Are you enrolled in NMC\u2019s high deductible health plan?\u00a0 If so, you will choose an institution and set up a Health Savings Account (HSA).\u00a0 Here are some general facts about using your HSA.<\/p>\n
How can I find out my account balance and review transactions?<\/strong><\/p>\n Account balance and claims status information may be available three ways, depending on where your account is opened:<\/p>\n How will I be able to use my HSA funds? <\/strong> Do I have to use my HSA for all eligible expenses?<\/strong> How can I add money to my HSA?<\/b><\/p>\n You can add funds to your HSA at any time, as long as you are enrolled in a qualified High Deductible Health Plan at the time you deposit it.\u00a0 You can deposit funds pretax by having it deducted from your paycheck, and you can increase or decrease your contributions throughout the year.\u00a0 Email Kelly Westphal if you want to change or start your HSA contribution amount.\u00a0 If you deposit money directly, you can get a tax break at the time you do your annual income taxes.<\/p>\n What happens if I leave the college or retire during the plan year? <\/strong> Can I borrow against my HSA? <\/strong> What happens to the money in my HSA after I turn age 65? <\/strong> Once you turn age 65, you can also use your account to pay for things other than medical expenses. If used for other expenses, the amount withdrawn will be taxable as income but will not be subject to any other penalties. Individuals under age 65 who use their accounts for non-medical expenses must pay income tax and<\/span><\/b> a 20% penalty on the amount withdrawn.<\/p>\n What happens to my HSA when I pass away? <\/strong> <\/p>\n If you have questions about your HSA account, you can learn more on Priority Health\u2019s website<\/a>, or visit the IRS website for detailed information about HSAs, including an example of potential tax advantages, legislative information and answers to frequently asked questions. go to irs.gov now<\/a>. –<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Are you enrolled in NMC\u2019s high deductible health plan?\u00a0 If so, you will choose an institution and set up a Health Savings Account (HSA).\u00a0 Here are some general facts about using your HSA.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[68],"tags":[1439,2110,1890,60,1296],"class_list":["post-8057","post","type-post","status-publish","format-standard","hentry","category-intercom","tag-benefits-corner","tag-health-savings-account","tag-hsa","tag-human-resources","tag-priority-health"],"acf":[],"yoast_head":"\n\n
\nYou should receive a healthcare payment card to access your HSA. You can also pay for eligible expenses with any other form of payment and request reimbursement from your account.<\/p>\n
\nYou can use your HSA to pay for your eligible expenses as you incur them.\u00a0 However, some people, called HSA savers, pay for current expenses out of pocket so that they can invest their HSA money and grow the account for future use. You should always save your itemized receipts and other paperwork to verify eligible expenses for when you withdraw funds, whether it is now or at some point in the future, in case you are ever audited by the IRS.<\/p>\n
\nHSAs are completely portable, which means you retain ownership of the funds after you leave NMC.<\/p>\n
\nNo. You cannot borrow against or pledge funds in your HSA.<\/p>\n
\nYou can continue to use your account tax-free for out-of-pocket health expenses. When you enroll in Medicare, you can use your account to pay Medicare premiums, deductibles, co-pays, and coinsurance under any part of Medicare. You cannot use your account to purchase a Medicare supplemental insurance or “Medigap” policy.<\/p>\n
\nIf you are legally married at the time of your death, your spouse becomes the owner of the HSA when you die unless a different beneficiary is specified. If you are not married at the time of your death, the HSA becomes part of your taxable estate.<\/p>\n