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