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IRS regulations state that an individual cannot receive or contribute to a HSA if covered by Medicare or any other health care insurance. You own your HSA and it stays with you when your employment ends. If you take a new job at another company or retire but do not have coverage under an HSA-eligible medical plan, you can still use your HSA to pay for qualified medical expenses.
For example, if you are retiring as of December 31 of any given year, you need to stop your contributions beginning with the June payroll of that same year.
Blue Shield claims information is integrated with your online HSA information. The balance rolls over from year to year and grows tax-free with interest, allowing account holders to build savings over time. HSA funds may be used today as needed, or may be left in the account to grow future savings.HealthEquity Claims and payment overview
An explanation of the issue and the solution is outlined below: Easy-to-use online account access —access claims, pay bills, get reimbursements, and more—all from a single, easy-to-use online portal. This additional amount will not be a payroll deduction and therefore should be arranged directly through the financial institution of choice. Account holders may contribute to an HSA on a post-tax basis by contacting HealthEquity at 866-346-5800.
All capital gains earned on investments are tax-free! Refer to IRS Publication 502 for a complete list of eligible expenses.
Contribution amount changes may be made on a per pay basis through Workday. Rely on HealthEquity Member Services and online resources to get the most from your HSA, find comparative pricing on prescriptions and medical services, research diseases, and more.
Mid-Year Check-In Step 3: It is recommended that employees who are returning from retirement consult with their financial advisor regarding implications of dis-enrolling from Medicare in order to be eligible for the HSA, as they will not be able to collect Social Security benefits unless they are enrolled in Medicare. The proposed solution: Both the account holder and the employer may contribute to an HSA.
There are a few restrictions that apply to HSAs: Contact HealthEquity at 866-346-5800. Employee and spouse Dependents who are claimed on the account holder's tax return Any person claimed as a dependent on the account holder's tax return except if: Health Savings Account summary plan document. The debit card may be used to pay for eligible claims. If you have any questions regarding their policy, please contact HealthEquity at 866-346-5800.