Did you know you can have an HRA and HSA at the same time?

Did you know you can have an HRA and HSA at the same time?

by | Oct 19, 2017

Healthcare spending accounts, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs), have become increasingly popular over the last decade. They help individuals and families pay for medical expenses and provide for more control over those expenses.

One frequently asked question we receive is, “can I have an HRA and HSA at the same time?”

The answer is yes. Under specific circumstances, you can have an HRA and HSA at the same time.

There are four HRA plans that are compatible with an HSA:

• Limited Purpose
• Post-deductible
• Retirement
• Suspended

Employers must also ensure their HRAs are HSA eligible before employees can utilize both accounts. There are several advantages to using both an HRA and HSA, such as lower health insurance premiums, greater control over employer contributions, flexibility on plan designs as well as additional tax savings.

Is your HRA plan HSA eligible? Are you ready to make the most of your benefits?

Contact us today for a consultation at 855.890.7239 or sales@nuesynergy.com

Did you know you can have an HRA and HSA at the same time?

Open Enrollment is right around the corner

by | Oct 12, 2017

Are you confident your participants understand their benefit account options? Do they grasp how pre-tax accounts can help them save money and gain control over their healthcare and financial future?

Consumer research indicates they don’t.

For over 20 years, NueSynergy has partnered with agents and their employer clients to administer HSA, FSA and HRA programs that focus on bringing true value to the benefits plan. We can directly support your communications strategy and educate your participants to become more informed consumers who are ready to make important benefit decisions that fit their needs.

See how NueSynergy can help your participants during this Open Enrollment period to develop a benefit account offering that best fits their unique culture, workforce, brand and benefits program.

Contact us today for a consultation at 855.890.7239 or sales@nuesynergy.com

Did you know you can have an HRA and HSA at the same time?

2017 HSA Contribution and Plan Limits

by | Oct 26, 2016

The IRS has announced the 2017 Health Savings Account (HSA) maximum contribution limits detailed in the newly released Revenue Procedure 2016-28. HSA contribution and plan limits will remain mostly unchanged for 2017, with only the individual HSA contribution limit increasing by $50.

HSAs are tax-exempt accounts that help people save money for eligible medical expenses. To qualify for a HSA, the policyholder must be enrolled in a HSA-qualified high-deductible health plan, must not be covered by other non-HDHP health insurance or Medicare, and cannot be claimed as a dependent on a tax return.

HSA 2017 Contribution Limits:

$3,400 for Individual (self-only) coverage ($50 increase from 2016)
$6,750 for Family coverage (unchanged from 2016)
HDHP 2017 minimum required deductibles:

$1,300 for Individual (self-only) coverage (unchanged from 2016)
$2,600 for Family coverage (unchanged from 2016)
HDHP Out-of-Pocket Maximum for 2017:

(Expenses include deductibles, co-pays, and other amounts, but not premiums)

$6,550 for Individual (self-only) coverage (unchanged from 2016)
$13,100 for Family coverage (unchanged from 2016)

Did you know you can have an HRA and HSA at the same time?

What happens to your HSA after employment ends?

by | Oct 26, 2016

This article provides an overview of the impact to your Health Savings Account “HSA” upon termination of employment. It is not a comprehensive reference and should be reviewed in conjunction with your employer’s benefit materials and plan documents. In the event of any conflict between the official benefit plan documents, benefit contracts, and this document, official information will govern. Benefit terms and conditions are subject to change.

Since your HSA is owned by you and not your employer, your HSA remains available to you even after termination. This means that you can continue to use your HSA for qualified expenses even after your termination. Your ability to continue contributing to your HSA will be dependent on whether you choose to enroll in an HSA qualified health insurance plan either through your new employer or through an individual policy.

Termination of Employment

  1. Upon termination of employment your HSA will be separated from your employer’s sponsored HSA plan. This will require you to create a new online username and password.
  2. All future salary redirections will end.
  3. Future contributions can be made to your HSA outside of payroll by selecting the “Fund My HSA” option which allows you to transfer funds from your personal bank account into the HSA. These contributions are also tax deductible.
  4. Any admin fees previously covered by your employer will be withdrawn directly from your HSA the 1st of each month.
  5. Your current NueSynergy HSA debit card will be turned off and a new one will automatically be issued to you at the physical address associated with your account.
  6. Please be sure to update the contact information associated with your account. Often times during open enrollment work email and phone are provided as a preferred method of contact.
  7. The account and routing number associated with your HSA will remain the same. If you have any questions please do not hesitate to contact your NueSynergy support team at 855-890-7239.