Subscribe Today

10 Health Savings Account HSA Facts You Need to Know

Pension Retirement

10 Health Savings Account HSA Facts You Need to Know

by Editorial Staff

Sep 24 ,2013 10:46 am

Despite changes from health reform, 45 percent of people in the United States still get their health benefits from their employer, according to a recent Gallup Poll. And fall is the busiest time of year for open enrollment—the time of year when employees get to enroll in benefits that their employers are offering or to make changes to their existing benefit choices. As employers of all sizes are shifting to consumer-directed health plans or account-based plans high-deductible health plans that are paired with a spending account, it’s important that consumers understand the basics of how spending accounts work.

As one of the Top 10 spending account administrators in the country, SelectAccount has been administering spending accounts—including the health savings account HSA—for more than 20 years. To help consumers as they consider the benefits being offered by their employer, SelectAccount offers the following facts about HSAs.

What every health care consumer needs to know about HSAs:

1.    The HSA gives you a triple tax benefit:

        First, HSA contributions reduce the account holder’s taxable income

        Second, money in the HSA earns interest tax-free

        Third, withdrawals are tax-free when used for eligible medical expenses

2.    The account holder decides when and how to spend the HSA dollars.

3.    The account holder can use the HSA to pay for eligible expenses that aren’t covered by their health plan – like deductibles, coinsurance, dental care, orthodontia, and vision care.

4.    There is no “use it or lose it.” This means that money not used in one year rolls over and is added to the HSA balance for the next year.

5.    The individual and/or their employer can contribute to the HSA in a given year.

6.    The HSA works with a high-deductible health plan, whether you purchase health insurance on your own or if you receive coverage through your employer.

7.    The account holder has fast, easy access to their HSA dollars, especially if they have access to an HSA debit card or online reimbursements with direct deposit.

8.    Account holders can manage their account dollars, as they wish. SelectAccount offers a dedicated Online Member Service Center that allows members to manage their account online, anytime—even from their mobile device.

9.    A portion of unused HSA dollars can be invested in a variety of stocks, bonds, and mutual funds (feature not available from all account administrators).

10.    The money in the HSA belongs to the individual, even if they change jobs or retire.

Array ( ) The Internal Revenue Service has issued guidance clarifying the impact a 2014 individual retirement arrangement IRA rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced earlier this year, in the way the statutory one-per-year limit applies to rollovers between IRAs. The change in the application of the ... Three Southern California seed and fertilizer providers – All Star Seed, Inc., La Valle Sabbia and Abatti – has agreed to pay $187,500 to settle a discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC) on behalf of a class of job applicants who were subjected to illegal medical and genetic information inquiries, the federal agency announced today. ... Summary Quick Facts: Secretaries and Administrative Assistants 2012 Median Pay $35,330 per year $16.99 per hour Entry-Level Education High school diploma or equivalent Work Experience in a Related Occupation See How to Become One On-the-job Training See How to Become One Number of Jobs, 2012 3,947,100 Job Outlook, 2012-22 12% (As fast as average) Employment Change, 2012-22 479,500   What ... The U.S. Department of Labor’s Employee Benefits Security Administration has published in the Federal Register an interim final rule to implement Form 5500 annual reporting changes for multiple employer plans required by the Cooperative and Small Employer Charity Pension Flexibility Act, enacted on April 7. The CSEC Act established additional annual reporting requirements for multiple-employer plans for plan years beginning after Dec. ... The U.S. Department of Labor will hold a public hearing in January on whether, and under what conditions, affiliates of Credit Suisse should be permitted to serve as Qualified Professional Asset Managers after Credit Suisse’s guilty plea to one count of conspiracy to engage in tax fraud in violation of section 7206(2) of the Internal Revenue Code.   The Employee Retirement Income Security Act grants the ... U.S. Secretary of Labor Thomas E. Perez hosted the department’s annual “Salute to Veterans.” This year’s program highlighted the importance of providing opportunities to women veterans who are interested in working in the fields of science, technology, engineering and mathematics, where women are underrepresented. Women are the fastest growing population among veterans, making up approximately 20 percent of Gulf War-era ... The U.S. Department of Labor is extending the public comment period on labor capacity-building efforts under the Dominican Republic-Central America-United States Free Trade Agreement until 11:59 p.m. EST on Friday, Nov. 28. The original deadline established for receipt of public comments was 11:59 p.m. EST on Monday, Nov. 10. The Labor Department issued a Federal Register Noticeon Tuesday, Oct. 28, ... Southern Grouts and Mortars Inc. has been cited for eight safety and health violations by the U.S. Department of Labor’s Occupational Safety and Health Administration after a May 2014 follow-up inspection found repeat violations at its Waxahachie facility. Proposed penalties total $58,520. OSHA’s Fort Worth Area Office initially conducted a complaint inspection in February 2013 and cited the employer in ... Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, ... USCIS issued a new policy PA-2014-009 clarifying the definition of “mother” and “parent” under the Immigration and Nationality Act INA to include gestational mothers using assisted reproductive technology regardless of whether they are the genetic mothers. USCIS and the Department of State DOS, who exercise authority over these issues, collaborated in the development of this policy. USCIS and DOS concluded ... The Department of Homeland Security has published a final rule amending its regulations governing when USCIS will correspond with, issue a notice of decision to, or provide documents to an applicant, petitioner, or requester, and/or an attorney of record or accredited representative. This final rule explains how USCIS will provide notices to applicants, petitioners or requestors. It also explains how ... A Minneapolis-area home health care provider will pay $30,000 under a consent decree which resolves a disability discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission EEOC. The EEOC’s lawsuit charged that Baywood Home Care violated the Americans with Disabilities Act ADA by failing to provide Laurie Goodnough with a reasonable accommodation, and instead firing her as a home ... Summary   Quick Facts: Construction and Building Inspectors 2012 Median Pay $53,450 per year $25.70 per hour Entry-Level Education High school diploma or equivalent Work Experience in a Related Occupation 5 years or more On-the-job Training Moderate-term on-the-job training Number of Jobs, 2012 102,300 Job Outlook, 2012-22 12% (As fast as average) Employment Change, 2012-22 12,500   What Construction and ... Health and Human Services Secretary Sylvia M. Burwell has announced an initiative that will fund successful applicants who work directly with medical providers to rethink and redesign their practices, moving from systems driven by quantity of care to ones focused on patients’ health outcomes, and coordinated health care systems. These applicants could include group practices, health care systems, medical provider ... Despite concerns voiced by the mining industry that it would have trouble meeting the requirements of the rule to reduce respirable coal mine dust, approximately 99 percent of the 7,456 valid respirable dust samples collected during the first two months under the new rule met compliance levels, according to the U.S. Department of Labor’s Mine Safety and Health Administration. Between ... Prime Communications LP, doing business as AT&T Prime Communications LP, has agreed to pay $122,254 in back wages to 255 current and former employees as a result of investigations by the U.S. Department of Labor that found violations of the Fair Labor Standards Act. An initial investigation by the department’s Wage and Hour Division Albuquerque District Office found FLSA violations ... Business e-file rose nearly 10 percent this year, continuing the growth that has seen the number of corporate and partnership returns filed electronically double in just four years, the Internal Revenue Service said. An additional 600,000 corporations and partnerships e-filed their tax returns this year. As of Sept. 21, more than 7 million corporations and partnerships e-filed, an increase of ... U.S. Citizenship and Immigration Services USCIS Director León Rodríguez announced the launch of myE-Verify—a new website designed for employees.  myE-Verify is a one-stop shop for employees to create and maintain secure personal accounts and access new features for identity protection. “Since its inception, E-Verify has provided employees with valuable online tools and resources regarding the employment eligibility verification process,” said ... U.S. Equal Employment Opportunity EEOC Chair Jenny Yang speaking at a White House event celebrating “Champions of Change” who are doing extraordinary work to hire, retain, and promote people with disabilities in their local communities and throughout the nation. The event was held in conjunction with National Disability Employment Awareness Month, which is held each October to renew the nation’s ... Summary   Quick Facts: Fire Inspectors and Investigators 2012 Median Pay $53,990 per year $25.96 per hour Entry-Level Education High school diploma or equivalent Work Experience in a Related Occupation 5 years or more On-the-job Training Moderate-term on-the-job training Number of Jobs, 2012 12,200 Job Outlook, 2012-22 6% (Slower than average) Employment Change, 2012-22 800 What Fire Inspectors and Investigators ... The U.S. Department of Labor’s Office of Disability Employment Policy today announced the launch of http://www.PEATworks.org/ – a comprehensive Web portal spearheaded by ODEP’s Partnership on Employment & Accessible Technology. From educational articles to interactive tools, the website’s content aims to help employers and the technology industry adopt accessible technology as part of everyday business practice so that all workers ... The U.S. Department of Labor has sued Eclipse Freight Systems Inc. and its owner Christopher L. McDougal in an effort to recover about $62,000 in employee retirement contributions. The department’s lawsuit, filed in U.S. Northern District of Texas, Fort Worth Division, alleges that Mr. McDougal and his company violated the Employee Retirement Income Security Act of 1974 by using assets ... Kathy Pierce expected her son, Chad Weller, to come home on March 19, 2014, at the end of his shift as a cell tower climber. But Weller, always ready with a smile for his mother, never came back. He was sent up alone to fix a communication signal on top of a water tower in the rain while wearing a ... National discount chainDollar Tree Stores Inc. has been cited by the U.S. Department of Labor’s Occupational Safety and Health Administration for willfully and repeatedly exposing workers to serious hazards at its store in Watauga. Across the nation, Dollar Tree Stores have been cited for more than 200 safety and health violations since 2009. Proposed penalties for the latest inspection total ... The U.S. Department of Labor’s Occupational Safety and Health Administration has announced it is launching a national dialogue with stakeholders on ways to prevent work-related illness caused by exposure to hazardous substances. The first stage of this dialogue is a request for information on the management of hazardous chemical exposures in the workplace and strategies for updating permissible exposure limits. ... The development of a vaccine to prevent Ebola virus disease will be accelerated with support from the U.S. Department of Health and Human Services’ Office of the Assistant Secretary for Preparedness and Response ASPR. Under a one-year contract with ProfectusBioSciences Inc., headquartered in Baltimore, ASPR’s Biomedical Advanced Research and Development Authority BARDA will provide approximately $5.8 million in funding, in ... Secretary of Health and Human Services Sylvia Burwell has announced that next year’s standard Medicare Part B monthly premium and deductible will remain the same as the last two years. Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and other items.  For the approximately 49 million Americans enrolled in Medicare Part B, ... The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system. More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. ... The Department of Homeland Security DHS will allow up to 13,999 nonimmigrants for fiscal year FY 2015 for the Commonwealth of the Northern Mariana Islands CNMI-Only Transitional Worker CW-1 program. DHS published the notice in the Federal Register. Under the CW-1 program, employers in the CNMI can apply for temporary permission to employ foreign nationals who are ineligible for any ... U.S. Citizenship and Immigration Services USCIShas announced it will automatically extend Employment Authorization Documents EADs for Liberian nationals covered under Deferred Enforced Departure DED. Current DED Liberia EADs that have an expiration date of Sept. 30, 2014, will now be valid through March 30, 2015.This automatic extension of EADs follows President Obama’s announcement today of his decision to extend DED ... The U.S. Equal Employment Opportunity Commission has filed a charge against a Nashville-based home health care provider for violating federal law when it discharged a black administrator because of his race. The EEOC also charged that the company failed to file EEO-1 reports on its workforce as required by federal law. According to the EEOC’s suit, Careall, Inc., and VIP ... Summary       Quick Facts: Computer Support Specialists 2012 Median Pay $48,900 per year $23.51 per hour Entry-Level Education See How to Become One Work Experience in a Related Occupation None On-the-job Training See How to Become One Number of Jobs, 2012 722,400 Job Outlook, 2012-22 17% (Faster than average) Employment Change, 2012-22 123,000 What Computer Support Specialists Do ... The U.S. Department of Labor’s Mine Safety and Health Administration has awarded $1 million through its Brookwood-Sago grants program to seven organizations that provide education and training within the mining industry. The funding will be used to develop and implement training and related materials for mine emergency preparedness, as well as for the prevention of accidents in all underground mines. ... A report released today by the Department of Health and Human Services projects that hospitals will save $5.7 billion this year in uncompensated care costs because of the Affordable Care Act, with states that have expanded Medicaid seeing about 74 percent of the total savings nationally compared to states that have not expanded Medicaid. For over a decade prior to ... A report released by the Department of Health and Human Services shows that consumers will have more choices as they shop for quality, affordable coverage on the Health Insurance Marketplace in 2015, because there will be a net 25 percent increase in the number of issuers offering Marketplace coverage in 2015.  In total, 77 new issuers will offer Marketplace coverage. ... The U.S. Department of Labor published a final rule that reduces reporting requirements for federal contractors and subcontractors who hire and employ veterans under provisions of the Vietnam Era Veterans’ Readjustment Assistance Act of 1974. “Over the next decade, this change will result in a significant reduction in paperwork burden for federal contractors and subcontractors,” said Assistant Secretary of Labor ... Health and Human Services Secretary Sylvia M. Burwell has announced nearly $212 million in grant awards to all 50 states and the District of Columbia to support programs aimed at preventing chronic diseases such as heart disease, stroke and diabetes.  Funded in part by the Affordable Care Act, the awards will strengthen state and local programs aimed at fighting these ... Health and Human Services Secretary Sylvia M. Burwell announced has $99 million to train new mental health providers, help teachers and others recognize mental health issues in youth and connect them to help, and increase access to mental health services for young people. These funds were included in the President and Vice President’s Now Is the Time plan to reduce ... Health and Human Services Secretary Sylvia M. Burwell has released a new report showing that in 2013 alone, consumers benefitted from $1 billion in savings from lower than originally requested health insurance rates.  This includes $290 million in savings for individuals and families, and $703 million in savings for small employers.  Combined with refunds consumers received because of the 80/20 ... The U.S. Department of Labor’s Women’s Bureau and Employment and Training Administration today awarded $500,000 to assist the District of Columbia, Massachusetts, Montana and Rhode Island in funding feasibility studies on paid leave. The studies will inform the development or implementation of paid family and medical leave programs at the state level. “Too many working families today can’t afford to ...
0 comments