What is an HSA plan?
It is a Tax-Favored Bank Account that you may pay for qualified medical expenses not covered by your benefit plans, like deductibles, coinsurance, dental and vision expenses.
Who is eligible for an HSA?
Benefits eligible employees that are enrolled in the CCT High Deductible Health Plan. Employees enrolled in the CCT EPO plan or declined CCT health plan coverage are NOT eligible to participate in an HSA.
Can I change my annual election amount?
You can start, stop or change your elected amount anytime during the plan year.
Who makes contributions to a HSA?
The employee, the employer or a third party.
Are there contribution limits?
Annual contribution limits for 2020 are $3,550 for an individual and $7,100 for a family. Annual contribution limits for 2021 are $3,600 for an individual and $7,200 for a family. Individuals and/or their spouses over age 55 and not enrolled in Medicare can make an additional $1,000 catch-up contribution annually.
How can I receive HSA claim reimbursement?
A debit card is available that you may use to pay for eligible health care expenses. If you send a manual HSA claim, the required documentation is:
- An explanation of benefits (EOB) that you received for the medical, dental, vision services or pharmacy receipt for which you are filing a claim
What else can I use my HSA for?
You may use you HSA or qualified medical expenses as well as:
- Premiums for long-term care insurance
- Premiums for COBRA
- Premiums for retirement health insurance and/or Medicare premiums
HealthEquity provides a solution to an issue of growing importance to American families: affording lifelong health care. More than two million members are paying less for health insurance, taking control of medical bills and building health savings for life with HealthEquity health savings accounts (HSAs). Our expert advisors, who are available every hour of every day, offer helpful insight to maximize savings.
Health plans and employers covering one-third of working Americans offer HealthEquity. Joining HealthEquity’s ecosystem and further engaging members are leading consumer health applications, in areas such as price transparency, tele-medicine, and wellness.