HSA Highlights
Here's why we raise a glass to HSAs...
Your HSA, Your $
Your HSA funds are your money, always - even if you leave A-B!
Lower Taxes
We're all for you putting more money in your pocket - and funds you contribute to HSAs are typically income tax-free*!
Tax-free investment gains
Taxes can take a chunk out of your investment gains - but not with invested HSA funds!* Spending is also tax-free when used for Qualified Medical Expenses.
*That is, unless you live in NJ or CA, in which case you should consult with your financial advisor. If you withdraw your HSA funds for expenses that are not Qualified Medical Expenses, penalties may apply. We said "typically" tax-free.
Which A-B Medical plans can you pair an HSA with?
HSAs can be paired with the Basic and Standard Medical Plans if you meet the eligibility requirements.
What's the difference between an HSA and a FSA?
Not sure what the difference between an HSA and a FSA is? The biggest difference is that you can save HSA funds and should plan to spend FSA contributions. You can learn more about FSAs here.
How Do Limited FSAs and HSAs Work Together?
The only health-related Flexible Spending Account (FSA) that you can combine with a Health Savings Account is a Limited Flexible Spending Account, which can be used for dental or vision expenses.
You may consider enrolling in an HSA and a LFSA if:
- You think you will need the full amount you contribute to your LFSA on January 1st of next year for dental and vision expenses
- You want to keep your HSA funds stashed away for the future while still using pre-tax dollars to pay for dental or vision expenses
If you enroll in both accounts, plan to use your Limited FSA funds first.
Need to Change your HSA Contribution?
You have the power to change your HSA contribution anytime throughout the year within the Benefits Portal.
Access the Benefits Portal through SSO or log in, click Life Events - I need to change my current benefits and then select Change in Health Savings Account.
Confirm the date and confirm your personal information. Once you reach the Select Your Benefits page, scroll down to the Health Savings Account benefit and hit Change.
Enter the amount you want to contribute, click Calculate Cost, then click I'm Done With My Selection. Click Save My Election and proceed through the life event flow until your updated elections are submitted.
If you need help, reach out to the HR Service Center at 800-952-7522.
Check out this resource to learn about how to verify your income and employment.
Who should you contact if you need help with your HSA?
If you have questions about your current HSA account, reach out to HealthEquity 24/7/365 at 866-346-5800.
If you want to learn more about Health Savings Accounts in general, check out HealthEquity's Learn Site.
If you enroll in an high deductible health plan, you could benefit from an HSA if you are...
Starting your CAREER
Building your SAVINGS
Investing for your FUTURE
Your HSA $s are always yours, and starting early gives you a chance to grow HSA funds tax-free. HSA contributions aren't subject to Federal or FICA taxes, and contributions are are tax-deductible, which means they reduce taxable income.
Joe enrolls in the Basic medical plan and completed AB Well activities. He allocates excess Flex Credits to his HSA to maximize their value and help make sure he'll have pre-tax funds available for any qualified medical expenses.
If he spends $1,000 on qualified medical expenses in a year and has a 30% tax rate, paying with his HSA could save him $300 in annual taxes.
Here's how you use your HSA to pay for qualified medical expenses.
Tom loves that HSAs offer him tax savings when he contributes to his HSA, tax-free spending on qualified medical expenses, and tax free growth once he has enough to invest. Those triple tax savings can add up fast if you save your HSA funds!
Tom is a saver, so he chooses to pay cash for qualified medical expenses, save the receipts, let his invested HSA funds grow, then use his HSA funds to reimburse himself later on. He's careful to save his receipts for the future.
Once you have more than $1,000 in your HSA, you can start investing HSA funds, which unlocks your chance to have HSA funds grow tax-free. Learn more about investing HSAs here.
Sarah wants to build her HSA nest egg for retirement, so she's maximizing every opportunity to unlock the power of you x us and earn rewards from A-B.
She completed AB Well Program activities, enrolled in the Basic medical plan and allocated excess Flex Credits to her HSA. First she maxed out her 401(k) match from A-B, then maxed out her allowable HSA contribution for the year. She had leftover funds after maxing out the HSA, so she decided to contribute more to her 401(k).
Savoring tax savings when
SPENDING
