Click here to view IRS Publication 502 regarding qualified medical expenses. alex ® A tip From
Additional advantages of an HSA include: Annual Rollover. If you have money left in your HSA at the end of the year, it rolls over to the next year. Portability. The money in your HSA remains available for future qualified expenses, even if you change health insurance plans, leave MAA to work for another employer, or retire. Convenience. A debit card will be issued so you can pay for prescriptions and other eligible expenses right away. If you wait for a bill to come in the mail, you can make a payment online or by mail or phone using your HSA debit card. A Health Savings Account, or HSA, is a personal savings account that works in combination with a High-Deductible Health Plan (HDHP), such as the Cigna Choice Fund HSA Plan, and can be used to pay for qualified medical, dental and vision expenses. Both you and MAA can contribute to your account, up to the federal limits. Your contributions to the account, the interest your account earns, and withdrawals you make for qualified expenses are all tax free, making it a triple tax-advantaged account. You must meet the following IRS requirements to be eligible for an HSA: You must be enrolled in a HDHP, such as the Cigna Choice Fund HSA health plan. You must not be covered under another health plan, including Medicare Parts A and B and TRICARE. You must not be participating in a Medical Flexible Spending Account (FSA) that reimburses for medical expenses, unless it is limited to work with an HSA (for example, a Limited FSA for dental and vision expenses). You must not be claimed as a dependent on another person’s tax return. AM I ELIGIBLE FOR AN HSA?
HOW IS MY HSA FUNDED AND HOW MUCH CAN I CONTRIBUTE?
By You
By MAA
You can fund your HSA every pay period with pre-tax payroll contributions. You may change your contribution at any time during the year in Workday. You can fund your HSA at any time by making a deposit with after-tax dollars.
MAA will make a contribution to your HSA upon enrollment and every January 1 thereafter equal to $250 for single coverage (Employee Only) and $500 for family coverage (Employee + Spouse, Employee + Child or Children, Employee + Family). MAA will make contributions (up to $500 each) to your HSA throughout the year when you and your covered spouse (if applicable) complete various wellness-related activities through the Motivate Me Wellness Incentive Program. See page 13 for more information.
The sum of contributions made by you and MAA cannot exceed the federal limit, as indicated in the table below.
IRS Annual Contribution Limits for HSA s
2019
2020
$3,500
$3,550
Single Coverage (Employee Only)
Family Coverage (Employee + Spouse, Employee + Child or Children, Employee + Family)
$7,000
$7,100
$1,000
$1,000
Additional Catch-Up Contributions (age 55 or older)
11
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