**NOTE: Please visit our "COVID-19 Info." page for updates/changes regarding your plans.**
An HSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses or use as a retirement savings tool. Think of your HSA as a personal savings account. Any unspent money in your HSA remains yours, allowing you to grow your balance over time. When you reach age 65, you can withdraw money (without penalty) and use it for anything, including nonhealthcare expenses. The HSA’s unique, triple-tax savings means the money you contribute, earnings from investments and withdrawals for eligible expenses are all tax-free, making it a powerful savings and retirement tool.
What does it cover?
There are thousands of eligible items, including:
You must be enrolled in a High-Deductible Health Plan (HDHP)in order to enroll in the HSA.
You’re NOT eligible for an HSA if:
• You’re claimed as a dependent on someone else’s taxes.
• You’re covered by another plan that conflicts with the HDHP, such as Medicare, a Medical Flexible Spending Account (FSA) or select Health Reimbursement Arrangements.
• You or your spouse are contributing to a Medical FSA.
Tax-free contributions to your HSA can be made in a variety of ways, including:
1. Pre-tax payroll contributions, if available through your employer.
2. Online transfers — transfer funds directly to your HSA from your linked personal savings or checking
3. Send a check to Keystone Flex for deposit into your HSA.
4. Rolling over or making a transfer from an existing IRA (Individual Retirement Account) to an HSA, but
only once in your lifetime.
Distributions from your HSA are used to pay for qualified medical expenses. This can be done by the following methods:
1. Paying for purchases and medical services using your WEX Health Debit Card (if applicable).
2. Using online bill pay through your online HSA portal.
3. Requesting self-reimbursement through the online portal when you have already paid out-of-pocket for
4. Paying with an HSA check.
**Please check with your employer to see what plans are offered to you.**