by admin | Jul 12, 2022 | Blog
As you may be aware, a Health Savings Account (HSA) is a great resource to help pay for medical expenses and premiums. But what happens to an HSA once someone enters retirement? Here is what you need to know.
- If you are enrolled in Medicare or Medicaid, you’re no longer eligible to contribute to an HSA.
- If you are Medicare eligible, but aren’t enrolled in Medicare, you can contribute to an HSA by enrolling in an HSA-qualified High Deductible Health Plan (HDHP). This type of health insurance plan has lower monthly premiums than traditional health insurance plans and can be combined with an HSA.
- If a distribution from an HSA is used for purposes other than a qualified medical expense, the amount withdrawn is subject to both income tax and a 20% penalty. However, once a person reaches the age of 65 years old or older, the amount withdrawn for non-medical purposes is treated as retirement income and is subject to normal income tax.
by admin | Jun 14, 2022 | Blog
NueSynergy’s smart debit card is always included at no cost and provides a convenient method to pay out-of-pocket medical expenses for you, your spouse, and/or any dependents. The card is automatically issued to all Flexible Spending Account (FSA) and Health Savings Account (HSA) participants, as well as for Health Reimbursement Arrangement (HRA) plans (when compatible with the plan design).
Here’s how the smart debit card works:
- Funds are deposited into your benefit account in real time
- When you swipe your debit card, funds are pulled directly from your benefit account to pay the service provider on site. Since it’s a smart card, swiping to pay providers is thoughtless for the user, as the funds will automatically pull from the correct account.
Here are also two important details to know about NueSynergy’s debit card:
- Allows participants to auto substantiate 80% of claims
- Any out-of-pocket expenses that require reimbursement will be paid out via direct deposit or personal check
by admin | Jun 13, 2022 | Blog
1. Can I combine my HSA with an FSA?
No. An employer doesn’t own an employees’ HSA, nor are they responsible for how the funds are managed by the employee. The employee fully owns the contributions to the account as soon as they are deposited.
2. Are employers responsible for an employee’s HSA?
No. An employer doesn’t own an employees’ HSA, nor are they responsible for how the funds are managed by the employee. The employee fully owns the contributions to the account as soon as they are deposited.
3. Can an employer fund an employee’s HSA?
Yes. An employer may fully fund the employee’s HSA at the beginning of the year; however, HSAs belong to the individual and not the employer and the employer has no further control over the accounts after they have been funded. As a result, many employers elect to fund employees HSAs periodically throughout the year. If the employer is contributing, the employer and employee contributions combined may not exceed the annual IRS maximum.
4. Who is eligible to enroll in an HSA?
To be eligible, you must be covered under a Qualified High-Deductible Health Plan (QHDHP), cannot be enrolled in Medicare, and cannot be claimed as a dependent on someone else’s tax return.
5. How much can I contribute to an HSA and HDHP?
This is all based on the annual contribution limits established by the U.S. Treasury Department. These limits adjust annually, however the values for 2022 are as followed:
- HSA
- $3,650 for individuals
- $7,300 for family
- For account holders over 55 years of age, they may contribute an additional $1,000 as “catch-up”
- HDHP
- $1,400 for individuals
- $2,800 for family
- HDHP Maximum Out-of-Pocket
- $7,050 for individuals
- $14,100 for family
by admin | May 24, 2022 | Blog
The HSA Store is a fantastic outlet for consumers to buy eligible products to fit their HSA account. With over 4,000 products on hand — from allergy medicines, CT scans, mammograms, and thermometers – it’s a guarantee to find at least one product to enjoy.
To best utilize the virtual store, search any HSA eligible item you need for purchase. From there, add a promo code to any purchased HSA eligible item. All promo codes can be turned into points for future purchases.
The smallest denomination of points that can be redeemed for later use is 350 ($10) and largest is 1,500 ($50). You cannot redeem fewer than 350 points at a time. Balances under 350 points cannot be exchanged for a partial value dollar reward. Points expire six months (180 days) following your last order date. To learn about all HSA Store eligible items, look here.
by admin | Apr 14, 2022 | Blog
The calendar has flipped to April, and consumers have already saved up to $100 billion using Health Savings Accounts (HSA) this year, per Devenir, an HSA investment consultant. As these numbers continue to soar, the time to invest in an HSA is now. Here are three, brief advantages of doing so:
- Can reduce insurance premiums by combining an HSA with a qualified High Deductible Health Plan (HDHP)
- The HSA’s unused funds roll over annually, meaning they can be used for future expenses
- Contributions are made tax-free, grow tax-free, and can be withdrawn tax-free to pay for qualified medical expenses
It’s never too late to invest in an HSA and join the thousands of participants already reaping the benefits.
