Health Savings Account
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You are automatically enrolled in a Health Savings Account (HSA) through HealthEquity when you enroll in UMP CDHP. Your HSA allows you to set aside money tax-free for qualified medical expenses.
Your employer or PEBB will deposit in your HSA $700.08 for one person, and $1,400.04 for more than one person on an account. The entire amount is not deposited into your account all at once, but rather in equal amounts over the calendar year. Employer contributions are made only during the months you are enrolled in UMP CDHP.
You may also make deposits to your account. In 2017, the annual IRS limits for contributions to an HSA are:
- $3,400 for an individual
- $6,750 for a family (two or more enrolled members on one account).
Note: Subscribers age 55 and older can contribute up to an additional $1,000 per year.
Tip: If you qualified for the SmartHealth wellness incentive (deposited at the end of January), it counts toward your contribution limit.
Once the money is in your account, it’s yours. There is no deadline to use it.
Many employers will deduct pre-tax funds from your paycheck and deposit directly to your HSA. Here's the payroll deduction form you must submit.
If you earned the 2017 SmartHealth $125 wellness incentive (earned in 2016), it is deposited in your HSA in late January. This counts toward your maximum annual contribution, so you may need to adjust your payroll contributions to make sure you aren't over your annual contribution limit.
You can use your HSA VISA debit card to pay for qualified medical expenses right out of your HSA. This includes paying at the provider if you know what the charges will be, or even paying costs that aren’t covered by the plan but are qualified medical expenses.
For a list of items and services that you can pay for with your HSA funds, see the HealthEquity website or call 1-877-783-8823.
After registering for your HealthEquity online account, you can pay a provider directly from your HSA. HealthEquity will send your provider a check.
HealthEquity has information about your processed claims and how much you owe the provider. You can also enter information about other providers, such as dentists, who aren’t paid through medical claims, and pay those providers directly from your HSA.