Health Savings Account (HSA)

Health Savings Accounts (HSA) are health care expense accounts for people covered under a high deductible health plan (HDHP). The account is designed to help save and pay for certain health care costs tax-free now and in the future. HSAs offer a triple tax savings for account owners:

  1. Contributions are pre-tax.
  2. The account balance grows tax-deferred.
  3. Withdrawals for qualified health expenses are tax-free.

Because the money rolls over year to year, employees can build up savings for future expenses, including health care costs in retirement. Please read the HSA terms and conditions.

Chard Snyder administers Miami's HSA program.

Chard Snyder
3510 Irwin Simpson Road
Mason, Ohio 45040
askpenny@chard-snyder.com
800-982-7715
www.chard-snyder.com

How do I open my HSA?

Miami's HSA administrator, Chard Snyder, will establish and open your Health Savings Account for you and, as required by the Patriot Act, may request additional information from you in order to do so. Please respond to such emails as soon as possible to avoid any delays in opening and funding the account. No money can be deposited into your account until it is opened by Chard Snyder AND you complete the online HSA Certification.

What are the requirements for an HSA?

Self-only coverage is coverage of one individual. To qualify as HDHP coverage, it must have a deductible of at least $1,250 (as indexed for inflation) before any reimbursement is made for eligible medical expenses (other than preventive care). In addition, the sum of the deductible and other annual out-of-pocket expenses that the insured is required to pay (such as co-pays and co-insurance, but not premiums) cannot exceed $6,250 (as indexed for inflation).

Family HDHP coverage is any coverage other than self-only and must have a deductible of at least $2,500 (as indexed for inflation) before any reimbursement is made for eligible medical expenses (other than preventive care). No amounts can be paid (other than for preventive care) until the minimum required family deductible has been satisfied (i.e., there cannot be an individual deductible within the family deductible that is less than the required minimum of $2,500 (as indexed for inflation). In addition, the sum of the deductible and other annual out-of-pocket expenses that the insured is required to pay (such as co-payments and co-insurance, but not premiums) cannot exceed $12,500 (as indexed for inflation).

Permitted Non-HDHP Insurance or Coverage

  • insurance in which substantially all of the coverage relates to liabilities incurred under workers' compensation laws, tort liabilities, liabilities relating to ownership or use of property (e.g., homeowner or auto insurance), or similar liabilities as specified by the IRS;
  • insurance for a specified disease or illness (e.g., cancer insurance);
  • insurance that pays a fixed amount per day (or other period) of hospitalization (e.g., hospital indemnity insurance); or
  • coverage for accidents, disability, dental care, vision care, or long-term care.

What if I already have an HSA from another employer?

If you have another health savings account (HSA) and would like to transfer those funds into your Miami/Chard Snyder account, there are several things you will need to do. Or if you wish, you can keep both accounts, but will only be able to contribute to Miami's.

  1. Decide if you want to move the entire balance of your other HSA into your new Chard Snyder account. Your current bank may charge a fee to close the account or a monthly service charge to keep it open.
  2. Contact Chard Snyder at 800-982-7715 to request the HSA Advantage form which will notify both banks that you wish to move the funds.
  3. Complete and forward the form to the bank currently holding your funds (not Chard Snyder). The original bank writes a check for the amount of your request and sends it to Chard Snyder for deposit.
    • Your funds are not available from either account while in transit.
    • It may take up to 60 days to complete the entire process.

Please note, that the original bank may choose not to close an account with a minimum or negative balance. Contact the bank. You will receive tax documents from each bank that held your HSA during the calendar year.

What is the Benny® Debit Card?

The Benny® Card is a debit Mastercard that you can swipe at the pharmacy or doctor's office, or write the number on a bill to pay provider. The card can be used for partial payments. It can be used only for eligible expenses at certain locations. If you have both a HSA and a flexible spending account (FSA), you will use the same card to access your funds from each account. Because the card is smart, it knows which expenses are HSA-eligible and which are FSA-eligible.

What if I lose my Benny® Debit Card?

Contact Chard Snyder at 800-982-7715 to order a replacement card.

How much can I put into my account each year?

Maximum IRS contribution limits include both your and Miami's contributions.

If you have single coverage, the annual maximum is $3,400 (2018, $3,450).

If you have family or employee plus coverage, the annual maximum is $6,750 (2018, $6,900).

There is an additional $1,000 employee contribution allowed per year over the annual maximum for those age 55 and older.

Can I have both an HSA and an FSA?

You can have both a health savings account (HSA) and a limited healthcare flexible spending account (FSA), which would be limited to dental and vision expenses only, not medical expenses that are covered by your health insurance.

How is my HSA funded?

You can contribute through payroll deduction up to the annual maximum or not at all.  You can contribute every pay period up to the maximum. You can change the amount you contribute each pay period. Miami will contribute up to 50% of the in-network deductible to your HSA on a prorated basis depending on benefit-eligibility date. No contributions will be made unless your completed HSA Certification is submitted.

When do I get Miami's contribution?

Miami's contributions will be made with your first pay of the calendar year and/or your first pay after July 1, depending on your date of eligibility and pay schedule (monthly or biweekly). 

How do I use my HSA debit card?

The debit card can be used only for eligible expenses at certain locations. At the pharmacy, use it like you would any other debit or credit card. At the doctor's office, because you are on the high deductible health plan (HDHP), you have no copayment and do not pay anything up front. You present your UMR insurance card at the time of service, and once you have received both your explanation of benefits and provider's bill for comparison, then you can pay the allowed amount using your HSA funds. 

Do I have to save my receipts for reimbursement?

You do not have to submit receipts for reimbursement, but you should always save your receipts in case the IRS asks for proof the expense was eligible.  So, spend your money on eligible items only.

How do I get reimbursed?

If you paid a bill with a form of payment other than from your HSA, you can get reimbursed from your account without submitting receipts. 

  1. Log into your Chard Snyder online account.
  2. Under "I Want To..." click on the Make HSA Transaction tab.
  3. Follow the instructions to set up your bank account needed for the reimbursement transfer.

What happens to the money in my HSA when I Leave Miami?

Any funds, including Miami's contributions, remaining in your account are yours to use for future medical expenses. Your account will become a "consumer HSA." You will not be able to add any money to the account once your employment ends.  

What happens to my HSA if I switch to the PPO plan?

Any funds remaining in your account are yours to use for future medical expenses. You will not be able to add any money to the account once you are no longer in the HDHP. 

What is the deadline for using my HSA Money?

There is no deadline for using your money or for reimbursement.