discover hsas
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05/27/2014Sean Whinnery – Account Executive
Greg Cieslewicz – Communications Specialist
Are HSAs right for you?
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What is an HSA?
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An HSA Defined• Health Savings Account• Requires a qualifying high deductible
health plan• Funds in an HSA can pay for qualified
medical expenses (as outlined by the IRS)
**HSA funds can be withdrawn to pay for non-medical expenses at a penalty
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• $1,250 Single Deductible / $2,500 Family Deductible
• $6,350 Single Out-of-Pocket Maximum / $12,700 Family Out-of-Pocket Maximum
What plans qualify for an HSA?
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Why would someone want an
HSA?
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HSA Advantages
Employer and Employee can
contribute tax free
High level of healthcare
consumerism
Employees can contribute their
own money
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HSA Disadvantages
Employer contributed money
belongs to the employee
Less employer control than an
HRA
Employer cannot determine what expenses qualify
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How does funding work with an HSA?
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HSA Funding• Employer can choose whether or not to
fund.• Employees can contribute • Contribution limit set by federal law• Contribution limits are shared by employee
and employer
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HSA Funding• Funding Options:
– One-time seed money– Matching contributions – Quarterly, monthly, or other repeating
contribution
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What else should people remember
about HSAs?
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Other HSA Questions• Will the employer provide seed money or
fund the HSA in some fashion?• Will the employer set up a banking
relationship for their employees?• Will the employer set up automatic
paycheck deductions for employees who want them?
• Will the employer use an employee education program to help their employees understand HSAs?
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Questions?