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Health Savings Account (HSA)
A Health Savings Account (HSA) is a tax-advantaged personal savings account that you can use to save and pay for health care expenses, now or in the future. In addition to being a powerful financial savings tool, an HSA also empowers you to take control of your health care decisions. You can open and contribute to an HSA when you sign up for the GW Health Savings Plan (HSP) provided you meet the following qualifications:
• You must be covered under a high-deductible health plan (HSP)
• You cannot be covered under a non-HDHP along with the HSP
• If your spouse has non-HDHP coverage, you cannot be covered by that plan
• If you elect an HSA, your spouse cannot have a health care FSA
• You cannot be claimed as a dependent on someone else's tax return
• Other insurance or accounts not allowed with an HSA:
• Part A and/or Part B Medicare
(In some cases, drawing Social Security benefits automatically enrolls
you in Medicare Part A)
• TRICARE or TRICARE For Life
• Any VA benefits used within previous 3 months
• You can have additional insurance that provides benefits for the following:
—Specified disease or illness
—Insurance that pays a fixed amount per day for hospitalization
—Long term care
NOTE: PayFlex will issue 1099-SA forms to 2016 HSA participants by Jan. 31, 2017.
Information for Retirees in the Retiree Health Savings Plan
Retirees enrolled in the Retiree Health Savings Plan (HSP) may open a Health Savings Account (HSA), which will function in a very similar way to the active employees’ HSA. There are just a few differences:
- As a retiree, you will fund your HSA directly. Any contributions you make will be tax-deductible when you file your annual taxes.
- You may fund your HSA, in installments or in a lump sum, at any time during the year, up to the annual limits.
- You may open your account at any institution you choose.
- You may contribute to your HSA until you are 65. Once you are 65 you will be moved to the Blue 65 PPO medical plan, which will coordinate with Medicare Parts A and B. You will become ineligible for the HSA because you will need to enroll in Medicare Parts A and B.
- At age 65, although you can no longer contribute additional funds, you can use your accumulated HSA funds to pay for Medicare parts, A, B, and D, in addition to any other medical expenses you may incur.
PayFlex HSA Coach (an interactive texting program to help you get the most out of your HSA)
PayFlex now offers 12 new HSA investment options offered through the Bank of New York Mellon.
IMPORTANT NOTICE TO 2017 HEALTHCARE FLEXIBLE SPENDING ACCOUNT (HCFSA) PARTICIPANTS:
If you have funds left in this account as of December 31, 2017, they will carryover and be available during the FSA grace period which ends on March 15th. Your HSA will be effective on April 1, 2018*. (Under the plan, participants are not eligible to have an active HSA and HCFSA at the same time.) If you wish to have your HSA begin as of January 1, 2018, please be sure to use all funds in your HCFSA by December 31, 2017. If you have questions regarding your current HCFSA, please contact PayFlex at (800) 284-4885 or access your online account at www.payflex.com.