2024-2025 Armor Health Benefits Guide
HEALTH PLAN NOTICES
Special Rules Regarding Medicare and Your HSA
Year-Round Service You can access your benefits year-round through Paylocity . Submit new elections and supporting documentation when you have a qualifying life event. Review your elected benefits. Change how you’re contributing to your HSA. Contribution changes can be made at any time without a qualifying life event. Note : changes may take 1-2 pay periods to take effect. Check and update your beneficiary information for term life insurance and accidental death and dismemberment coverage. HSA beneficiaries can be updated on PayFlex website. Legal Notices Armor Heath complies with several laws regarding benefit offerings. You can view these notices online. As you enroll in your benefits, you will be asked if you would like to receive these notices by mail or view online. These include: Medicare Part D Creditable Coverage Notice HIPAA Comprehensive Notice of Privacy Policy and Procedures Notice of Special Enrollment Rights General COBRA Notice Notice of Right to Designate Primary Care Provider and of No Obligation for Pre-Authorization for OB/GYN Care Women’s Health and Cancer Rights Notice Michelle’s Law Notice Premium Assistance Under Medicaid and the Children’s Health Insurance Program (CHIP)
Neither an employer nor the employee can make pre-tax contributions to an HSA if the employee has Medicare Part A or B. If you do not draw Social Security benefits, you are not required to start Medicare Part A or B at age 65. If you are not receiving Social Security and have declined Medicare, but your spouse is covered under Medicare, you can still use your HSA funds to pay for your spouse’s expenses. As the account owner, your participation in Medicare is what determines eligibility, not your spouse’s participation. If you receive Social Security benefits, you are automatically enrolled in Medicare Part A, so you are not eligible to make or receive pre-tax HSA contributions. If you begin Social Security benefits during 2024, Social Security will automatically award you Medicare benefits retroactively. Your Medicare start date will be the month of your 65th birthday, or six months prior to the month in which you apply for Social Security benefits. If you have Medicare, you can still elect a consumer- driven health plan, but you are not eligible to make or receive pre-tax contributions to an HSA. You are eligible to receive funds in a Health Reimbursement Arrangement (HRA). Turning 65 in 2024? Know the facts about Medicare and Your HSA If you or your spouse will turn 65 in the coming year, you are encouraged to watch this educational video aimed to help answer many common questions about decisions you need to make now and learn more about Medicare and Social Security. For more about HSA and Medicare rules: Review Optum Financial Medicare/HSA guide for complete eligibility details. There are special rules about Medicare coverage and HSA contributions. If you’re age 65 or older, you’ll want to consider the following:
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