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 ( ) Summary Quick Facts: Aerospace Engineering and Operations Technicians 2012 Median Pay $61,530 per year $29.58 per hour Entry-Level Education Associate’s degree Work Experience in a Related Occupation None On-the-job Training None Number of Jobs, 2012 9,900 Job Outlook, 2012-22 0% (Little or no change) Employment Change, 2012-22 0   What Aerospace Engineering and Operations Technicians Do Aerospace engineering and operations ... The U.S. Equal Employment Opportunity Commission EEOC has filed a lawsuit against automotive parts retail chain AutoZone, Inc. for violating federal law when it forced a black sales manager to transfer out of a store on the southwest side of Chicago because of his race and then fired him for resisting. According to the EEOC’s complaint, AutoZone managers decided in ... The U.S. Equal Employment Opportunity Commission EEOChas issued Enforcement Guidance on Pregnancy Discrimination and Related Issues, along with a question and answer document about the guidance and a Fact Sheet for Small Businesses. The Enforcement Guidance , Q&A document, and Fact Sheet are available on the EEOC’s website. This is the first comprehensive update of the Commission’s guidance on the ... National Taxpayer Advocate Nina E. Olson has released her statutorily mandated mid-year report to Congress that identifies the priority issues the Taxpayer Advocate Service TAS will address during the upcoming fiscal year. The report emphasizes the importance of taking concrete steps to give meaning to the recently adopted Taxpayer Bill of Rights, issuing refunds to victims of return preparer fraud, ... Leon Rodriguez was sworn in today as the director of U.S. Citizenship and Immigration Services (USCIS) during a ceremony at USCIS headquarters. Rodriguez, born in Brooklyn, and raised in Miami, comes to USCIS with a broad legal background and will lead the nearly 18,000 employee agency charged with administering the nation’s immigration and naturalization system. Leon Rodriguez sworn in as ... Dr. Ann Kulze is a physician, best-selling author and motivational speaker committed to sharing the joys of living well with as many people as possible. We’re excited to announce that right now, due to a new exclusive partnership arrangement with Lockton, employers like you can utilize the renowned wellness educator’s specific, easy-to-follow advice to help employees learn to live healthier. ... Since 1991, the federal tipped minimum wage has been frozen at an abysmally low $2.13 per hour though some states have a higher rate. That’s all a restaurant owner is required to pay his servers as long as those servers’ tips bring their average hourly earnings to the federal minimum wage of $7.25 per hour. When surveyed, more than 1 ... A survey released by Buck Consultants, A Xerox Company NYSE: XRX, found a significant increase across the globe in the use of cash-based long-term incentives LTI as part of employee compensation programs. For example, since 2012 cash LTI awards increased from nine percent to 18 percent in Canada, six percent to 18 percent in the UK, seven percent to 18 ... Let’s make one thing clear right from the start – executive search firms, recruiters, and employment agencies are not in business to help you find a job. They are merely channels through which you may secure an opportunity for an interview. Placement agencies that charge the job seeker a fee should be avoided completely. Contingency-fee recruiters are paid a percentage ... The U.S. Equal Employment Opportunity Commission EEOC has filed a lawsuit against Hot Wheel City, a Detroit-based automotive wheel and accessory store chain, for subjecting an employee at one of its Detroit stores to a sexually hostile work environment and fired her in retaliation for reporting it. Such alleged conduct violates Title VII of the Civil Rights Act of 1964, ... The Internal Revenue Service has warned consumers to be on the lookout for a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number. ‪The fake emails may include the following message: “Your reported 2013 income is flagged for review due to a document processing error. Your case has ... The filing period for H-1B petitions subject to the fiscal year FY 2015 numerical cap begins on April 1, 2014. USCIS will start premium processing of cap-subject H-1B petitions, including petitions seeking an exemption for individuals with a U.S. master’s degree or higher, no later than April 28. This date is based on past levels of premium processing requests and ... Summary Insulation is installed to both the inside and outside of buildings. Quick Facts: Insulation Workers 2012 Median Pay $35,940 per year $17.28 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 52,100 Job Outlook, 2012-22 38% (Much faster than average) Employment ... While President Obama kept it no secret that he intended to petition Congress to raise the federal minimum wage in advance of the mid-term election, his recent presidential memorandum directing the Department of Labor to revise regulations governing overtime came as a surprise to many. In the memorandum directed to the Secretary of Labor, the President notes as “outdated” the ... U.S. Citizenship and Immigration Services USCIS will begin accepting H-1B petitions subject to the fiscal year FY 2015 cap on April 1, 2014. Cases will be considered accepted on the date that USCIS receives a properly filed petition with the correct fee. USCIS will not rely on the date that the petition is postmarked. The congressionally mandated cap on H-1B ... This Week’s Breaking News- Major headlines Fair Wage for Tipped Workers- a Sound Business Model What Employers should know about the President’s Directive Regarding Overtime Pay Insulation Workers- Featured Occupation of the Week USCIS H-1B Petitions for Fiscal Year 2015 Begins April 1, 2014 USCIS Premium Processing of H-1B Cap-Subject Petitions start by April 28, 2014 IRS Warns of New ... The U.S. Equal Employment Opportunity Commission EEOC has charged in a federal lawsuit that Wal-Mart Stores East, LP violated federal law when it refused to employ an individual with end-stage renal disease as a store associate because she needed a reasonable accommodation during the hiring process. The EEOC charges that following a successful interview, the assistant store manager at the ... The U.S. Equal Employment Opportunity Commission EEOC has announced that a federal judge has held Global Horizons, Inc., a Beverly Hills-based farm labor contractor, liable for the pattern or practice of harassing, discriminating, and retaliating against hundreds of Thai workers in the U.S., in violation of federal anti-discrimination laws. U.S. District Court Judge Leslie E. Kobayashi cited examples of physical ... In 2013, 75.9 million workers age 16 and older in the United States were paid at hourly rates, representing 58.8 percent of all wage and salary workers. Among those paid by the hour, 1.5 million earned exactly the prevailing federal minimum wage of $7.25 per hour. About 1.8 million had wages below the federal minimum. Together, these 3.3 million workers ... The Internal Revenue Service has announced refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014. IRS Commissioner John Koskinen said, “The window is ... Summary Waiters and waitresses serve food to customers. Quick Facts: Waiters and Waitresses 2012 Median Pay $18,540 per year $8.92 per hour Entry-Level Education Less than high school Work Experience in a Related Occupation None On-the-job Training Short-term on-the-job training Number of Jobs, 2012 2,362,200 Job Outlook, 2012-22 6% (Slower than average) Employment Change, 2012-22 131,800 Waiters and waitresses take ... Talent investments, talent returns What does it mean to advance beyond theoretical discussions and actually do business in the open talent economy? The principal difference is in the range of talent-related strategic decisions organizations will make, and in how they will measure the costs and returns associated with those investments. In some cases, old challenges will require new answers. In ... The U.S. Department of Labor seeks public comments on a proposed rule that would require pension plan service providers to furnish employers and other plan fiduciaries with a guide to assist them in navigating fee disclosure documents. Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi said, “The department’s recent fee disclosure rules were a good first step ... Published in the Federal Register on Sept. 12, 2013, OSHA’s Notice of Proposed Rulemaking on Occupational Exposure to Crystalline Silica began holding public hearings on the proposal, with hearings scheduled through Friday, April 4. Assistant Secretary of Labor for Occupational Safety and Health Dr. David Michaels, “We look forward to receiving feedback from our stakeholders on our proposal, and we’re ... A new study from Unum once again confirms the important correlation between effective benefits communication and heightened employee engagement levels. The study, Beyond the Usual Benefits, which builds upon five years of research, offers useful guidance to employers engaged in communications planning for 2014 benefits open enrollment and confirms previous third party research, which recognized heightened job performance levels found ... If you find that your résumé isn’t getting the results you want, spring is the perfect time to clean it up. Ford R. Myers, Career Coach, Speaker and Author of “Get The Job You Want, Even When No One’s Hiring,” John Wiley & Sons, http://www.getthejobbook.com suggests the following five tips to freshen up your résumé this spring. 1. BE BRIEF:  ... Summary Quick Facts: Cement Masons and Terrazzo Workers 2012 Median Pay $35,830 per year $17.23 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 144,300 Job Outlook, 2012-22 29% (Much faster than average) Employment Change, 2012-22 41,700   What Cement Masons and ... While schools across the country have implemented bullying prevention programs, a new report and toolkit from XpertHR recommends that employers should do the same. Surveys have found that 27 percent of workers report being bullied at work; however, their employers are neither preventing workplace bullying nor responding adequately when complaints are made. “Bullying is present in every workplace and all ... The U.S. Equal Employment Opportunity Commission EEOC has filed a lawsuit against the operators of a residential nursing home in Albuquerque violated federal law by denying accommodation to and terminating an employee because of his disabilities. According to the EEOC’s suit, Doug Johnson, an employee of Paloma Blanca Health and Rehabilitation, LLC, Alpha Healthcare Properties, LLC, and LaVie Care Centers ... The U.S. Equal Employment Opportunity Commission EEOC has announced that Titan Waste Services, Inc., a Milton, Fla., waste disposal and recycling company, has been ordered to pay $228,603 for violating federal law by harassing and then firing a truck driver because of his race. According to the EEOC’s suit, Titan’s highest-level managers subjected its sole black driver, Michael Brooks, to ... The Internal Revenue Service has announced that interest rates will remain the same for the calendar quarter beginning April 1, 2014.  The rates will be: three percent for overpayments two percent in the case of a corporation; three percent for underpayments; five percent for large corporate underpayments; and one-half percent for the portion of a corporate overpayment exceeding $10,000.  Under ... USCIS has received a sufficient number of petitions to reach the congressionally mandated H-2B cap for the first half of Fiscal Year 2014. March 14, 2014 is the final receipt date for new H-2B worker petitions requesting an employment start date before April 1, 2014. How We Determine the Final Receipt Date The final receipt date is when we have ... Human Resources Solutions Ltd- World Wide Salary Calculator in collaboration with the Economist Intelligence Unit EIU has released an online Cost of living calculator that assists job seekers and recruiters to determine salary expectations based on cost of living for 140 cities in 93 countries. The unique tool also enables job seekers calculate the salary they need to improve their ... In line with his vision of opportunity for all, President Obama has signed a memorandum directing the US department of Labor to update overtime regulations regarding who qualifies for overtime protection. In so doing, the Secretary shall consider how the regulations could be revised to: Update existing protections in keeping with the intention of the Fair Labor Standards Act. Address ... The U.S. Equal Employment Opportunity Commission EEOC and the U.S. Federal Trade Commission FTC have co-published two technical assistance documents that explain how the agencies’ respective laws apply to background checks performed for employment purposes.  One document is for employers; the other is for job applicants and employees.  This is the first time that the two agencies have partnered to ... The Internal Revenue Service is encouraging small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify. The Small Business Health Care Tax Credit page on IRS.gov is packed with information and resources designed to help small employers see if they qualify for the credit and ... Scotwork North America is pleased to announce the promotion of Houston’s Jerry Langlois as Lead Tutor. “Jerry’s positive and engaging style has enabled our clients to optimize performance, raise productivity and increase revenues,” according to CEO Marty Finkle. Working out of Houston, Jerry joined Scotwork NA in 2008 as associate tutor and has since helped many clients achieve outstanding return ... Enrollment in the Health Insurance Marketplace continued to rise in February to a five-month total of 4.2 million. As in January, the percent of young adults who selected a Marketplace plan was 3 percentage points higher than it was from October through December 27 percent versus 24 percent.  Based on enrollment patterns in other health care programs, it is expected ... Summary Quick Facts: Broadcast and Sound Engineering Technicians Broadcast and sound engineering technicians operate controls to ensure quality audio and video recordings for radio and television broadcasts. 2012 Median Pay $41,200 per year $19.81 per hour Entry-Level Education See How to Become One Work Experience in a Related Occupation None On-the-job Training Short-term on-the-job training Number of Jobs, 2012 121,400 ... The U.S. Equal Employment Opportunity Commission EEOC has announced that Ricardo’s Restaurant, Inc. of Erie will pay $20,000 and furnish significant equitable relief to resolve a federal sexual harassment lawsuit. The EEOC charged that the co-owner of Ricardo’s Restaurant frequently made offensive comments of a crude or sexual nature to, or in the presence of, Dorothy Hannah and other female ...
0 comments