FSA - HSA - HRA Spending & Savings Accounts Flexible Spending - - PowerPoint PPT Presentation

FSA - HSA - HRA

Spending & Savings Accounts

Flexible Spending Account (FSA)

Flexible Spending Account (FSA)

• Flexible Spending Account- pay for out-of-pocket medical, dental, and vision

expenses for you and your dependents with pre-tax dollars.

• Your full annual contribution election amount is available upfront
• Dependent Care FSA - is used to reimburse expenses related to the care of

eligible dependents while you and your spouse work.

• Funds are available as you deposit them through Payroll deductions
• Limited FSA - a plan option for those on the HDHP with a HSA account. Use for

dental and vision expenses only.

• Your full annual contribution election amount is available upfront

You can save approximately 25% of each dollar spent on these expenses when you participate in an FSA.

FSA 2018 Contribution Limits

• The maximum that you can contribute to your health care FSA or limited

FSA is $2,650.

• The maximum that you can contribute to the dependent care FSA is

$5,000 if you are single or married filing jointly, or $2,500 if you are married and filing separately.

• If you do not use the money that you contributed, it will not be refunded

to you or carried forward to a future plan year. This is the “use-it-or- lose-it rule.”

Auditing

 The IRS requires that you prove all of your card swipes are for eligible

expenses or your card can be suspended or ‘stopped’.

 The card is programmed to recognize many eligible expenses at a store

cash register. When the swipe matches an eligible expense, you are good.

 If there is no system match, like at hospitals, dentist or doctor’s offices,

Chard Snyder will reach out to obtain that back up.

 Chard Snyder will reach out via e-mail or letter. You need to reply with

the letter and the valid backup documentation. They will generally contact you 3 times, and allow for 90 days to respond before suspending the card.

KEEP YOUR RECEIPTS!

Health Savings Account (HSA)

Health Savings Account (HSA)

Must be enrolled in a qualified HSA medical plan (High Deductible Plan) Cannot have any other health coverage (this applies to the employee

• nly)
• Not covered by spouse’s medical or pharmacy plan
• Not covered through Medicare or through TRICARE
• Not covered through a general-purpose Flexible Spending Account

(FSA) plan (either employer’s or spouse’s)

Cannot be claimed as a dependent on another person’s tax return

HSA 2018 Contribution Limits

 Under age 55:

• up to $3,450 if enrolled with Single coverage in 2018
• up to $6,900 if enrolled with Family coverage in 2018
• up to $3,500 if enrolled with Single coverage in 2019
• up to $7,000 if enrolled with Family coverage in 2019

 Age 55 or older:

• Maximum contribution increases by $1,000 (considered a “catch-up”

contribution)

Paying for Expenses with the HSA

• You can use HSA money only for expenses incurred after the account is

established

• Use your Chard Snyder HSA debit card to access your HSA dollars
• You can only pay expenses from your HSA based on the

balance in the account (similar to a checking account).

• Use of HSA funds for nonqualified medical expenses is subject

to income tax and a 20% penalty.

– You must keep your own medical expense receipts for

documentation, in the event you are audited.

– Any funds used for nonqualified expenses must be filed

• n your tax return.

HSA – Managing Your Account

 Using your debit card



Use to pay for prescriptions, medical bills, dental bills, vision out of pocket expenses.  Requesting additional cards



Request a card for your spouse or a dependent such as a child away at college.  Statements are available online

 E-mail to personal address on file.

 Investing your money



You start investing your money with a minimum account balance of $4,000  Transfer money from investments to pay health care expenses



Claims cannot be paid from your investment account

 Funds roll over from year to year. No use it or lose it rule with the HSA.



Your contributions from payroll deductions + City’s contributions = YOURS!

Health Reimbursement Account (HRA)

Wellness Incentive Program

HRA – How it works

Receive HRA credits throughout the year for routine screenings

• Initial credit of $150-$200 through payroll (depending on the plan you are

enrolled in) when you have a blood draw and follow up

• Must schedule blood draw at the City Clinic within 30 days of your benefits

effective date or during annual Open Enrollment window

• Spouses can participate as well - must have own blood draw
• Credits are posted to the Chard Snyder Spending Account card quarterly
• Use for medical, dental and vision expenses for you and your dependents
• Dependent children are not eligible to participate
• Outside procedures need to be submitted to City Clinic Health Coach for

crediting

• Credits must be used in the same calendar year for HRA, but roll into the HSA

if you have one set up. The funds will carry over from year to year.

Tracking Wellness Credits

 Access your credits on HealthPassport site

 www.CareATC.com  My Incentives

 Contact Susanna Hagan, Health Coaching with CareATC

 770-502-6105  susannahagan@careatc.com

 Contact Benefits Team

 Kim Leon

678-989-3394 kimberly.leon@gainesville.org

 Tiffany Hill

770-531-2678 tiffany.hill@gainesville.org

Spending Account Plan Options

No Medical Coverage Traditional Medical Plan High Deductible Plan

Can Participate in FSA (Medical and/or Dependent) Can Participate in FSA (Medical and/or Dependent) Can Participate in Limited FSA and/or Dependent FSA Can Participate in HRA (Wellness Incentive Program) Can Participate in HSA Can Participate in HRA (Wellness Incentive Program) and is rolled in with HSA account funds

Spending Account Plan Options

Re-Cap Plans

FSA – You contribute pre-tax into annual account. Funds must be

used in the same calendar year or you forfeit the balance.

HSA – You contribute pre-tax into the account, you can also receive

funds from the City. The funds roll over from year to year if unused.

HRA – You participate in the wellness incentive program and earn

funds to spend on medical, dental, and vision expenses. The funds must be used in the same calendar year.

 *Funds roll over if in the HSA.

Chard Snyder Benefits Card (formerly Benny Card)

• Any account selected will receive a Benefit Card (FSA-HSA-HRA)
• New design effective 9/1/18 for new accounts or replacement cards

Chard Snyder Contact Information

1-800-982-7715 www.Chard-Snyder.com

NEW for 2019!

 January

$1,000

 March

$200

 May

$200

 July

$200

 September $200  November

$150 TOTAL $1,950

3 Ways to Fund your HSA in 2019

• You contribute bi-weekly through Payroll Deductions
• You participate in the Wellness Program
• You receive additional funds from the City

City Funded HSA

Healthgram Rewards Program

 Launched in 2018  Use identified low cost providers and receive the reward  No account set up, no forms to complete, no minimum to spend  You receive a check directly from Healthgram  Checks are issued quarterly  Can call Aaron with HealthConnect to locate low cost providers (866-904-9081)  Covered family members are also eligible to earn rewards