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Invest in your health with a. Health Savings Account. Today we ’ ll be answering these common HSA questions:. Hello. What is it?. What can it be used for?. Why should I have one?. How does it work?. Who is eligible?. How easy is it to manage?. What is an HSA?. A personal savings account.

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Presentation Transcript

Invest in your health with a

Health Savings Account


Today we’ll be answering these common HSA questions:


What is it?

What can it be used for?

Why should I have one?

How does it work?

Who is eligible?

How easy is it to manage?

what is an hsa
What is an HSA?

A personal savings account

for your medical expenses

Paired with a high-deductible health plan

Financial account owned by you

Pays for current and future medical expenses

why should i have one
Why should I have one?

Health Savings Accounts

have special advantages

Unused funds rollover

Triple tax






what can an hsa be used for

Health plan eligible expenses

Vision and dental expenses

Over-the-counter (OTC) items

COBRA premiums

Medicare premiums (for people 65 and older)

Health insurance while receiving unemployment

Long-term care insurance

What can an HSA be used for?

Helps you pay for a variety of

eligible medical expenses

how does it work

Employers and/or employees can contribute

Employer contributions belong to you and are not taxable

Pretax contributions, through payroll deduction, can be changed at any time

Post-tax contributions are an “above-the-line” deduction

Contributions can be made up to the date tax returns are due

How does it work?

Contributing to an

HSA is easy

how does it work7

2014 maximum contributions:

$3,300 Employee-only coverage

$6,550 Family coverage

How does it work?

Maximize your contributions

and your savings potential

55+ catch-up contributions:


how does it work8
How does it work?

We make it easy for you

to access your HSA funds

Direct deposit

HSA Debit Card

Out-of-pocket with online reimbursement

how does it work9

Only withdrawals for qualified medical expenses are tax free

Expenses must be incurred after HSA is established

Expenses are reimbursed up to the HSA balance

No time limit on reimbursement requests

Keep all receipts in case you’re audited by the IRS

Ineligible expenses are taxable and can be penalized

How does it work?

A few things to know about

using your HSA funds

how easy is it to manage

Register with the site to:

View your account 24/7

Request reimbursement (submit a claim)

Check balance

Make contributions

Pay health care providers from your HSA

Authorize access to SelectAccount customer service on your behalf

View account activity

How easy is it to manage?

Managing your HSA is easy


we re here to help



Monday thru Friday

7 a.m. to 7 p.m. CST

We’re here to help

Our expert, friendly service team

is here to answer your questions

  • Your Online Member Service Center