7,500?
Depending on the amount of charges, it is a possibility since the employee + 2 or more out-of-pocket maximum is $7,500. However, the aggregate deductible will apply. This means that any combination of family members’ expenses can satisfy the deductible. The out-of-pocket maximum for any individual is $6,850. Once an individual has reached this amount, the out-of-pocket maximum will be considered met for that individual. The balance of the family out-of-pocket maximum must be reached by other covered family members to be considered met.
What happens to the funds in my HSA if I die?
If your spouse is covered on your HSA-qualified medical plan (i.e. the Medical Plus Plan), the HSA belongs to your spouse. If your spouse is not covered under your HSA-qualified medical plan, the money becomes part of your estate. A Beneficiary Form will be included in your confirmation packet.
Can I use the funds in my HSA to pay for Long-Term Care Premiums and Expenses?
Yes, up to IRS tax-free limit; see IRS Publication 502.
If I have a non-medical emergency, can I withdraw funds from my HSA?
If you withdraw funds from your HSA for non-qualified medical expenses then you will be required to pay the current taxes plus you will be subject to a 20% penalty.
What are non-qualified medical expenses under a HSA?
A list of qualified and non-qualified expenses is located at HSABank.com. You can also refer to IRS Publication 502.
Are domestic partners eligible to use HSA funds?
No, not unless they are your qualified tax dependents.
How do I contribute to my HSA?
By payroll deductions. You can also contribute money directly into your HSA, but if you do that, you will need to claim the contributions when you file your taxes to receive the tax benefits. Remember, you can't contribute more the annual maximum contribution.
As long as I make the minimum annual contribution of $52.00 ($2.00 per paycheck) will Weyerhaeuser contribute to my HSA?
Yes. Weyerhaeuser will make a contribution of $300 for an individual or $600 for a family. HSA contributions are paid biweekly and you must contribute a minimum of $2.00 per pay period.
Once my HSA is fully funded, can I still contribute?
No, you can only contribute tax-free to the annual maximum contribution.
What's HSA Bank?
HSA Bank specializes in the administration of health savings accounts. HSA Bank is a division of Webster Bank and is FDIC insured.
What are my HSA Investment options?
You can have a managed account with Devenir Financial that offers mutual funds of varying investment strategies or a self-managed account with AmeriTrade that allows you to select any financial vehicle available through AmeriTrade. These investment options are available as part of your HSA with HSA Bank.
Who determines the interest rates for a HSA?
HSA Bank determines the interest rates; you can see a list of the current rates at HSA Bank.
Does the interest earned on my funds go to HSA Bank or me?
The interest earned on your account balance is yours and stays in your account until you withdraw it. For current interest rates visit HSA Bank.
Can I use the interest earned for non-qualified medical expenses?
Not tax free. If you use the funds for non-qualified medical expenses you will have to pay the current taxes and a 20% penalty. If you are age 65+ you will not be subject to the 20% penalty.
How will HSA Bank know if I use the funds in my HSA for qualified medical expenses?
The debit cards do have some restrictions. But, it is the responsibility of the member to use the funds for qualified medical expenses and keep records for tax purposes.
If I leave Weyerhaeuser, what will the banking fees be?
The current fees are listed on the HSA Bank website.
What receipts do I need to submit to HSA Bank?
You will not need to submit receipts to HSA Bank, but you should keep them for tax purposes.
If I use the debit card at the doctor’s office, will I still receive the Premera-negotiated discount?
Before you pay for medical services, you should wait until your claim is processed by Premera to ensure you are paying the correct Premera-negotiated discounted member price.
Can I use my HSA for qualified dental expenses?