Human Resources
Miami University
Roudebush Hall, Room 15
501 E. High St., Oxford, OH 45056
513-529-3131
513-529-4223 (fax)
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 triple tax savings for account owners:
Because the money rolls over year to year, employees can build up savings for future expenses, including health care costs in retirement. Learn more about the advantages of an Health Savings Account (HSA).
Please note, as the account holder, you are responsible for knowing and understanding the IRS rules and regulations of the HSA.
6867 Cintas Blvd
Mason, OH 45040
askpenny@chard-snyder.com
(800) 982-7715 Toll Free
www.chard-snyder.com
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.
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).
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.
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.
You will be issued a debit Mastercard that you can swipe at the pharmacy or doctor's office, or write the number on a bill to pay the provider. The card can be used for partial payments. It can be used only for eligible expenses at certain locations. If you have both an 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.
Contact Chard Snyder at 800-982-7715 to order a replacement card.
If you are enrolled (as the subscriber) or considering enrollment in the High Deductible Health Plan (HDHP) in the new plan year, the IRS does not allow contributions (employer or employee) into the Health Savings Account, if you have other first dollar health coverage. Therefore, if you are enrolled in the HDHP while also enrolled in Medicare Part A and/or Medicare Part B, you are not eligible to receive the employer contribution or to make employee contributions to an HSA.
Please note that if you are receiving social security benefits, you cannot waive Medicare Part A coverage. Based on your date of eligibility (age 65) and when you begin receiving social security benefits, enrollment in Medicare Part A coverage could be made retroactive up to six months.
To avoid a tax penalty, it is recommended that you should stop contributing to your HSA at least six months before you apply for Medicare. If you require counseling around HSAs, consult a tax professional.
Maximum IRS contribution limits include both your and Miami's contributions.
If you have single coverage, the annual 2023 maximum is $3,850.
If you have family or employee plus coverage, the annual 2023 maximum is $7,750.
There is an additional $1,000 employee contribution allowed per year over the annual maximum for those age 55 and older.
You can change the amount you contribute to your HSA at any time during the year. Be aware of the annual IRS limit when doing so.
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.
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 on payrolls occurring through December 31, 2023, and use the 2023 HSA change form. Miami will contribute up to 50% of the in-network deductible to your HSA on a prorated basis depending on the benefit-eligibility date.
HSA employer contributions have changed and you will now receive them based on your regular pay schedule throughout the year.
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 upfront. You present your Anthem insurance card at the time of service, and once you have received both your explanation of benefits and the provider's bill for comparison, then you can pay the allowed amount using your HSA funds.
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.
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.
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.
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.
There is no deadline for using your money or for reimbursement.
Miami University
Roudebush Hall, Room 15
501 E. High St., Oxford, OH 45056
513-529-3131
513-529-4223 (fax)
Working alongside the various departments and units within Miami University, we strive to recruit, cultivate, acknowledge, and involve a diverse pool of talent to fulfill their goals and the overarching goals of the institution.