Health Savings Account

What is a Health Savings Account (HSA)?
The Health Savings Account (HSA) is an individually owned account that lets you set aside money on a pre-tax basis (which lowers your taxable income) to pay for qualified medical, dental and vision expenses.

You can use the funds in an HSA at any time to pay for qualified medical expenses, or you can save the money for future expenses. You own the account and the money is yours to use now or save and grow. The money rolls over from year to year and you never lose or forfeit the balance.

You may open and contribute to an HSA only if you are enrolled in a qualified High Deductible Health Plan (HDHP) and meet other qualifications.

Although everyone can enroll in the Qualified High Deductible Health Plan, not everyone is eligible to
open and contribute to an HSA. If you do not meet these requirements, you cannot open an HSA.
• You must not be covered by another non-QHDHP health plan, such as a spouse’s PPO plan.
• You are not enrolled in Medicare.
• You are not in the TRICARE or TRICARE for Life military benefits program.
• You have not received Veterans Administration (VA) benefits within the past three months.
• You are not claimed as a dependent on another person’s tax return.
• You are not covered by a traditional health care flexible spending account (FSA).
• This includes your spouse’s FSA.

Avila University will contribute $50 a month to employee only coverage and $70 a month to all other coverages to help offset the high deductible. Contributions will begin the month of the effective date as long as the health savings account is established.

How do I get reimbursed for my eligible expenses?
The easiest way to use your HSA dollars is by using your HSA Debit Card at the time you incur an eligible expense, or you can withdraw money from an ATM. It is imperative to keep your receipts, as you must be able to prove that you were reimbursing yourself for an eligible expense in the event that you are audited.

If you use your HSA funds for non-eligible expenses, you will be charged a 20% penalty tax (if under age 65) as well as federal income taxes.

How do I enroll?
• Go to hsa.umb.com
• Click “Open an HSA” under the individual tab
• Enter UMB0003 ~ 00820248