Your health your money your choices high deductible health plan hsa veba fsa
This presentation is the property of its rightful owner.
Sponsored Links
1 / 13

Your Health. Your Money. Your Choices. High Deductible Health Plan, HSA, VEBA & FSA PowerPoint PPT Presentation


  • 63 Views
  • Uploaded on
  • Presentation posted in: General

Your Health. Your Money. Your Choices. High Deductible Health Plan, HSA, VEBA & FSA. Minnesota Service Cooperative. HSA Overview. What is a Health Savings Account (HSA)? Financial account that is owned by an individual. Associated with a High Deductible Health Plan (HDHP)

Download Presentation

Your Health. Your Money. Your Choices. High Deductible Health Plan, HSA, VEBA & FSA

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Your health your money your choices high deductible health plan hsa veba fsa

Your Health. Your Money. Your Choices.High Deductible Health Plan, HSA, VEBA & FSA

Minnesota Service Cooperative


Hsa overview

HSA Overview

What is a Health Savings Account (HSA)?

  • Financial account that is owned by an individual.

  • Associated with a High Deductible Health Plan (HDHP)

  • Contributions to the account are to pay for current and future medical expenses

  • No “use it or lose it”, unused funds rollover

  • Interest earned is tax free

  • Investment opportunities

  • Portable

  • Beneficiary can be named to account

  • Post age 65 non-medical distributions without penalty


Hsa employee advantages

HSA Employee Advantages

  • Control over the account

  • Ability to contribute tax free $ to HSA account (2014: single $3,300, family $6,550)

  • Rollover provides opportunity to save for future health care expenses

  • Tax-exempt withdrawals for qualified medical expenses not covered by the health plan

  • Interest and earnings grow tax free w/ investment opportunities

  • Portability

  • Post 65 non-medical withdraws

  • This is the employee’s account and the entire balance belongs to the employee, regardless of your present or future employment and/or who deposited the funds.


Veba overview

VEBA Overview

What is a VEBA Account?

  • Financial account that is held in the employee’s name.

  • Contributions to the account are to pay for current and future medical expenses

  • No “use it or lose it” - unused funds rollover

  • Interest earned is tax free

  • Investment opportunities

  • No beneficiary can be named to the account

  • Employer only contributions


Veba overview1

VEBA Overview

Who is eligible to enroll and contribute to a VEBA?

Enrollment:

Any individual employee that:

  • Enrolls in the VEBA option medical plan

  • No conflict being covered by any other health insurance (including FSA) – VEBA accounts coordinate with other benefits

    Contributions:

  • Employer Only – No Employee Contributions


Veba employee advantages

VEBA Employee Advantages

  • Control over your account for qualified distributions

  • Rollover provides opportunity to save for future health care expenses

  • Tax-exempt withdrawals for qualified medical expenses not covered by the health plan

  • Interest and earnings grow tax free with investment opportunities

  • Spend down – post employment

  • VEBA $ can be used to pay medical premiums (post employment)


Veba hsa product review

VEBA / HSA Product Review


Veba hsa product review1

VEBA / HSA Product Review


Veba hsa product review2

VEBA / HSA Product Review


What happens to my veba account if i move to the hsa plan

What happens to my VEBA account if I move to the HSA plan?

  • Active VEBA accounts make employees not eligible to contribute to the HSA account

  • VEBA account will be limited to Dental and Vision claims only if you choose the HSA option

  • Dental and vision claims are also eligible expenses from the HSA

  • VEBA accounts can be completely frozen at the individual employee’s request, thus making the VEBA not eligible to pay dental and vision (complete VEBA stop form)

  • Once you are no longer eligible to contribute to the HSA, the VEBA can be opened up to all IRS 231D expenses giving you the option of which account pays which eligible expenses.


Account funding strategy

Account Funding Strategy

  • Use the preventive care portion of your plan

  • Minute clinic or retail clinics

  • Use 911 if necessary – If not a life or death situation, evaluate ER needs

  • Use Generics

  • Inform your doctor/provider that you are on a HDHP

  • Shop for medical value – compare charges


Flexible spending account

Flexible Spending Account

  • Flex limits for Medical $2,500

  • Full election available on 1st day of plan

  • Pre tax savings

  • Use it or lose it – make your election carefully

  • Crossover - Automatic claims reimbursement with POS

  • VEBA – FSA is very complementary

  • HSA must have a limited FSA (dental & vision only)


Flexible spending account administration

Flexible Spending Account Administration

  • Dependent Care $5,000 limit

  • Election available as withheld from payroll

  • Children and adult daycare expenses eligible

  • Pre tax savings

  • Use it or lose it

  • Separate election from Medical FSA


  • Login