Fort Recovery Industries offers a Health Savings Account through the provider, HSA Bank.
Who is my provider?
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?
The yearly amount you can contribute to an HSA is determined by federal regulation. For HSA contribution limits and catch-up amounts, go to the IRS website. You can also use the HSA Contribution Calculator on the HSA Bank Member Website to help you determine your maximum annual contribution.
Fort Recovery Industries will match dollar for dollar up to a certain amount.
Common FAQ’s
How do I access my HSA money?
HSA Bank plan participants will automatically receive the HSA Bank 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 HSA Bank account. Simply head to HSA Bank and click on the grey ‘Login’ button in the top right corner. For first-time login, you will select ‘New user? Create login’ at the bottom of the screen. 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
For the complete list of these expenses, including many that aren’t typically covered by health insurance, visit IRS Qualified Expenses on HSA Bank or visit the IRS website.
How do I invest my money?
After you have reached a balance of $1,000 in your HSA, you may enable your HSA Investments. Please see the flyer attached below for more information.
What happens if I do not use all my HSA money?
Unused HSA funds roll over year to year; there is no “use it or lose it” penalty. Funds that are rolled over continue to grow and earnings are tax-free. At age 65, in addition to enjoying the tax benefits of using your HSA funds for IRS-qualified medical expenses, you can also use the funds for any other purpose, on a taxable basis.
Have more questions?
Call the HSA Bank Client Assistance Center at: (800)-357-6246. This service is available 24/7!
