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Your Health Savings Account in 2017
(with a High Deductible Health Plan)

CHARD, SNYDER & ASSOCIATES
3510 Irwin Simpson Rd
Mason, OH 45040
(513) 459-9997
(800) 982-7715
Toll Free

E-mail
askpenny@chard-snyder.com

Visit the website for details
www.chard-snyder.com

IRS-Defined Qualified Expenses

IRS Publication 969
"Health Savings Accounts and Other
Tax-Favored Health Plans"

You can have both a flexible spending account (FSA) and a health savings account (HSA), but the FSA would be limited to dental and vision expenses only, not medical expenses that are covered by your health insurance.

 

In combination with Miami's qualified High Deductible Health Plan (HDHP), the HSA gives you a way to pay for qualified healthcare expenses with a tax-free bank account.

Your HSA will be administered by Chard Snyder. You will receive a Benny® debit MasterCard that will used to access your HSA funds. HSA Terms and Conditions

  1. You, Miami, or both can contribute tax-free money to an HSA, with unused funds carrying over from year to year even if you are no longer employed by Miami or covered under the HDHP.
  2. Your HSA contributions don't count toward your taxable income for federal taxes. They're also not taxable in most states.
  3. You may choose to not contribute to your HSA, or contribute up to the IRS maximum for the year.  You may also change the amount you contribute each pay period at any time of the year.
  4. HDHP requirements and Permitted non-HDHP coverage

IRS Contribution Limits Prorated Over Twelve Months (including Miami's contribution*):

2017 Single coverage: $3400
2017 Family/Employee Plus coverage: $6750

There is an additional $1000 employee contribution allowed per year for those members who are age 55 and older.

*Miami's Contribution to your HSA

  1. Miami will contribute up to 50% of the in-network deductible to your HSA on a prorated basis.
  2. Miami's contributions will be made with your first pay of the calendar year and/or your first pay after July 1.
  3. Please note: NO contributions will be made unless your completed HSA Certification is submitted to the Benefits office.

Already have an HSA from a previous employer?

If you have another health savings account (HSA) and would like to transfer those funds into your Miami/Chard Snyder account, there are several things you will need to do.

  1. Complete the Chard Snyder bank application so that your account can be opened.
  2. Decide if you want to move the entire balance of your other HSA into your new Chard Snyder account. Your current bank may charge a fee to close the account or a monthly service charge to keep it open.
  3. Contact Chard Snyder to request the HSA Advantage form which will notify both banks that you wish to move the funds.
  4. Complete and forward the form to the bank currently holding your funds (not Chard Snyder).
    • The original bank writes a check for the amount of your request and sends it to Chard Snyder for deposit.
    • Your funds are not available from either account while in transit.
    • It may take up to 60 days to complete the entire process.
  5. Important notes
    • The original bank may choose not to close an account with a minimum or negative balance. Contact the bank.
    • You will receive tax documents from each bank that held your HSA during the calendar year.

Spending HSA Money

Although you do not need to submit receipts, you should always save your receipt - the IRS may ask for proof your expense is eligible. So spend your money on eligible items only. You can only spend money that is actually in your account. You can only use your HSA for expenses you incurred after the HDHP and HSA were open. There is no time limit on reimbursements.

When you enroll in an HSA you receive a Debit Card that you may use to draw any accrued money from your account. You can swipe the card or write the number on a bill to pay your provider – you can use the card for partial payments as well. The debit card can be used only for eligible expenses at certain locations. If you choose, you can pay by another method, and get reimbursed from your account via the website.

Because there is no copayment with the high deductible plan, you do not pay anything up front. You present your UMR insurance card at the time of service, and do not pay until you have received both your explanation of benefits and provider's bill for comparison.  Then you can pay the allowed amount using your HSA funds.