Health Savings Account (HSA) - Fort Recovery Industries

Who is my provider?

Fort Recovery Industries offers a Health Savings Account through the provider, Chard Snyder.

What is an HSA?

An HSA is a tax-sheltered bank account that you own to pay for eligible health care expenses for you and/or your eligible dependents for current or future healthcare expenses. The Health Savings Account (HSA) is yours to keep, even if you change jobs or medical plans. There is no “use it or lose it” rule; your balance carries over year to year.

Am I eligible for an HSA?

In order to enroll in an HSA account, you must be enrolled in a Qualified High Deductible Health Plan (QHDHP) and meet the eligibility requirements, the IRS allows you to open and contribute to an HSA Account. If you do not meet these requirements, you cannot open an HSA:

You must be enrolled in a Qualified High Deductible Health Plan (QHDHP)
You must not be covered by another non-QHDHP health plan, such as a spouse’s PPO plan.
You are not enrolled in Medicare.
You are not in the TRICARE or TRICARE for Life military benefits program.
You have not received Veterans Administration (VA) benefits within the past three months.
You are not claimed as dependent on another person’s tax return.
You are not covered by a traditional health care flexible spending account (FSA). This includes your spouse’s FSA. (Enrollment in a limited purpose health care FSA is allowed).

How much money can I contribute to the HSA?

You can contribute to your Health Savings Account on a pre-tax basis through payroll deductions up to the IRS statutory maximums. The IRS has established the following maximum HSA contribution:

Common FAQ’s

How do I access my HSA money?

Chard Snyder HSA Advantage™ plan participants will automatically receive the Chard Snyder Benefit Card. It works just like a debit card but is enabled with smart technology and can only be used to purchase HSA-eligible healthcare products and services. On the card there will be an activation sticker with a toll-free number to call to activate and set a pin for your new card.

Additionally, upon enrollment you will gain access to a Chard Snyder account. Simply head to Chard Snyder and click on the blue ‘Participant Login’ button in the top right corner. Select the ‘Savings & Spending Account’ from the dropdown menu. For first-time login, your username will be your Social Security Number and you will select ‘Forgot password’. This will prompt you to make a new password and create a username. After your initial login, your username and password will be whatever you created.

How do I use my money?

The easiest way to use your HSA dollars is by using your HSA Debit Card at the time you incur an eligible expense. Or you can withdraw money from an ATM. But keep your receipts! You must be able to prove that you were using your money for an eligible expense if you are audited. If you use your HSA funds for non-eligible expenses, you will be charged a 20% penalty tax (if under age 65) as well as federal income taxes.

What can I use my HSA for?

Some of the qualified expenses may include:

Routine health care: office visits, X-rays, lab work
Hospital expenses: room and board, surgery
Medications: prescription and over-the-counter (OTC) drugs when prescribed by a physician
Dental care: cleanings, fillings, crowns
Vision care: eye exams, glasses contacts
Copays and coinsurance (the portions of the health care bills paid by you)
Eligible over-the-counter (OTC) items* such as:
- First Aid Dressings and Supplies: bandages, rubbing alcohol
- Contact Lens Solutions/Supplies
- Diagnostic Products like thermometers, blood pressure monitors, cholesterol testing
- Insulin and Diabetic Testing Supplies